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Speaker 1: Welcome to How the Money. I'm Joel and I and

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Speaker 1: that today we're discussing the mind altering effects of simple

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Speaker 1: money tricks. Maybe we should have called this with the

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Speaker 1: Psychedelic Effects of Handling your Money properly. I know, mind

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Speaker 1: altering does sound like we're going down another road, but

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Speaker 1: we're not talking about anything drug related here, No, it's

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Speaker 1: just truly implementing some of these tricks is actually can

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Speaker 1: have significant effects on your brain and how your brain

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Speaker 1: thinks about money. Yeah, exactly. We started thinking about this

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Speaker 1: episode and we realized we were specifically we're talking about

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Speaker 1: some of these techniques or tricks that we can implement

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Speaker 1: in our lives. But what we realized we're so important

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Speaker 1: about these specific ones that we're gonna talk about today

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Speaker 1: is the impact that that it can have on our psyche. Right,

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Speaker 1: it can completely shift the way that we think about money.

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Speaker 1: And when you have sort of this shift in the

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Speaker 1: like the undercurrent and you know, and how you've used something,

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Speaker 1: it can dramatically affect how it is that you go

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Speaker 1: about handling something like your money. And so that's exactly

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Speaker 1: what we're gonna talk about today, buddy, no doubt. All right,

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Speaker 1: But before we get to that, Matt, you just recently

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Speaker 1: told me about kind of this revolutionary way to to

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Speaker 1: dry out your phone if you dropped in the toilet,

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Speaker 1: which almost all of our listeners I'm sure you've done

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Speaker 1: at some point or another, or not dropping in the toilet.

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Speaker 1: I thought about you specifically because you're talking about your

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Speaker 1: old phone. How easy, how he would just keep sticking

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Speaker 1: the end of it in his mouth. I was like,

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Speaker 1: even for that, uh, this technique would work. Okay. So yeah,

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Speaker 1: this is a great, great thing that came across because

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Speaker 1: most people what they do if something like that happens,

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Speaker 1: if he gets a little wet or whatever people saying

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Speaker 1: that they do or tyler sticks in their mouth, they

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Speaker 1: put it in a bag of rice and a bowl

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Speaker 1: of rice or a bag of rice. That's what I

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Speaker 1: do exactly. So the problem they work, okay, is if

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Speaker 1: it's well, if it's really wet, it can actually cause

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Speaker 1: more problems, right like if you've got water coming out

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Speaker 1: of like the port where it plugs in and can

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Speaker 1: get gooey, cause even more problems. But I came across

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Speaker 1: the step and they talked about how you know those

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Speaker 1: so when you get like a pair of shoes in

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Speaker 1: the mail or like try necks. Oftentimes it will come

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Speaker 1: with those those little packs a little silica gel also

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Speaker 1: known as desiccant packs. You know what I'm talking about, right, yeah? Yeah,

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Speaker 1: yeah yeah, So the kind that you're not supposed to

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Speaker 1: give to your infants, right, do not eat? Yeah, this

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Speaker 1: is not food, That's what it says on there. But

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Speaker 1: somebody was saying, how every time you get one of those,

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Speaker 1: take it, throw it in a ziploc bag or another

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Speaker 1: airtight container like a mason jar something like that. Right,

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Speaker 1: and then if you ever find yourself in a position

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Speaker 1: where you need to dry out your phone, a bunch

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Speaker 1: of those in a sealed container is going to be

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Speaker 1: much much more effective at drawing out the moisture from

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Speaker 1: your phone, uh than a bowl or a bag full

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Speaker 1: of rice. You can actually buy these on Amazon, right,

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Speaker 1: I saw you can spend like eight bucks and you

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Speaker 1: can buy like three hundred of those tiny things. Or

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Speaker 1: the fact is that we get them for free, and

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Speaker 1: so why not just instead of throwing them, you know

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Speaker 1: in the trash where it goes to a landfill, just

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Speaker 1: take those and save them. Uh. And you're asking what

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Speaker 1: happens when they get full of moisture, right, because it

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Speaker 1: seems like they would be ineffective. And what you do

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Speaker 1: is you take them, you put them on a baking sheet,

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Speaker 1: you stick them in your oven at a hundred and

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Speaker 1: fifty degrees for fifteen minutes and it dries them out,

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Speaker 1: so they get dry, let them cool, but then take

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Speaker 1: them and put them back in an air tight container

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Speaker 1: and then it'll definitely be good to go the next

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Speaker 1: time that as he sticks your new phone in his

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Speaker 1: mouth and completely use it up, Yeah, well, I'm keeping

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Speaker 1: it away from as much as I can. But now

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Speaker 1: that's a good tip man, and I think, yeah, it

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Speaker 1: prevents some waste. It allows us to use something that

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Speaker 1: we're already getting into our home in a way that's

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Speaker 1: more effective than the current way we're trying to do things,

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Speaker 1: or at least the current way I'm trying to do things.

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Speaker 1: By sticking it in a bag of rice. We've had

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Speaker 1: to do that. People do that, yeah, and especially with

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Speaker 1: young kids, we've had to do that a few times.

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Speaker 1: A remote even to like that's another thing that gets

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Speaker 1: wet or gets stuck in the mouth, and so there's

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Speaker 1: all sorts of things like why is this so wet?

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Speaker 1: There's a problem here. Yeah, why is this not working? Probably? Oh,

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Speaker 1: he ate it, that's why. So all right, it's good

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Speaker 1: to know I'm gonna hold on to some of these things,

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Speaker 1: and it's next to know that they're reusable too. I

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Speaker 1: like to think of it as sort of like a

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Speaker 1: first aid kit for your phone. Yeah, exactly, little emergency pack,

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Speaker 1: no doubt. All right, let's mention the beer we're having

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Speaker 1: on the show today. This one's called Bound by Time.

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Speaker 1: It's by Edmund's past Visi Brewery out of Charleston, and

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Speaker 1: will give our thoughts on the speer at the end

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Speaker 1: of the episode, but for now, let's get onto the

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Speaker 1: subject at hand. We're talking about the mind altering effects

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Speaker 1: of simple money tricks and Matt You know, we talked

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Speaker 1: recently about bigger money moves and how those can have

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Speaker 1: more of an impact on us financially than a bunch

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Speaker 1: of small ones, right, like maybe two or three big

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Speaker 1: money moves. If you make those, it's probably gonna mean

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Speaker 1: more than a hundred smaller money moves at least when

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Speaker 1: it comes to the bottom line, right, or even one

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Speaker 1: big move, Yeah, if you pick the right big move,

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Speaker 1: like housing or something like that. Yeah, most definitely, it

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Speaker 1: could seriously have a dramatic, outsized impact compared to a

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Speaker 1: bunch of smaller ones. Yeah, little tricks aren't always gonna

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Speaker 1: get us all the way to our money goals. There are, however,

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Speaker 1: some small techniques and tricks that we can implement to

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Speaker 1: handle money better that I think are going to make

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Speaker 1: a big difference over the years. They can change, I think,

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Speaker 1: our relationship to money in general. It's not just that

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Speaker 1: you'll say five bucks when shopping online today. It's that

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Speaker 1: these techniques are actually gonna allow us to read think

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Speaker 1: our overall approach to how we save and spend. And

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Speaker 1: that's the powerful thing. It's not the money that you

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Speaker 1: save in the here and now this week. Is the

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Speaker 1: change in the way that you treat and think about

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Speaker 1: money that's going to have an impact for you know,

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Speaker 1: a lot of years to come, Yeah, potentially your lifetime. Right.

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Speaker 1: And you know, the biggest argument too, for making some

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Speaker 1: of these smaller changes in your life when it comes

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Speaker 1: to your money is that these these smaller tweaks. Of course,

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Speaker 1: they can be more attainable, right, it can be really

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Speaker 1: difficult to implement, uh say, a new massive paradigm shifting

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Speaker 1: approach to your spending. It's difficult to go cold turkey

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Speaker 1: and change your ways on a dime, But by implementing

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Speaker 1: some small techniques and tricks, we're able to get the

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Speaker 1: ball rolling in. Those positive changes we make now will

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Speaker 1: continue to have outsize results down the road. Uh and

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Speaker 1: then almost you know, more importantly, you'll begin to view

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Speaker 1: your money in a completely new light. And that's what

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Speaker 1: we're excited to discuss today. Yeah, all right, so let's

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Speaker 1: give a quick example of what this looks like. We're

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Speaker 1: One thing that we're not going to be talking about

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Speaker 1: in this episode is like the savings app Acorn. It

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Speaker 1: is a perfect example of a fintech product that uses

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Speaker 1: automation to trick us into saving more money, and that

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Speaker 1: works well for a whole lot of folks. They've got

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Speaker 1: extra money in their savings because they let Acorns round

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Speaker 1: up their purchases and save some money for them on

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Speaker 1: their behalf. But if you take Acorns away, what do

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Speaker 1: you have left? Well, a user is likely to go

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Speaker 1: back to their old ways because that app hasn't fundamentally

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Speaker 1: changed how they view their money. It certainly helped facilitate something,

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Speaker 1: but it didn't change anything deep down inside of us,

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Speaker 1: and uh, they've essentially received monetary benefits without the mental

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Speaker 1: shift that you and I are going to be advocating

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Speaker 1: for in this episode. Not that Acorns is bad. Acorns

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Speaker 1: is still good, and we think automation is still good,

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Speaker 1: but we would say that there's something to take any

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Speaker 1: more of an analog approach when it comes to some

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Speaker 1: of these money tricks and the psychological benefits that you're

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Speaker 1: going to that you're gonna see by doing so. Yeah,

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Speaker 1: I think sometimes we can become overreliant on technology or

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Speaker 1: these apps, which is why, Yeah, an analog or a

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Speaker 1: manual approach, however you wanna want to describe it. But

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Speaker 1: there are certainly benefits we received from those. I think

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Speaker 1: it's almost like using GPS versus the old school maps

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Speaker 1: we got to use, right, versus knowing how to get

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Speaker 1: there exactly. Yeah, Like, and there are places I should

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Speaker 1: know how to get to by now, but I don't.

