1 00:00:00,080 --> 00:00:02,440 Speaker 1: Welcome to How the Money. I'm Joel and I and 2 00:00:02,600 --> 00:00:05,640 Speaker 1: Matt and today we're talking about grit, the number one 3 00:00:05,680 --> 00:00:27,160 Speaker 1: factor in winning with your money. Dude, I am really 4 00:00:27,160 --> 00:00:28,880 Speaker 1: looking forward to this episode. You know, we've been talking 5 00:00:28,880 --> 00:00:31,120 Speaker 1: about grit for a while now. This is this episode 6 00:00:31,120 --> 00:00:33,080 Speaker 1: actually is going to be kind of loosely based on 7 00:00:33,159 --> 00:00:38,320 Speaker 1: Angela Duckworth's book Apthlete titled Grit. But it's such a 8 00:00:38,360 --> 00:00:40,720 Speaker 1: fascinating book. We would definitely recommend it for anybody out 9 00:00:40,760 --> 00:00:42,480 Speaker 1: there who has not yet read it. But we're gonna 10 00:00:42,479 --> 00:00:44,760 Speaker 1: be talking about grit in the context of our money, 11 00:00:45,159 --> 00:00:46,600 Speaker 1: the different things that we need to make sure that 12 00:00:46,640 --> 00:00:49,080 Speaker 1: we're doing when it comes to our personal finances to 13 00:00:49,280 --> 00:00:51,920 Speaker 1: ensure that we're getting ahead, that we're actually reaching those goals. 14 00:00:52,120 --> 00:00:54,640 Speaker 1: And we really do think grit is the number one factor. 15 00:00:54,680 --> 00:00:57,040 Speaker 1: And we're gonna talk about the other factors of financial 16 00:00:57,040 --> 00:01:00,320 Speaker 1: success and how grit actually is more meaningful old then 17 00:01:00,360 --> 00:01:02,160 Speaker 1: a lot of the other things you might assume are 18 00:01:02,280 --> 00:01:04,280 Speaker 1: number one. Yeah, we definitely feel that it trumps them 19 00:01:04,280 --> 00:01:06,240 Speaker 1: for sure. Ye. Well, before we get to that, man, 20 00:01:06,240 --> 00:01:07,720 Speaker 1: I wanted to let you know I found something out 21 00:01:07,720 --> 00:01:09,400 Speaker 1: the other day and I didn't realize this, which is 22 00:01:09,440 --> 00:01:12,920 Speaker 1: interesting because I used the Libby app quite quite frequently. 23 00:01:12,920 --> 00:01:15,240 Speaker 1: It's they were big fans. Yes, the library app, where 24 00:01:15,240 --> 00:01:17,800 Speaker 1: you can listen to audio books or you can get 25 00:01:17,800 --> 00:01:20,440 Speaker 1: e books directly in your hands on your phone for free. 26 00:01:20,640 --> 00:01:23,400 Speaker 1: You can borrow that stuff from your local library system, 27 00:01:23,440 --> 00:01:25,760 Speaker 1: and so I listened to a lot of audio books 28 00:01:25,880 --> 00:01:28,640 Speaker 1: on there. But there's something I didn't realize that the 29 00:01:28,680 --> 00:01:31,680 Speaker 1: library offered through the Libby app until just the other day, 30 00:01:31,720 --> 00:01:34,039 Speaker 1: and I don't know how I was missing this. There 31 00:01:34,080 --> 00:01:36,160 Speaker 1: was a magazine that I wanted to subscribe to. I 32 00:01:36,160 --> 00:01:39,039 Speaker 1: looked it up. It was fifteen bucks a year in 33 00:01:39,160 --> 00:01:41,320 Speaker 1: order to get the physical copy, or fifteen bucks a 34 00:01:41,400 --> 00:01:43,000 Speaker 1: year to get the digital copy, or I could pay 35 00:01:43,040 --> 00:01:44,920 Speaker 1: twenty bucks a year and get both. And I was like, 36 00:01:45,040 --> 00:01:48,320 Speaker 1: that's not bad, and the magazine has a really cool 37 00:01:48,360 --> 00:01:50,000 Speaker 1: design to it. I was like, all right, well, I 38 00:01:50,240 --> 00:01:52,440 Speaker 1: kind of want the physical copy, but for now at least, 39 00:01:52,480 --> 00:01:54,320 Speaker 1: I decided to hold off. And I was just like 40 00:01:54,360 --> 00:01:55,920 Speaker 1: doing some messing around on the Libby app, and it 41 00:01:55,960 --> 00:01:59,240 Speaker 1: turns out they have magazines too, and so the magazine 42 00:01:59,280 --> 00:02:01,320 Speaker 1: that I wanted to sign up Forum. If I were 43 00:02:01,360 --> 00:02:03,800 Speaker 1: to opt for the digital copy and pay fifteen bucks. 