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Speaker 1: If I don't, it's there's some place just like fifteen

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Speaker 1: minutes away, and it's because you like, let me just

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Speaker 1: pull up the phone. Yeah, but if my phone is

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Speaker 1: dead or something like that, I'm out of luck trying

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Speaker 1: to figure out how to get there, and so I think,

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Speaker 1: you know, that's that's kind of maybe what we're duplicating

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Speaker 1: for here too, is to skip the GPS, figure out

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Speaker 1: in the analog world how to actually get to your destination.

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Speaker 1: And there's actually your reasons for doing that. Yeah, there's

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Speaker 1: deeper benefits that we receive. So for that reason, we

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Speaker 1: don't want this to just be an episode that's about

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Speaker 1: the simple techniques that could allow us to spend less

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Speaker 1: and save more money. We're also going to focus on

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Speaker 1: the mind altering effects that some of these simple modifications

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Speaker 1: can have on our personal finances. But we are all

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Speaker 1: about automation again. You know, we we dedicated an entire

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Speaker 1: episode on it, that was episode one, six one, But

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Speaker 1: sometimes it can lead to behaviors that aren't rooted in principle.

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Speaker 1: And you know, for that reason, we're gonna get a

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Speaker 1: little more kind of manual versus uh, you know, and

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Speaker 1: less automation in this episode because we're we're looking for

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Speaker 1: that lasting mindset shift. Yeah, and when you have a

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Speaker 1: shift in mindset, you'll see the effects in your saving,

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Speaker 1: your spending, in your investment plans. And these are changes

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Speaker 1: that I think that anybody can benefit from, whether you're

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Speaker 1: just getting started with personal finance, and maybe you're new

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Speaker 1: to the podcast, or you are getting closer to financial

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Speaker 1: independence or closer to retirement, whether you've been handling your

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Speaker 1: money well for decades, Implementing a couple of these tricks

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Speaker 1: that we're going to discuss can have a big impact

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Speaker 1: on your relationship with money, whether you're good with money

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Speaker 1: already or not. Yeah, and again, you know, the reason

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Speaker 1: that we're focusing on these smaller changes and how they

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Speaker 1: can have a big impact on how it is that

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Speaker 1: we kind of view our money overall is because it

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Speaker 1: kind of goes back to the psychological payoff, right, And so,

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Speaker 1: just like you said, you'll, regardless of where you are

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Speaker 1: on your personal finance journey, when you're able to see

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Speaker 1: immediate results like that always feels good. You get that

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Speaker 1: small dopamine release by accomplishing maybe a relatively minor task,

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Speaker 1: But those small tweaks you make can really add up.

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Speaker 1: And that's the reason why our seven Money Gears starts

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Speaker 1: with the simplest task of getting money in the bank

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Speaker 1: for an emergency fund. Of course, you get the immediate

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Speaker 1: result of a little more financial margin, but then all

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Speaker 1: of a sudden, you know this deeper shift begins to happen,

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Speaker 1: and all of a sudden you're a saver, which gives

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Speaker 1: you the confidence then to move on to the next gear.

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Speaker 1: It's all about maintaining that momentum. Yeah, And what's great

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Speaker 1: about a lot of these techniques and tricks is the

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Speaker 1: fact that we can implement them as kind of like

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Speaker 1: spending and saving rules. That way, during moments of financial temptation,

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Speaker 1: which we all have when we're really actually put to

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Speaker 1: the test, we don't have to try and decide in

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Speaker 1: the moment whether this is a good decision or not

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Speaker 1: because we've previously made the decision already. And I think

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Speaker 1: that's really helpful to folks because when it comes to

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Speaker 1: the moment whether or not you're gonna eat dessert, well

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Speaker 1: have you? Uh? I mean, you're gonna choose yes, unless

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Speaker 1: you've made a decision beforehand, but it smells so good

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Speaker 1: exactly that you're not gonna do it. It's helpful to

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Speaker 1: have decided how you're gonna respond during moments of clarity,

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Speaker 1: like when you're setting goals towards the beginning of the year,

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Speaker 1: versus when you want to buy something in your judgment

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Speaker 1: might be clouded. When I'm smell the scent of cookies

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Speaker 1: wafting from the kitchen, It's gonna be harder for me

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Speaker 1: to say no to that than if I've kind of

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Speaker 1: written something down previously and I've come to the conclusion

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Speaker 1: that I'm not doing dessert this month, right, Yeah, so true, man,

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Speaker 1: it's hard to be the scent of fresh baked chocolate

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Speaker 1: chip cookies. By the way, I'm not saying I'm not

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Speaker 1: never gonna say no, yeah exactly, And I'm not saying

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Speaker 1: that I'm eliminating dessert. I'm just saying, like, you know,

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Speaker 1: if if someone theoretically pathetically for for somebody else, Yeah, honestly,

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Speaker 1: this kind of makes me just think of a budget.

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Speaker 1: You know. The reason you create these categories is so

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Speaker 1: that you don't really have to think about it in

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Speaker 1: the moment. You're kind of reaching the end of the

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Speaker 1: month and you're thinking about maybe getting some more take out. Well,

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Speaker 1: it's gonna be really easy to convince yourself to get

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Speaker 1: more take out if you don't want to cook dinner.

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Speaker 1: But if you can look at your restaurants or take

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Speaker 1: out category and if you've only got like five bucks left,

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Speaker 1: that's not gonna get you very far trying to cook

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Speaker 1: some food at home, maybe pull out some leftovers, but

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Speaker 1: it's all about taco bell takeout. Dude, I would totally

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Speaker 1: eat taco bell if we had one around us. We're

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Speaker 1: we're kind of like in this taco bell desert. Have

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Speaker 1: you ever realized that there are no taco bells near us?

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Speaker 1: I hadn't really thought about that because I wasn't worried

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Speaker 1: about it, But now you are, I am exactly, and

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Speaker 1: so yeah, uh, in a sense, kind of these techniques

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Speaker 1: and these practices are a good way to kind of

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Speaker 1: remove some of that mental fatigue that sometimes accompanies making

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Speaker 1: these financial decisions. And so, you know, this is why

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Speaker 1: we're dedicating an episode to these simple personal finance techniques.

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Speaker 1: It can be more effective to completely dominate some of

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Speaker 1: these smaller tasks than to just slog away towards an

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Speaker 1: overwhelming goal like retirement that you know might be thirty

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Speaker 1: to forty years away. But then along the way, they'll

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Speaker 1: begin to alter how it is that we think about

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Speaker 1: our money, you know. And so we'll discuss some of

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Speaker 1: these specific techniques of these tricks that you can implement

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Speaker 1: in your life right after the break, all right, we're back.

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Speaker 1: We're talking about simple money tricks and how they can

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Speaker 1: have a mind altering effect. And Matt, let's get straight

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Speaker 1: into some of the tricks that we think can be helpful.

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Speaker 1: Some of these you might have heard of before, but

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Speaker 1: we're gonna kind of give a deeper explanation for why

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Speaker 1: you think they're important and why you should consider trying

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Speaker 1: a couple of these tricks out. And it's not just

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Speaker 1: again because you might say five bucks today. It's because

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Speaker 1: it might alter the way you view your money. It

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Speaker 1: can change the way you save and spend. And one

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Speaker 1: of the things that we think is worth considering is

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Speaker 1: instituting a no spend week or even a no spend month.

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Speaker 1: And this is a technique that can help you reconsider

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Speaker 1: your spending through forced absence. At the very least, setting

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Speaker 1: aside a week to not purchase a dang thing can

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Speaker 1: save you some real money, but that time spent not

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Speaker 1: purchasing can lead to questioning the way you think about

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Speaker 1: spending money in the first place. And this is good right.

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Speaker 1: It raises our awareness level to spending that might have

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Speaker 1: become second nature and that needs to be questioned in

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Speaker 1: our life. Instituting a period where you are forcing yourself

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Speaker 1: to curb all of your spending can really shake things

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Speaker 1: up in a meaningful way. Yeah, so that's the whole

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Speaker 1: point of doing this, right. You know, you can change

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Speaker 1: this up and enforce a note, maybe takeout challenge for

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Speaker 1: a month straight, no taco bell for at least a month, Yeah,

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Speaker 1: no problems taco bell because you know. Or you can

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Speaker 1: make yourself drink at home coffee like say, for six

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Speaker 1: weeks straight. You know, whatever you choose, forcing yourself to

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Speaker 1: change your spending habits reinforces the fact that you don't

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Speaker 1: have to continue to do the things the way that

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Speaker 1: you've always been doing them. So in this way, money

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Speaker 1: challenges can be a great way to catalyze action and

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Speaker 1: ramp up your ability to save. In addition to that,

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Speaker 1: you add to a little bit of accountability, maybe some

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Speaker 1: friendly competition, and you're definitely gonna be well in your

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Speaker 1: way to Yeah, spending less money and saving more. Yeah,

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Speaker 1: and no spending challenge with a friend like better, I think. Yeah,

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Speaker 1: if you have somebody in your life who is striving

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Speaker 1: after the same goals that you are, you're both gonna benefit, right,

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Speaker 1: Like it makes me think of in high school, Uh,

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Speaker 1: I was in a high school government US government class, right,

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Speaker 1: and me and my buddy John, we're both in there,

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Speaker 1: and neither of us were that great of students, but

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Speaker 1: for whatever reason, uh, we we just got into this

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Speaker 1: competition to see who could just outperform the other person. Dude,

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Speaker 1: I have never done so well in a class in

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Speaker 1: all of high school even college, like in my entire

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Speaker 1: life than in the government class. I mean literally, we

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Speaker 1: were acing every single pop quiz, every single test. We

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Speaker 1: were getting one hundreds. Uh. And like our teacher, she

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Speaker 1: thought we were cheating. She thought we had some sort

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Speaker 1: of racket going on. But it was just because like him,

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Speaker 1: like we were just really competitive. He like lived down

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Speaker 1: the street from me as well. And for us, we

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Speaker 1: had this mental shift where these lackluster students all of

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Speaker 1: a sudden, we're able to turn a page and we

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Speaker 1: became amazing students. And it all came down to how

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Speaker 1: it was that we viewed, uh, that specific class. We

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Speaker 1: wanted to I'll do the other guy, and it led

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Speaker 1: to us being able to do much better in that class. Yeah,

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Speaker 1: the effects are real and meaningful when you have like

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Speaker 1: a little bit of friendly competition going on. So yeah,

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Speaker 1: I think it's a good way for people to approach this.

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Speaker 1: It makes more fun to You're like, it's not purely

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Speaker 1: utility based. I think a competition adds a lot of

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Speaker 1: fun and intrigue to the process. Uh, it's a little

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Speaker 1: bit of spicy. Yeah, it does. Some folks to have

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Speaker 1: done like a complete no spend year. There's an author,

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Speaker 1: Kate Flanders who wrote about her year of not buying

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Speaker 1: new stuff in a book called The Year of Less

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Speaker 1: matt Our friend Katie Wolke Stanley doesn't buy new stuff

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Speaker 1: at all ever. True. I saw her fixing a pair

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Speaker 1: of her old Birkenstocks the other day and I was

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Speaker 1: like just mad impressed every time, Like with what you

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Speaker 1: post on Instagram, scored some of that guerrilla glue in

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Speaker 1: there and they go exactly and more power to these folks.

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Speaker 1: Or if you want to give something that big a try,

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Speaker 1: go for it. It's intense, but curbing spending for a

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Speaker 1: shorter period of time definitely has some advantages to It

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Speaker 1: doesn't have to be taking on some new lifestyle mantra.

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Speaker 1: It really can be just a weaker or a month

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Speaker 1: that shows you that you actually do have the willpower

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Speaker 1: to resist some of the things that were natural urges

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Speaker 1: in your life. Um, you really can avoid some of

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Speaker 1: the spending that came so naturally. It's just important to

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Speaker 1: prioritize implementing a period of time where you abstain altogether.

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Speaker 1: And I think that does have effects that go beyond

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Speaker 1: just the money you saved during that specific period of time. Yes,

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Speaker 1: And similarly, creating sort of this mandatory weight period before

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Speaker 1: buying anything new is another way to to curb spending

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Speaker 1: as well. Right, you know, there are items that that

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Speaker 1: seem like they're totally necessary in the moment, but if

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Speaker 1: we have a seventy two hour rule, it can help

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Speaker 1: us to truly assess whether or not it's a good purchase.

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Speaker 1: Chances are you even forget about that item also together,

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Speaker 1: or it will you know, languish in your shopping cart

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Speaker 1: at an online store. But you know, if three days

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Speaker 1: later you still want or you still need that item,

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Speaker 1: then you can finish that purchase at that point. Uh.

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Speaker 1: And you know, this kind of makes me think about

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Speaker 1: our episode that we had with Joshua Becker about minimalism.

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Speaker 1: This was episode one eight seven. It's not about saving

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Speaker 1: a few dollars here and there. It's not about saying that, Okay,

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Speaker 1: let's not spend money for a week, because then if

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Speaker 1: you don't make any change, if there's no deeper change

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Speaker 1: that happens in your life, well you're gonna make up

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Speaker 1: for all that spending two weeks later. It's just like

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Speaker 1: the economy that you know, economists are predicting that is

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Speaker 1: going to be insane. Pentup demand is there because it's

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Speaker 1: there exactly. But hopefully this period of time has allowed

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Speaker 1: some people to truly look at their lives and say, like,

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Speaker 1: travel is the big thing, right uh, that that we

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Speaker 1: haven't been able to partake in. But hopefully there will

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Speaker 1: be a lot of folks who are like, wait a minute,

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Speaker 1: I'm actually pretty happy not traveling, Like I don't need

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Speaker 1: to go on that fancy vacation. And so that's what

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Speaker 1: we're challenging people to do, you know, with either no

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Speaker 1: spend challenges or at least by just delaying their purchase

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Speaker 1: for just a little bit. Yea. And in the case

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Speaker 1: of our episode with Josh Becker that you mentioned, it's

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Speaker 1: more about living more of a minimalistic lifestyle. He's less

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Speaker 1: about the money you saved, and he's more about the

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Speaker 1: lifestyle you want to live and being proactive and not

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Speaker 1: bringing too much junk into your life because it clutters

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Speaker 1: things up. And so yeah, maybe that's part of the

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Speaker 1: realization too. When you have a seventy two hour rule,

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Speaker 1: I don't need all this stuff. It's it becomes less

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Speaker 1: about the money and it becomes more about doing things intentionally,

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Speaker 1: um and not bringing things into your life that are

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Speaker 1: just gonna weigh you down. There's there's a host of

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Speaker 1: benefits aside from just the monetary benefits. Right, if you

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Speaker 1: can change your views around consumption, then I think we've

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Speaker 1: got the potential to delay consumeristic tendencies, not for just

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Speaker 1: a few days, but for a lifetime to really make

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Speaker 1: a lasting change. Let's bring up another one to Matt.

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Speaker 1: People should consider the trick of using cash instead of

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Speaker 1: plastic when possible. You're you and I are obviously fans

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Speaker 1: of responsible credit card use. But since we're talking about

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Speaker 1: techniques that are gonna help us spend and save better

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Speaker 1: as well as change the way we think, using actual

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Speaker 1: dollar bills has a legitimate effect on your spending habits.

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Speaker 1: Paying with credit cards allows you to score cash back

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Speaker 1: and travel rewards, which is great, but studies show that

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Speaker 1: it's us painful to swipe your card through the credit

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Speaker 1: card reader, or I guess you're not swiping anymore, you're

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Speaker 1: inserting with the chip right. But sometimes that the chip

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Speaker 1: reader is broken though, and they're like it, just swipe,

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Speaker 1: just swipe. But it's it's easier to do that than

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Speaker 1: it is to pull money out of your wallet. It

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Speaker 1: feels more real in essence when you're pulling cash out

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Speaker 1: and feeling that pain is exactly the trick that you

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Speaker 1: want to play on your brain. If you're looking to

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Speaker 1: curb your spending, you can also do something else, because

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Speaker 1: credit card rewards are meaningful and they're good. You can

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Speaker 1: keep a check register um with you, But to duck

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Speaker 1: the amount out of your bank account every time you

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Speaker 1: make a purchase with a credit card, at least you're

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Speaker 1: doing something physical to acknowledge that money is actually leaving

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Speaker 1: your account. You're you're seeing your bank account balance dwindle

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Speaker 1: every time you make a purchase, and I think that's

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Speaker 1: another good way to to reinforce and feel kind of

430
00:18:45,480 --> 00:18:47,640
Speaker 1: the pain of spending in the moment. Yeah, I don't

431
00:18:47,640 --> 00:18:49,399
Speaker 1: write it out by hand like in an old school

432
00:18:49,600 --> 00:18:52,640
Speaker 1: uh checkbook register, but that's exactly what I do when

433
00:18:52,640 --> 00:18:56,200
Speaker 1: I manually reconcile my credit cards on Excel. And so,

434
00:18:56,320 --> 00:18:58,000
Speaker 1: I mean there's lots of services out there where you

435
00:18:58,000 --> 00:19:00,399
Speaker 1: can link up your finances, you know, with your credit cards,

436
00:19:00,400 --> 00:19:03,000
Speaker 1: and you know, have it all automated, but the actual

437
00:19:03,000 --> 00:19:05,320
Speaker 1: process of me inserting it and and typing it out

438
00:19:05,400 --> 00:19:07,760
Speaker 1: and seeing that, like, oh, actually that that date night

439
00:19:07,800 --> 00:19:10,120
Speaker 1: was really expensive, but has an impact on the next

440
00:19:10,160 --> 00:19:14,000
Speaker 1: date night we take. You know, it'll be we talk about,

441
00:19:14,320 --> 00:19:16,520
Speaker 1: but we'll have to drive across town. Though they get

442
00:19:16,520 --> 00:19:18,320
Speaker 1: that being in rice Burrito, which is, by the way,

443
00:19:18,359 --> 00:19:20,880
Speaker 1: the cheapest and most calorie dents item they sell good.