44 00:02:03,840 --> 00:02:05,920 Speaker 1: But guess what, I can get it for free through 45 00:02:05,960 --> 00:02:09,160 Speaker 1: the Libby app instead. So basically that same digital copy 46 00:02:09,400 --> 00:02:12,320 Speaker 1: cost me nothing versus first fifteen bucks a year. And like, 47 00:02:12,360 --> 00:02:15,560 Speaker 1: there's tons of magazines out there that people can subscribe to, 48 00:02:15,639 --> 00:02:17,760 Speaker 1: so and so if you're a big magazine buff, I 49 00:02:17,800 --> 00:02:19,519 Speaker 1: just wanted to like put that on your radar. You 50 00:02:19,520 --> 00:02:22,079 Speaker 1: don't necessarily even have to subscribe to it on your own. 51 00:02:22,120 --> 00:02:24,240 Speaker 1: You can get it through your library system. Yeah, well, 52 00:02:24,240 --> 00:02:26,120 Speaker 1: how does it actually look within the app? Right, because 53 00:02:26,160 --> 00:02:28,240 Speaker 1: so much of a magazine's design, like you kind of 54 00:02:28,240 --> 00:02:30,000 Speaker 1: mentioned that earlier, you know, a second ago you said, 55 00:02:30,000 --> 00:02:33,520 Speaker 1: like the design of the magazine oftentimes really plays into 56 00:02:33,760 --> 00:02:35,920 Speaker 1: kind of the experience, and it can be difficult to 57 00:02:36,080 --> 00:02:39,040 Speaker 1: kind of appreciate that, you know, like on your phone 58 00:02:39,120 --> 00:02:40,920 Speaker 1: or on a tablet, you know, does it look like 59 00:02:40,919 --> 00:02:43,160 Speaker 1: the magazine or does it just look like, uh, you know, 60 00:02:43,280 --> 00:02:44,919 Speaker 1: an article on your phone. Yeah, it more looks like 61 00:02:44,960 --> 00:02:47,320 Speaker 1: an article. It's it's definitely doesn't have the same the 62 00:02:47,360 --> 00:02:49,120 Speaker 1: same feel list that a little bit, but you can 63 00:02:49,120 --> 00:02:51,600 Speaker 1: still get all that information. Yeah, exactly, And I will 64 00:02:51,600 --> 00:02:54,880 Speaker 1: say too if you want the physical copy, because I 65 00:02:54,960 --> 00:02:58,359 Speaker 1: agree having a physical magazine copy is so nice, especially 66 00:02:58,560 --> 00:03:00,480 Speaker 1: for the ones that put a lot of effort into 67 00:03:00,520 --> 00:03:03,639 Speaker 1: the design work. One don't buy the magazine off the shelf, 68 00:03:03,840 --> 00:03:06,520 Speaker 1: because oftentimes you can get a whole year's worth of 69 00:03:06,560 --> 00:03:10,320 Speaker 1: that magazine for the prices, especially that first year. I 70 00:03:10,320 --> 00:03:12,440 Speaker 1: mean that first year. Literally you can you can pay 71 00:03:12,480 --> 00:03:15,200 Speaker 1: five bucks and get an entire first year of that 72 00:03:15,240 --> 00:03:20,079 Speaker 1: magazine included instead of you know, paying six at a bookstore, right, 73 00:03:20,200 --> 00:03:22,200 Speaker 1: And there are other sites out there now too that 74 00:03:22,280 --> 00:03:25,239 Speaker 1: will offer you better prices than going like directly through 75 00:03:25,280 --> 00:03:28,119 Speaker 1: the magazine publisher. There's one website I know of called 76 00:03:28,160 --> 00:03:31,280 Speaker 1: discount mags dot com, and I've gotten um some magazines 77 00:03:31,360 --> 00:03:33,240 Speaker 1: there before, and I think I was able to get 78 00:03:33,280 --> 00:03:35,200 Speaker 1: like a year of a magazine I liked for like 79 00:03:35,240 --> 00:03:37,640 Speaker 1: five bucks, And so that's literally the price of one 80 00:03:37,680 --> 00:03:40,320 Speaker 1: issue for a year's worth of it. And so for 81 00:03:40,360 --> 00:03:42,200 Speaker 1: this one, at least for now, I'm gonna, you know, 82 00:03:42,240 --> 00:03:44,080 Speaker 1: do it on the Libby app. But