444
00:19:21,160 --> 00:19:23,879
Speaker 1: I'm pretty sure I think it's the healthiest too. Maybe not,

445
00:19:23,920 --> 00:19:27,600
Speaker 1: though I don't know. I'm honestly probably compared to It's

446
00:19:27,960 --> 00:19:32,960
Speaker 1: like for the Dorino's locals taco you know, is this

447
00:19:33,000 --> 00:19:34,440
Speaker 1: a taco or is am I just like a bag

448
00:19:34,480 --> 00:19:37,760
Speaker 1: of chips, but like bag of Dorito's. Man, let's talk

449
00:19:37,760 --> 00:19:40,440
Speaker 1: about a way to help you make a better decision

450
00:19:40,440 --> 00:19:43,439
Speaker 1: when you are making a bigger or an out of

451
00:19:43,480 --> 00:19:46,600
Speaker 1: the ordinary purchase. An effective way to determine whether you

452
00:19:46,600 --> 00:19:48,600
Speaker 1: can afford that item or not. A good question to

453
00:19:48,600 --> 00:19:51,119
Speaker 1: ask yourself is can I also put the amount of

454
00:19:51,119 --> 00:19:53,639
Speaker 1: this purchase in an I ra A And if the

455
00:19:53,640 --> 00:19:55,760
Speaker 1: answer is no, then we're suggesting that you might want

456
00:19:55,800 --> 00:19:59,000
Speaker 1: to forego that purchase until you can. Yeah. So let's

457
00:19:59,000 --> 00:20:00,800
Speaker 1: give an example to drive that one home. Matt. Let's

458
00:20:00,840 --> 00:20:03,440
Speaker 1: say you're looking to buy uh some air pods for

459
00:20:03,440 --> 00:20:05,479
Speaker 1: two hundred bucks. I think that that's what they cost Ryan,

460
00:20:05,720 --> 00:20:08,520
Speaker 1: roughly two h bucks. Well, only go through with that

461
00:20:08,560 --> 00:20:11,760
Speaker 1: purchase if you're willing to stalk away another two into

462
00:20:11,880 --> 00:20:14,119
Speaker 1: an investment account. So that's a total of four h

463
00:20:14,359 --> 00:20:16,600
Speaker 1: bucks coming out of your savings. It can provide a

464
00:20:16,640 --> 00:20:19,240
Speaker 1: more realistic view of your actual financial health. If you

465
00:20:19,280 --> 00:20:22,040
Speaker 1: can't do both, then you probably shouldn't be doing either.

466
00:20:22,359 --> 00:20:24,600
Speaker 1: And this is a technique I think to balance spending

467
00:20:24,640 --> 00:20:28,000
Speaker 1: and investing for your future at the same time. I

468
00:20:28,080 --> 00:20:30,080
Speaker 1: found this to be a really helpful trick that helps

469
00:20:30,160 --> 00:20:33,400
Speaker 1: maybe inhibit my desire for the new or bigger, more

470
00:20:33,400 --> 00:20:36,320
Speaker 1: expensive things, because I'm like, man, if I'm gonna do that,

471
00:20:36,359 --> 00:20:38,119
Speaker 1: but then I'm gonna put some I'm gonna put the

472
00:20:38,119 --> 00:20:40,719
Speaker 1: equal amount of money away for my future. Um, And

473
00:20:40,840 --> 00:20:42,680
Speaker 1: maybe I'm just not ready to do either, or maybe

474
00:20:42,680 --> 00:20:44,000
Speaker 1: I am ready to do both. I don't know, but

475
00:20:44,119 --> 00:20:45,840
Speaker 1: it can be a helpful way to at least think

476
00:20:45,840 --> 00:20:48,439
Speaker 1: about those bigger purchases. And if you implement something like that,

477
00:20:48,480 --> 00:20:50,159
Speaker 1: what's great about that is that that's an example of

478
00:20:50,200 --> 00:20:51,919
Speaker 1: one of those rules. Right. It's not something that you

479
00:20:51,960 --> 00:20:53,720
Speaker 1: have to think about. It's just something that you have

480
00:20:53,800 --> 00:20:56,800
Speaker 1: to execute on. I'm not saying that it's easy, but

481
00:20:56,880 --> 00:20:58,639
Speaker 1: if you've subscribed to that rule and you know that

482
00:20:58,800 --> 00:21:01,640
Speaker 1: that's something that you want, you continue to do. There's

483
00:21:01,680 --> 00:21:04,280
Speaker 1: no sort of deciding, you know, how you're gonna go

484
00:21:04,320 --> 00:21:05,720
Speaker 1: about it. It's like I'm either gonna do it or

485
00:21:05,720 --> 00:21:07,320
Speaker 1: I'm not gonna do it. But then, of course, the

486
00:21:07,440 --> 00:21:09,560
Speaker 1: long lasting implications of this too is not just the

487
00:21:09,560 --> 00:21:11,359
Speaker 1: ability to save a little bit of money now, but

488
00:21:11,400 --> 00:21:14,960
Speaker 1: it it does help you to rethink your purchases. It's like, Okay,

489
00:21:15,080 --> 00:21:17,600
Speaker 1: am I only gonna put money away towards uh, you

490
00:21:17,640 --> 00:21:19,679
Speaker 1: know this sort of special thing, this one off, you know,

491
00:21:19,720 --> 00:21:22,400
Speaker 1: out of the ordinary expense? Or am I instead going

492
00:21:22,440 --> 00:21:25,199
Speaker 1: to prioritize investing for the long haul. Just like with

493
00:21:25,200 --> 00:21:27,280
Speaker 1: all these techniques, we're trying to introduce ways for you

494
00:21:27,320 --> 00:21:30,440
Speaker 1: to reframe how it is that you're thinking about your money. Uh.

495
00:21:30,480 --> 00:21:32,720
Speaker 1: And you know the same is true too for recurring expenses.

496
00:21:32,920 --> 00:21:35,159
Speaker 1: You know, when you cut a recurring expense, increase your

497
00:21:35,200 --> 00:21:39,240
Speaker 1: retirement contributions by that same dollar amount. Uh. So, for example,

498
00:21:39,240 --> 00:21:42,280
Speaker 1: we talk about luring your cell phone bill or shopping

499
00:21:42,320 --> 00:21:44,800
Speaker 1: with insurance providers to get a lower rate, But don't

500
00:21:44,800 --> 00:21:47,040
Speaker 1: just absorb about money into your life and start spending it.

501
00:21:47,480 --> 00:21:49,520
Speaker 1: A great technique here is to ramp up what you're

502
00:21:49,560 --> 00:21:53,120
Speaker 1: saving for retirement and to push those savings directly into

503
00:21:53,200 --> 00:21:55,040
Speaker 1: a retirement account. You know. And and and so, for instance,

504
00:21:55,040 --> 00:21:56,960
Speaker 1: if you go from a seventy five dollar a month

505
00:21:56,960 --> 00:21:59,280
Speaker 1: down to a twenty dollar cell phone plane, which is

506
00:21:59,400 --> 00:22:02,440
Speaker 1: totally it, Like that's totally possible. Uh, take that fifty

507
00:22:02,480 --> 00:22:05,600
Speaker 1: five and then funnel it into your wrath I ra A. Again,

508
00:22:05,600 --> 00:22:08,040
Speaker 1: we're trying to reframe some of these expenses. Right, you're

509
00:22:08,080 --> 00:22:11,720
Speaker 1: not just saving fifty five dollars, you're in fact saving

510
00:22:11,840 --> 00:22:14,000
Speaker 1: over one dollars. Like you need to see that my

511
00:22:14,080 --> 00:22:16,800
Speaker 1: net worth is going to increase by two times that

512
00:22:16,840 --> 00:22:18,520
Speaker 1: amount that I'm saving because I'm going to take that

513
00:22:18,560 --> 00:22:21,040
Speaker 1: money and invest it. It's not just about saving, it's

514
00:22:21,080 --> 00:22:23,800
Speaker 1: about creating a positive return as well for sure. Man,

515
00:22:23,840 --> 00:22:26,639
Speaker 1: all right, let's talk about another trick I think that

516
00:22:26,720 --> 00:22:28,720
Speaker 1: can help us when when it comes to how we

517
00:22:28,760 --> 00:22:31,040
Speaker 1: think about our money. And another technique that you can

518
00:22:31,040 --> 00:22:34,240
Speaker 1: employ is to set up a completely separate checking or

519
00:22:34,280 --> 00:22:37,439
Speaker 1: saving account for a specific goal, like saving for a

520
00:22:37,480 --> 00:22:40,280
Speaker 1: down payment on a house. By essentially creating a fence

521
00:22:40,359 --> 00:22:43,399
Speaker 1: around that money, by siloming it off into you know,

522
00:22:43,480 --> 00:22:47,040
Speaker 1: another institution, you're also creating a mental barrier that's going

523
00:22:47,080 --> 00:22:49,200
Speaker 1: to keep you from tapping that money for other reasons.

524
00:22:49,560 --> 00:22:51,640
Speaker 1: At the very least, you can use something like savings

525
00:22:51,680 --> 00:22:55,159
Speaker 1: buckets within your current checking or savings account ally has

526
00:22:55,200 --> 00:22:58,000
Speaker 1: just an awesome buckets feature if you have an account there,

527
00:22:58,119 --> 00:23:00,320
Speaker 1: but there is something to the fact of you go

528
00:23:00,359 --> 00:23:02,879
Speaker 1: in there and you're like, well, that money set aside

529
00:23:02,920 --> 00:23:05,040
Speaker 1: for my vacation this year, that's gonna be really fun.

530
00:23:05,080 --> 00:23:06,760
Speaker 1: I want to make sure that we can fully fund that.

531
00:23:07,119 --> 00:23:09,720
Speaker 1: And you pull money out of there to buy some

532
00:23:09,760 --> 00:23:12,280
Speaker 1: sort of disposable product now or a new item of

533
00:23:12,320 --> 00:23:15,800
Speaker 1: clothing because their pods exactly, you're you're taking money from

534
00:23:15,920 --> 00:23:17,439
Speaker 1: that vacation that you really want to go on, and

535
00:23:17,440 --> 00:23:20,600
Speaker 1: so it feels like you're robbing yourself almost in another

536
00:23:20,680 --> 00:23:22,520
Speaker 1: area of life, and you actually kind of want to

537
00:23:22,560 --> 00:23:24,480
Speaker 1: feel that I think, I think if you do set

538
00:23:24,520 --> 00:23:27,639
Speaker 1: things up in that way, that's exactly the effect that

539
00:23:27,680 --> 00:23:30,119
Speaker 1: we're going for with this money trick. Is you want

540
00:23:30,160 --> 00:23:32,880
Speaker 1: to feel like that money is named for something specific,

541
00:23:33,119 --> 00:23:35,240
Speaker 1: and you don't want to ruin your ability to enjoy

542
00:23:35,280 --> 00:23:37,600
Speaker 1: that future thing you're saving for in order to pay

543
00:23:37,600 --> 00:23:40,160
Speaker 1: for something right now. Yeah, And so by naming your money,

544
00:23:40,200 --> 00:23:43,960
Speaker 1: hopefully there's this lasting, lifelong shift that's that's taking place, right,

545
00:23:44,359 --> 00:23:47,040
Speaker 1: which is that you are approaching your money with a plan.

546
00:23:47,200 --> 00:23:48,720
Speaker 1: By giving it a name, it means you have a

547
00:23:48,760 --> 00:23:50,679
Speaker 1: plan for it, right, And so if you were to,

548
00:23:50,800 --> 00:23:52,080
Speaker 1: like you said, if you were to take from that,

549
00:23:52,119 --> 00:23:55,200
Speaker 1: you're basically going against your plan and so hopefully you

550
00:23:55,200 --> 00:23:58,560
Speaker 1: would feel some cognitive dissonance at the very least. Right,

551
00:23:58,640 --> 00:24:01,280
Speaker 1: I'm robbing myself like, like, wait a minute, I had

552
00:24:01,320 --> 00:24:04,080
Speaker 1: a plan, but what happened to it? And so we

553
00:24:04,200 --> 00:24:06,880
Speaker 1: think that by just doing this simple thing, it would

554
00:24:07,000 --> 00:24:09,280
Speaker 1: it's going to allow you to to be more effective

555
00:24:09,320 --> 00:24:12,240
Speaker 1: at reaching your financial goals. Yeah, by naming your money,

556
00:24:12,320 --> 00:24:14,680
Speaker 1: it makes it much more likely that you're actually going

557
00:24:14,720 --> 00:24:17,439
Speaker 1: to reach those more important, further off goals that you

558
00:24:17,480 --> 00:24:19,280
Speaker 1: have set for yourself, and oftentimes those are the more

559
00:24:19,359 --> 00:24:21,760
Speaker 1: meaningful goals, those are the those are the goals that

560
00:24:21,800 --> 00:24:23,960
Speaker 1: actually resonate with us. That's why we called them out,

561
00:24:24,119 --> 00:24:26,000
Speaker 1: that's why we dedicated a bucket to it in the

562
00:24:26,000 --> 00:24:28,399
Speaker 1: first place. And we are in most cases not going

563
00:24:28,440 --> 00:24:32,080
Speaker 1: to rob ourselves of that future goal and destination just

564
00:24:32,200 --> 00:24:35,760
Speaker 1: for something small and trifling, uh, in the meantime, right,

565
00:24:35,800 --> 00:24:38,120
Speaker 1: and and so, yeah, I think naming the money helps

566
00:24:38,200 --> 00:24:40,800
Speaker 1: us realize that's what we're doing, whereas that is what

567
00:24:40,840 --> 00:24:43,000
Speaker 1: we're doing when we haven't named our money. But it's

568
00:24:43,040 --> 00:24:45,560
Speaker 1: harder to visualize that, it's harder to realize that. So

569
00:24:45,600 --> 00:24:48,639
Speaker 1: siloing your money can actually have a really big impact

570
00:24:48,840 --> 00:24:52,960
Speaker 1: on your ability to keep going after those bigger goals

571
00:24:53,000 --> 00:24:55,040
Speaker 1: that you have. Yeah, so you said siloing and we're

572
00:24:55,040 --> 00:24:56,840
Speaker 1: talking about naming our money. It actually makes me think

573
00:24:56,840 --> 00:24:59,080
Speaker 1: of like a farm. Yeah, it kind of does. It's

574
00:24:59,160 --> 00:25:01,880
Speaker 1: like on a farm, like you hear stories about when

575
00:25:02,240 --> 00:25:04,600
Speaker 1: there's kids and they like name the chickens or they

576
00:25:04,680 --> 00:25:06,440
Speaker 1: name like, I don't know, the pigs or the cows

577
00:25:06,520 --> 00:25:08,400
Speaker 1: or something like that. It makes it a little bit

578
00:25:08,400 --> 00:25:12,359
Speaker 1: harder to actually butcher them and use them for what

579
00:25:12,400 --> 00:25:14,840
Speaker 1: they're being produced for, because there's more of an attachment

580
00:25:14,840 --> 00:25:18,280
Speaker 1: to it, and so aside from your dietary preferences, when

581
00:25:18,280 --> 00:25:20,200
Speaker 1: you have money that has a name on it, it's

582
00:25:20,200 --> 00:25:21,959
Speaker 1: a little bit more precious, right, It's a little bit

583
00:25:21,960 --> 00:25:23,840
Speaker 1: more sacred. You want to make sure that you are

584
00:25:23,880 --> 00:25:27,080
Speaker 1: being very intentional, like when the time does come to

585
00:25:27,160 --> 00:25:29,880
Speaker 1: tap that resource for whatever it's being you know, set

586
00:25:29,880 --> 00:25:32,120
Speaker 1: aside for you want to make sure that it counts. Yeah,

587
00:25:32,160 --> 00:25:34,280
Speaker 1: bacon is great, but it's different if it's Wilbur. You know,

588
00:25:34,480 --> 00:25:37,000
Speaker 1: like you just don't want to do that. This is

589
00:25:37,000 --> 00:25:39,520
Speaker 1: coming from somebody who knows nothing about farms, but you know,

590
00:25:39,560 --> 00:25:41,360
Speaker 1: like I feel like when you name something, it has

591
00:25:41,400 --> 00:25:43,080
Speaker 1: more meaning. And so that's what we're talking about you.

592
00:25:43,080 --> 00:25:45,360
Speaker 1: I mean, I'm just thinking about Chlott's web like legit, Yeah,

593
00:25:45,359 --> 00:25:48,239
Speaker 1: Wilbur had a name. He and Fern loved him. That's

594
00:25:48,240 --> 00:25:50,680
Speaker 1: a great story. But yeah, Matt, we've got a few

595
00:25:50,720 --> 00:25:52,760
Speaker 1: more mental tricks to get to that are gonna help

596
00:25:52,760 --> 00:25:55,760
Speaker 1: people implement solid money habits for decades to come. Let's

597
00:25:55,760 --> 00:25:57,480
Speaker 1: get to a couple more of those right after this

598
00:25:57,520 --> 00:26:08,919
Speaker 1: break al right, we are back in. Let's go ahead. Now,

599
00:26:09,040 --> 00:26:12,280
Speaker 1: let's talk about some actions to take that will lead to,

600
00:26:12,600 --> 00:26:14,440
Speaker 1: you know, some more mental shifts that will help you

601
00:26:14,520 --> 00:26:16,960
Speaker 1: to spend and save better and just to have a

602
00:26:16,960 --> 00:26:19,840
Speaker 1: better relationship towards money in general. Uh. And one of

603
00:26:19,880 --> 00:26:21,439
Speaker 1: these that we want to recommend for folks to do

604
00:26:21,600 --> 00:26:24,920
Speaker 1: is to when it comes to financial meetings or talks

605
00:26:24,960 --> 00:26:27,119
Speaker 1: that you might have with a significant other, make sure

606
00:26:27,119 --> 00:26:30,040
Speaker 1: that you're having those meetings with your favorite beverage in hand.

607
00:26:30,440 --> 00:26:32,399
Speaker 1: This is something that we've taken to heart. And every

608
00:26:32,440 --> 00:26:34,359
Speaker 1: time you and I sit down and talk about money,

609
00:26:34,640 --> 00:26:36,760
Speaker 1: we're gonna crack open a craft beer. It's what we do.

610
00:26:36,840 --> 00:26:38,240
Speaker 1: And it's not that I wouldn't want to talk about

611
00:26:38,280 --> 00:26:40,800
Speaker 1: money anyway with you, buddy, but having a beer at

612
00:26:40,800 --> 00:26:42,360
Speaker 1: the same time, it just makes me all that more

613
00:26:42,560 --> 00:26:44,600
Speaker 1: uh jazzed about doing it. It It makes us look forward

614
00:26:44,600 --> 00:26:46,600
Speaker 1: to it exactly. Yeah. You so you know, of course,

615
00:26:46,600 --> 00:26:48,399
Speaker 1: you want to do all the boring and necessary stuff

616
00:26:48,440 --> 00:26:49,960
Speaker 1: like you know, having it on the counter. So you

617
00:26:49,960 --> 00:26:52,760
Speaker 1: stick with having these meetings regularly jointly if you have

618
00:26:52,800 --> 00:26:56,160
Speaker 1: a significant other, but make a plan to share an

619
00:26:56,160 --> 00:26:58,760
Speaker 1: excellent beer or a bottle of wine while having your

620
00:26:58,880 --> 00:27:01,919
Speaker 1: regular budget meeting, or just not a coke with coffee.

621
00:27:01,920 --> 00:27:04,080
Speaker 1: I had one of those recently. Not very good. Really.

622
00:27:04,080 --> 00:27:05,919
Speaker 1: It's like a brand new thing, that coke. But if

623
00:27:05,920 --> 00:27:08,600
Speaker 1: you don't like like alcohol or drink alcohol, you should,

624
00:27:08,600 --> 00:27:11,960
Speaker 1: you know, find another beverage that you like, but just coffee. Yeah,

625
00:27:12,000 --> 00:27:14,040
Speaker 1: so is it called coke with coffee? Because way back

626
00:27:14,040 --> 00:27:16,640
Speaker 1: in the day in college it was called coke black. Yeah,

627
00:27:16,640 --> 00:27:18,240
Speaker 1: now it's called coke with coffee, I think, and black

628
00:27:18,280 --> 00:27:20,520
Speaker 1: with a K. It wasn't great. I'm sorry to hear that. Yeah,

629
00:27:20,600 --> 00:27:23,880
Speaker 1: I know you love your coke, so but do get

630
00:27:24,000 --> 00:27:26,280
Speaker 1: whatever beverage it is that's going to make you excited

631
00:27:26,320 --> 00:27:28,280
Speaker 1: about that meeting, right, and you know you could even

632
00:27:28,320 --> 00:27:30,080
Speaker 1: like play a board game or watch an episode of

633
00:27:30,119 --> 00:27:32,919
Speaker 1: your favorite show afterwards. Sticking to a budget like that

634
00:27:32,960 --> 00:27:35,119
Speaker 1: can be painful enough as it is, so at the

635
00:27:35,200 --> 00:27:38,280
Speaker 1: very least, you can make your money conversations and planning

636
00:27:38,320 --> 00:27:41,280
Speaker 1: meetings a lot more fun. Just this one act creates

637
00:27:41,280 --> 00:27:44,440
Speaker 1: a real change in perspective to how most people view

638
00:27:44,440 --> 00:27:46,720
Speaker 1: money conversations. Man, I think we've talked about this before,

639
00:27:46,840 --> 00:27:48,920
Speaker 1: but we're trying to get our kids to clean up

640
00:27:49,160 --> 00:27:52,120
Speaker 1: if you make the game, then it changes the whole

641
00:27:52,160 --> 00:27:54,280
Speaker 1: dynamic of cleanup. But if you make it a race,

642
00:27:54,560 --> 00:27:56,919
Speaker 1: we're gonna try to beat each other out, exactly. I mean,

643
00:27:56,960 --> 00:27:59,720
Speaker 1: there's all sorts of ways to make boring, routine things

644
00:27:59,760 --> 00:28:01,760
Speaker 1: a lot more fun. And I think it's the same

645
00:28:01,760 --> 00:28:03,960
Speaker 1: thing with a budget meeting. And yeah, the right beverage

646
00:28:04,080 --> 00:28:06,880
Speaker 1: can set the right tone for it. Maybe even lad

647
00:28:06,880 --> 00:28:11,239
Speaker 1: of candle who knows, yeah, exactly, make it romantic. That's fine. Uh.

648
00:28:11,400 --> 00:28:14,679
Speaker 1: And then, like, paying most of your bills automatically is

649
00:28:14,680 --> 00:28:17,080
Speaker 1: a great idea right where we're all about automation, but

650
00:28:17,600 --> 00:28:19,480
Speaker 1: putting all of your bills on auto pay might not

651
00:28:19,600 --> 00:28:21,640
Speaker 1: be the best idea. And I'll tell you why. That's

652
00:28:21,680 --> 00:28:24,040
Speaker 1: because we often don't pay attention to the bills that

653
00:28:24,160 --> 00:28:27,399
Speaker 1: change based on our usage. I'm specifically talking about monthly

654
00:28:27,520 --> 00:28:31,080
Speaker 1: utility bills. One bill that Matt I personally don't put

655
00:28:31,119 --> 00:28:33,840
Speaker 1: on autopilot is my power bill. I refuse to do

656
00:28:33,880 --> 00:28:35,919
Speaker 1: budget billing, even though they always prompt me for it,

657
00:28:36,359 --> 00:28:38,200
Speaker 1: and I don't put it on auto pay either. I

658
00:28:38,240 --> 00:28:39,560
Speaker 1: want to feel the pain. I want to see how

659
00:28:39,640 --> 00:28:41,560
Speaker 1: large my bill is, and then I want to take

660
00:28:41,640 --> 00:28:44,160
Speaker 1: forty five seconds to actually pay it. Just this physical

661
00:28:44,160 --> 00:28:47,200
Speaker 1: act has a real effect on like my interactions with

662
00:28:47,280 --> 00:28:50,440
Speaker 1: the thermostat, my choice to put on a jacket instead

663
00:28:50,440 --> 00:28:52,480
Speaker 1: of turn up the heat, all that kind of stuff. Man,

664
00:28:52,520 --> 00:28:55,120
Speaker 1: So I got my long John's on right now, man, right, Yeah, exactly.

665
00:28:55,600 --> 00:28:58,720
Speaker 1: But there's something about like the smooth out nature of

666
00:28:58,760 --> 00:29:01,959
Speaker 1: budget billing and and having it on automatic pilot, having

667
00:29:02,000 --> 00:29:05,040
Speaker 1: those payments um just come out of your account automatically,

668
00:29:05,440 --> 00:29:09,040
Speaker 1: where if you're one step removed from the actual money

669
00:29:09,040 --> 00:29:11,640
Speaker 1: it's costing you. And so this is one instance where

670
00:29:11,640 --> 00:29:14,000
Speaker 1: I say no way to automation, and I'm going to

671
00:29:14,080 --> 00:29:16,240
Speaker 1: pay that one every single month because I want to

672
00:29:16,240 --> 00:29:18,120
Speaker 1: see what I'm using and I want to feel it viscerally,

673
00:29:18,200 --> 00:29:20,680
Speaker 1: and and there is a direct impact in my behavior

674
00:29:20,720 --> 00:29:23,160
Speaker 1: because of it. Yeah. Of sometimes things like budget billing

675
00:29:23,320 --> 00:29:26,120
Speaker 1: or relying over relying on an app or something like

676
00:29:26,160 --> 00:29:29,920
Speaker 1: that can desensitize us either to what we're spending or

677
00:29:29,960 --> 00:29:32,320
Speaker 1: it can completely remove some of those benefits that we

678
00:29:32,320 --> 00:29:35,560
Speaker 1: would receive by looking at the price. Right And one

679
00:29:35,560 --> 00:29:37,400
Speaker 1: of the benefits in this case too, is just using

680
00:29:37,440 --> 00:29:40,200
Speaker 1: less energy overall. Another trick that we want to recommend

681
00:29:40,240 --> 00:29:42,920
Speaker 1: for folks to consider is to think of the sticker

682
00:29:42,960 --> 00:29:46,640
Speaker 1: price in terms of hours of work to buy something

683
00:29:46,720 --> 00:29:49,480
Speaker 1: that you're interested in buying, right, and so this one

684
00:29:49,600 --> 00:29:52,560
Speaker 1: requires you to know your hourly rate. We did an

685
00:29:52,680 --> 00:29:56,040
Speaker 1: entire episode on this, This is episode nine. Uh. Knowing

686
00:29:56,080 --> 00:29:58,800
Speaker 1: your hourly rate is crucial to be able to do

687
00:29:58,840 --> 00:30:02,680
Speaker 1: the quick math. But thinking of a purchase, say as

688
00:30:02,720 --> 00:30:05,000
Speaker 1: maybe half of your work day, that might put things

689
00:30:05,040 --> 00:30:07,720
Speaker 1: in starker terms. You know, you're gonna ask yourself, do

690
00:30:07,760 --> 00:30:09,640
Speaker 1: I really want that gadget or you know, or that

691
00:30:09,720 --> 00:30:12,240
Speaker 1: new clothing item if it takes that much effort for

692
00:30:12,320 --> 00:30:14,360
Speaker 1: me to actually receive it. You know, we talked about

693
00:30:14,400 --> 00:30:15,840
Speaker 1: the dining scream, paying and cash and paying with the

694
00:30:15,840 --> 00:30:19,320
Speaker 1: credit card. Paying with the credit card is easy, easier, Right,

695
00:30:19,360 --> 00:30:21,400
Speaker 1: it feels you don't feel that you're being parted with

696
00:30:21,400 --> 00:30:24,160
Speaker 1: your money in the same way. Well, you feel even

697
00:30:24,160 --> 00:30:26,240
Speaker 1: more like you're being parted with your money when you

698
00:30:26,240 --> 00:30:28,360
Speaker 1: think about it in terms of how many hours of

699
00:30:28,400 --> 00:30:30,840
Speaker 1: work it took you to be able to buy that item. Right,

700
00:30:31,160 --> 00:30:33,440
Speaker 1: And so maybe you're gonna think twice about that sweet

701
00:30:33,440 --> 00:30:35,880
Speaker 1: backpack because you're like, dang it, that's three and a

702
00:30:35,880 --> 00:30:38,760
Speaker 1: half hours of work and it's not worth that's it

703
00:30:38,880 --> 00:30:40,800
Speaker 1: sounds like it's worth eighty bucks, but it's not worth

704
00:30:40,880 --> 00:30:42,920
Speaker 1: three and a half hours of your life, And so

705
00:30:43,120 --> 00:30:44,719
Speaker 1: I think, yeah, thinking about it in those terms can

706
00:30:44,720 --> 00:30:47,480
Speaker 1: be helpful. On that note to Matt, the stranger test

707
00:30:47,560 --> 00:30:50,680
Speaker 1: is another technique to help curb consumption. We talked recently

708
00:30:50,760 --> 00:30:52,880
Speaker 1: with Lisa Rowan and she had a book on money

709
00:30:52,920 --> 00:30:56,200
Speaker 1: hacks that was episode three or seven. Imagine a stranger

710
00:30:56,240 --> 00:30:58,920
Speaker 1: handing you cash instead of the item or attempting to purchase.

711
00:30:59,160 --> 00:31:02,000
Speaker 1: That can provide health framing that can be instrumental in

712
00:31:02,040 --> 00:31:04,400
Speaker 1: curbing impulse purchases. So like, do you want the eighty

713
00:31:04,400 --> 00:31:07,480
Speaker 1: dollar backpack or do you want eighty bucks? And usually

714
00:31:07,800 --> 00:31:10,239
Speaker 1: almost always I'm gonna take the cash, and so that

715
00:31:10,280 --> 00:31:12,280
Speaker 1: means that I shouldn't buy the item, And that is

716
00:31:12,320 --> 00:31:15,160
Speaker 1: just one more helpful trick in helping us curb spending

717
00:31:15,240 --> 00:31:18,160
Speaker 1: and rethink our relationship towards money in general. Yeah, of

718
00:31:18,200 --> 00:31:20,160
Speaker 1: course you're gonna save that eighty bucks right there on

719
00:31:20,160 --> 00:31:22,200
Speaker 1: the spot, like in that one instance, right, but by

720
00:31:22,360 --> 00:31:24,360
Speaker 1: you know, by doing that over and over, I think

721
00:31:24,400 --> 00:31:27,200
Speaker 1: the lasting benefit that you receive is the ability to

722
00:31:27,240 --> 00:31:30,520
Speaker 1: see money for what it's actually worth versus something that

723
00:31:30,560 --> 00:31:32,720
Speaker 1: we just exchange for stuff that we then exchange for

724
00:31:32,760 --> 00:31:35,320
Speaker 1: our time. Uh and then that's the rest of your life.

725
00:31:35,600 --> 00:31:37,640
Speaker 1: Yeah right. You know, we generally just become a little

726
00:31:37,640 --> 00:31:41,000
Speaker 1: more skeptical about using our money. We're more judicious, you know,

727
00:31:41,040 --> 00:31:43,920
Speaker 1: before we just like tossing out there on any random

728
00:31:43,960 --> 00:31:47,280
Speaker 1: thing that crosses our instagramn Yeah. What other way that

729
00:31:47,320 --> 00:31:49,120
Speaker 1: we want to shift how it does that people think

730
00:31:49,160 --> 00:31:51,200
Speaker 1: about their money is we want to encourage folks to

731
00:31:51,800 --> 00:31:56,440
Speaker 1: uh stop saving for retirement instead save for your future self.

732
00:31:56,800 --> 00:31:58,560
Speaker 1: You know, semantics are at play here a little bit.

733
00:31:58,640 --> 00:32:00,320
Speaker 1: But one of the biggest hurdles that that I think

734
00:32:00,400 --> 00:32:04,440
Speaker 1: keeps people from investing enough for retirement is that they

735
00:32:04,440 --> 00:32:07,560
Speaker 1: do a poor job at connecting what feels like sacrifice

736
00:32:07,600 --> 00:32:10,080
Speaker 1: now to the benefits that they would receive from that

737
00:32:10,160 --> 00:32:12,600
Speaker 1: money down the road, right, And so saving for retirement

738
00:32:12,640 --> 00:32:15,880
Speaker 1: it almost feels like a tax or even this expense

739
00:32:16,120 --> 00:32:18,840
Speaker 1: with very little upside because we don't receive anything right now.

740
00:32:19,080 --> 00:32:20,800
Speaker 1: Part of me is like, am I actually ever really

741
00:32:20,800 --> 00:32:22,240
Speaker 1: going to get that old? I mean, I know that

742
00:32:22,280 --> 00:32:24,360
Speaker 1: I am, but but it's hard to imagine, hard to

743
00:32:24,400 --> 00:32:26,640
Speaker 1: make that connection. I completely know I I agree. You know,

744
00:32:26,680 --> 00:32:28,600
Speaker 1: I'm gonna have massive brinkles one of these days, but like,

745
00:32:28,640 --> 00:32:30,239
Speaker 1: I'm just not quite there yet. I mean I got

746
00:32:30,280 --> 00:32:31,720
Speaker 1: a few the backs on the eyes for sure, but

747
00:32:32,480 --> 00:32:35,760
Speaker 1: with time of uh and so instead, you know, we

748
00:32:35,840 --> 00:32:38,760
Speaker 1: want individuals to imagine like that they are saving for

749
00:32:38,920 --> 00:32:41,280
Speaker 1: their future selves. You know, it's it's not like this

750
00:32:41,400 --> 00:32:44,440
Speaker 1: separate person. It's not somebody else that you're saving money for.

751
00:32:44,600 --> 00:32:47,320
Speaker 1: It's who you are right now, just a little bit older,

752
00:32:47,320 --> 00:32:49,160
Speaker 1: and it's gonna happen sooner than you think. You know,

753
00:32:49,200 --> 00:32:51,880
Speaker 1: we've talked about the face app you're able to I

754
00:32:51,920 --> 00:32:53,800
Speaker 1: don't know if it's still out there, uh, put out

755
00:32:53,800 --> 00:32:57,600
Speaker 1: there by the Russians, right, but the ability to use

756
00:32:57,720 --> 00:33:00,440
Speaker 1: these different apps to take a selfie and to make

757
00:33:00,480 --> 00:33:04,440
Speaker 1: yourself look you know, fifty years older is amazing. That alone,

758
00:33:04,520 --> 00:33:06,479
Speaker 1: right there can can be the visual shock that you

759
00:33:06,520 --> 00:33:08,960
Speaker 1: need to get yourself to do the right thing. Yeah.

760
00:33:08,960 --> 00:33:11,000
Speaker 1: I think there was like a Fidelity study or something

761
00:33:11,040 --> 00:33:13,000
Speaker 1: that where they did that with people who are saving

762
00:33:13,000 --> 00:33:15,160
Speaker 1: for their their retirement who were younger, and it really

763
00:33:15,200 --> 00:33:16,960
Speaker 1: did have an impact on how much they decided to

764
00:33:16,960 --> 00:33:19,320
Speaker 1: put away for the future because they're like, oh, that's

765
00:33:19,360 --> 00:33:21,440
Speaker 1: what I'm gona look like in thirty forty years, And

766
00:33:21,720 --> 00:33:23,960
Speaker 1: I need to start saving for that dude because or

767
00:33:23,960 --> 00:33:26,080
Speaker 1: that gal like whoever. It is, like, I need to

768
00:33:26,080 --> 00:33:29,240
Speaker 1: start thinking about my future self and postponing it is

769
00:33:29,280 --> 00:33:32,240
Speaker 1: only hurting that person who is going to be me someday. Yeah,

770
00:33:32,240 --> 00:33:33,920
Speaker 1: and that's probably why too. The older we get, the

771
00:33:34,040 --> 00:33:36,840
Speaker 1: more likely we artistated, because we're closer to being those

772
00:33:36,880 --> 00:33:39,080
Speaker 1: people were like, oh, actually I am getting kind of old.

773
00:33:39,680 --> 00:33:41,600
Speaker 1: Then it's just less effective. Right, So the earlier we

774
00:33:41,600 --> 00:33:43,920
Speaker 1: started so much more effective, So we have to kind

775
00:33:43,920 --> 00:33:46,920
Speaker 1: of get that visual representation of what we're gonna look like.

776
00:33:46,960 --> 00:33:49,240
Speaker 1: You and I did that, and uh, you know, decent

777
00:33:49,280 --> 00:33:53,479
Speaker 1: looking old, but I look like I mean, there's more

778
00:33:53,520 --> 00:33:56,080
Speaker 1: like eighty five year old, like those guys were old.

779
00:33:56,280 --> 00:33:57,720
Speaker 1: But if I look that good when I'm eight five,

780
00:33:57,720 --> 00:33:59,960
Speaker 1: I'm gonna be happy, Yeah, for sure. And it's amazing.

781
00:34:00,040 --> 00:34:02,080
Speaker 1: I think how just like a little sleight of hand

782
00:34:02,120 --> 00:34:04,520
Speaker 1: can make us feel like someone has powers that are

783
00:34:04,560 --> 00:34:06,959
Speaker 1: in this world. I'm talking about like magicians, right, like

784
00:34:07,840 --> 00:34:10,240
Speaker 1: David Blaine. I mean, that guy does some incredible stuff

785
00:34:10,320 --> 00:34:13,440
Speaker 1: and it's not like he actually has magical powers that

786
00:34:13,480 --> 00:34:15,400
Speaker 1: are from another universe. Man, I still don't know how

787
00:34:15,440 --> 00:34:18,880
Speaker 1: he floats. Yeah, I don't either, but it's incredible, right,

788
00:34:19,040 --> 00:34:21,600
Speaker 1: invitation trick is pretty good. I think the same kind

789
00:34:21,680 --> 00:34:24,200
Speaker 1: of thing can be true of our personal finances though,

790
00:34:24,400 --> 00:34:27,400
Speaker 1: Like you can go David Blaine on your finances. These

791
00:34:27,480 --> 00:34:30,080
Speaker 1: tricks and techniques aren't mind blowing when you look at

792
00:34:30,120 --> 00:34:33,520
Speaker 1: them on the surface. It's like having no spend month. Okay, cool,

793
00:34:34,000 --> 00:34:35,680
Speaker 1: great tip, Matt and Joel. I mean, it's it's not

794
00:34:35,760 --> 00:34:37,440
Speaker 1: something that that we're not the first people to have

795
00:34:37,520 --> 00:34:40,080
Speaker 1: ever thought of that, right, But if you implement just

796
00:34:40,120 --> 00:34:42,160
Speaker 1: a couple of these, it can make a major difference

797
00:34:42,239 --> 00:34:44,800
Speaker 1: over time and how you think about money in general

798
00:34:44,880 --> 00:34:47,480
Speaker 1: and your perspective on this stuff. It's not about the

799
00:34:47,520 --> 00:34:49,560
Speaker 1: money that you don't spend on that one purchase or

800
00:34:49,600 --> 00:34:51,879
Speaker 1: the one no spend month that you implement. It's about

801
00:34:51,920 --> 00:34:55,040
Speaker 1: completely changing the way you view money altogether with a

802
00:34:55,040 --> 00:34:56,880
Speaker 1: few simple tricks and techniques that are gonna have a

803
00:34:56,880 --> 00:34:59,439
Speaker 1: positive impact on you for years and years to come.

804
00:34:59,520 --> 00:35:01,760
Speaker 1: And so, yeah, I don't know how David Blaine floats,

805
00:35:01,960 --> 00:35:03,799
Speaker 1: but I do know how you can change the way

806
00:35:03,840 --> 00:35:06,120
Speaker 1: you think about money, And it really is through using

807
00:35:06,160 --> 00:35:08,160
Speaker 1: some of these techniques, trying some of these things out,

808
00:35:08,440 --> 00:35:11,279
Speaker 1: implementing them into your life and seeing how they work out,

809
00:35:11,320 --> 00:35:13,719
Speaker 1: seeing if it does gradually start to change the way

810
00:35:13,760 --> 00:35:16,799
Speaker 1: you think about saving, spending, and investing. Yeah, you could

811
00:35:16,840 --> 00:35:19,319
Speaker 1: not agree more. And here's the thing too, there are

812
00:35:19,360 --> 00:35:21,799
Speaker 1: tons of tricks out there that we didn't mention, right,

813
00:35:22,239 --> 00:35:24,080
Speaker 1: and so if there are things that you are implementing

814
00:35:24,080 --> 00:35:27,000
Speaker 1: in your life, ask yourself. You know, obviously there's probably

815
00:35:27,040 --> 00:35:29,560
Speaker 1: going to be a monetary benefit that you're receiving right now,

816
00:35:29,840 --> 00:35:32,160
Speaker 1: but then go another level deeper, like either ask yourself

817
00:35:32,160 --> 00:35:34,200
Speaker 1: why it is that you're doing this, or ask yourself

818
00:35:34,280 --> 00:35:37,560
Speaker 1: what is the other additional mental benefit that you are

819
00:35:37,600 --> 00:35:40,440
Speaker 1: receiving by doing that, and hopefully you will find that

820
00:35:40,480 --> 00:35:43,319
Speaker 1: there's something else that could lead to lasting change for

821
00:35:43,360 --> 00:35:45,520
Speaker 1: the rest of your life, not just within that one

822
00:35:45,520 --> 00:35:47,959
Speaker 1: purchase or that one ability to to save a little

823
00:35:47,960 --> 00:35:50,200
Speaker 1: bit more money, no doubt. Matt, Like, as we were

824
00:35:50,360 --> 00:35:52,920
Speaker 1: kind of coming to this episode thinking about how we

825
00:35:52,920 --> 00:35:55,600
Speaker 1: were gonna talk about this topic, you and I decided

826
00:35:55,600 --> 00:35:57,600
Speaker 1: that it was important to get a little more meta,

827
00:35:57,680 --> 00:36:00,359
Speaker 1: go a little deeper when it comes to some of

828
00:36:00,360 --> 00:36:03,520
Speaker 1: these money tricks like that they are on the surface simple,

829
00:36:03,600 --> 00:36:06,880
Speaker 1: but but at their route they have a long lasting,

830
00:36:07,120 --> 00:36:09,360
Speaker 1: deep impact. And I know they have. They've had that

831
00:36:09,440 --> 00:36:12,480
Speaker 1: on us. Man. Like my my thinking about money, although

832
00:36:12,560 --> 00:36:14,880
Speaker 1: it might be weird, it might be like crazy to

833
00:36:14,920 --> 00:36:17,479
Speaker 1: some people, it is in large part because I've tried

834
00:36:17,520 --> 00:36:19,279
Speaker 1: some of these tricks. I've implemented them in my life,

835
00:36:19,320 --> 00:36:21,200
Speaker 1: and it's like, Man, I think about the stuff differently,

836
00:36:21,239 --> 00:36:23,920
Speaker 1: like it has every time I spend. It feels different. Yeah,

837
00:36:24,000 --> 00:36:26,440
Speaker 1: that's because, right, you know, these simple financial moves and

838
00:36:26,440 --> 00:36:28,760
Speaker 1: these things that we can do, these tricks, they're anchored

839
00:36:28,800 --> 00:36:31,759
Speaker 1: to like these deeper financial truths, and those are the

840
00:36:31,760 --> 00:36:33,839
Speaker 1: truths that we want to point people to for sure. Man.

841
00:36:33,880 --> 00:36:35,319
Speaker 1: All right, well, let's come back to the beer that

842
00:36:35,320 --> 00:36:37,440
Speaker 1: we had on the show, because obviously having a beverage

843
00:36:37,440 --> 00:36:39,960
Speaker 1: in hand while you're talking about money makes it much better.

844
00:36:40,160 --> 00:36:41,799
Speaker 1: Today on the show, we had a beer called Bound

845
00:36:41,840 --> 00:36:44,359
Speaker 1: by Time. It's by Edmund's past. Matt, what were your

846
00:36:44,360 --> 00:36:46,759
Speaker 1: thoughts on this? I p a it was so very good.

847
00:36:46,760 --> 00:36:49,200
Speaker 1: My first sip all I could think of was canned

848
00:36:49,200 --> 00:36:52,520
Speaker 1: pineapple juice. I don't know why. I think it quickly

849
00:36:52,520 --> 00:36:55,520
Speaker 1: faded after that, but I was really thirsty, and sometimes

850
00:36:55,520 --> 00:36:57,120
Speaker 1: when you sit down and you have a beer and

851
00:36:57,120 --> 00:37:00,319
Speaker 1: you're pretty thirsty, it tastes different to you. I feel

852
00:37:00,360 --> 00:37:02,880
Speaker 1: like it tastes even better when you're a little dehydrated.

853
00:37:03,920 --> 00:37:06,080
Speaker 1: Maybe not the best thing from a health perspective, but uh,

854
00:37:06,239 --> 00:37:07,960
Speaker 1: you know, right around on the bike a little bit.

855
00:37:08,080 --> 00:37:10,080
Speaker 1: I did some of that today. I didn't replace those

856
00:37:10,080 --> 00:37:12,560
Speaker 1: fluids with my hot water that's over there in my thermos.

857
00:37:13,160 --> 00:37:14,960
Speaker 1: Did with a beer instead, did it with a beer instead.

858
00:37:15,000 --> 00:37:16,640
Speaker 1: But it was really good, man. Yeah, I'm glad this

859
00:37:16,640 --> 00:37:18,600
Speaker 1: was one you and I got to enjoy edmunds Os.

860
00:37:18,680 --> 00:37:20,359
Speaker 1: They they were just making some really good stuff. Yeah,

861
00:37:20,400 --> 00:37:21,840
Speaker 1: I'm looking forward to having more by them, Like we

862
00:37:21,880 --> 00:37:24,480
Speaker 1: just started getting their stuff in Atlanta, and this one

863
00:37:24,520 --> 00:37:26,800
Speaker 1: was really good, man. It was really smooth. I didn't

864
00:37:26,800 --> 00:37:29,600
Speaker 1: necessarily get massive pineapple flavors out of it. It tasted

865
00:37:29,680 --> 00:37:31,799
Speaker 1: like a really good I p A that just had

866
00:37:31,880 --> 00:37:33,799
Speaker 1: just an incredible smoothness to it. I don't know how

867
00:37:33,800 --> 00:37:36,040
Speaker 1: else to describe it. Almost like it had lactose in it,

868
00:37:36,080 --> 00:37:37,840
Speaker 1: but I don't think it does, right. Yeah, Yeah, I

869
00:37:37,880 --> 00:37:39,759
Speaker 1: think it's It's honestly probably an I p A that

870
00:37:39,800 --> 00:37:42,360
Speaker 1: almost anybody could get behind because it's not super bitter,

871
00:37:42,440 --> 00:37:45,480
Speaker 1: it's not super juicy, it's not super piney, it doesn't

872
00:37:45,480 --> 00:37:49,319
Speaker 1: have any of just like a great smooth drinking I

873
00:37:49,400 --> 00:37:51,840
Speaker 1: p A. Yeah, for sure, very flavorful, but still just

874
00:37:51,880 --> 00:37:54,360
Speaker 1: incredibly smoothness delivery too. So yeah, clad we got to

875
00:37:54,400 --> 00:37:56,480
Speaker 1: have this one together. But that's gonna do it for

876
00:37:56,640 --> 00:37:59,640
Speaker 1: this episode. For folks who want show notes for this episode,

877
00:37:59,680 --> 00:38:02,120
Speaker 1: just go to our website at how to money dot com.

878
00:38:02,120 --> 00:38:03,920
Speaker 1: That's right, And if you've listened to the show for

879
00:38:03,960 --> 00:38:05,239
Speaker 1: a while, we would love it if you were to

880
00:38:05,400 --> 00:38:07,879
Speaker 1: head over to Apple Podcast leave us a solid rating

881
00:38:07,920 --> 00:38:10,040
Speaker 1: and review over there. And if you've already done that,

882
00:38:10,080 --> 00:38:12,280
Speaker 1: make sure to let a friend or a family member

883
00:38:12,280 --> 00:38:14,279
Speaker 1: know or someone who might want to join you on

884
00:38:14,320 --> 00:38:16,759
Speaker 1: a money challenge, maybe a no spend week or month

885
00:38:16,880 --> 00:38:19,640
Speaker 1: something like that. And as always, thanks in advance. All right, man,

886
00:38:19,680 --> 00:38:22,919
Speaker 1: So until next time, best friends, best friends Out.