because the design 83 00:03:44,160 --> 00:03:45,600 Speaker 1: is so good, I think I'm gonna have to get 84 00:03:45,600 --> 00:03:47,920 Speaker 1: the physical physical copy at some point. At some point, 85 00:03:48,000 --> 00:03:50,520 Speaker 1: I feel like the temptation to buy a magazine in 86 00:03:50,600 --> 00:03:53,600 Speaker 1: person is the strongest in an airport. You know, yes, 87 00:03:53,800 --> 00:03:56,800 Speaker 1: that is true, because like you've already you know, you 88 00:03:56,880 --> 00:03:58,760 Speaker 1: flip through all your social media, you're caught up there. 89 00:03:58,760 --> 00:04:00,840 Speaker 1: You've read the articles that you want to read the phone, like, 90 00:04:00,880 --> 00:04:02,560 Speaker 1: you know, maybe you don't want to do email, or 91 00:04:02,640 --> 00:04:04,800 Speaker 1: maybe you're all caught up on email and you're still waiting, 92 00:04:04,920 --> 00:04:06,600 Speaker 1: and so you're like, dang it, what am I gonna do? 93 00:04:06,960 --> 00:04:08,920 Speaker 1: And so folks either tend to just waste time on 94 00:04:08,960 --> 00:04:10,480 Speaker 1: their phones or they go over to the little store 95 00:04:10,600 --> 00:04:12,200 Speaker 1: they see a magazine and they see a cover that 96 00:04:12,240 --> 00:04:13,920 Speaker 1: interested them, and then you end up buying it there. 97 00:04:13,960 --> 00:04:15,920 Speaker 1: So instead of doing that, make sure you have the 98 00:04:15,920 --> 00:04:19,280 Speaker 1: libbyatt downloaded and search that magazine on your phone first. Exactly. 99 00:04:19,360 --> 00:04:21,240 Speaker 1: I feel like the airport is one of those places 100 00:04:21,279 --> 00:04:22,680 Speaker 1: kind of like getting a hot dog in a ball park, 101 00:04:22,680 --> 00:04:24,840 Speaker 1: where you could market it up and people would still 102 00:04:24,880 --> 00:04:27,640 Speaker 1: pay for it, doesn't matter. It's like you're so beholden 103 00:04:27,920 --> 00:04:29,960 Speaker 1: you can't leave the terminal, you know, or whatever, Like 104 00:04:30,040 --> 00:04:31,960 Speaker 1: you're afraid that they're gonna start boarding, so you're there. 105 00:04:31,960 --> 00:04:34,160 Speaker 1: You're kind of like locked in. People are obsessed with 106 00:04:34,279 --> 00:04:36,559 Speaker 1: getting in line first. That's like a whole another tangent 107 00:04:36,600 --> 00:04:37,960 Speaker 1: that my mind just went to that we're not gonna 108 00:04:38,000 --> 00:04:40,360 Speaker 1: talk about right now. I appreciate you sharing that tip. 109 00:04:40,400 --> 00:04:41,880 Speaker 1: That's something that I didn't know. Man. But let's go 110 00:04:41,920 --> 00:04:44,080 Speaker 1: ahead and introduce our beer for this episode today. You 111 00:04:44,080 --> 00:04:46,760 Speaker 1: and I are both drinking a pales in comparison, which 112 00:04:46,760 --> 00:04:49,200 Speaker 1: is a double dry hop American pale ale, and this 113 00:04:49,240 --> 00:04:52,680 Speaker 1: one is from Edmond's past brewing. I'm looking forward to 114 00:04:52,760 --> 00:04:54,760 Speaker 1: enjoying this one and sharing our thoughts at the end 115 00:04:54,800 --> 00:04:56,920 Speaker 1: of the episode, Buddy, no doubt, me too. All right, 116 00:04:56,920 --> 00:04:58,520 Speaker 1: But but now let's get onto the topic at hand. 117 00:04:58,760 --> 00:05:00,960 Speaker 1: We're talking about grit and we really do believe it's 118 00:05:00,960 --> 00:05:02,880 Speaker 1: the number one factor in winning with your money. Matt. 119 00:05:03,080 --> 00:05:06,279 Speaker 1: We we thought about titling this episode, getting gritty with 120 00:05:06,320 --> 00:05:10,640 Speaker 1: it and uh doing a little Will Smith theme. No no, no, no, no, no. 121 00:05:11,279 --> 00:05:13,800 Speaker 1: It would have been fun. But as you did a 122 00:05:13,800 --> 00:05:16,520 Speaker 1: little dance and like a little hand swing at the side, 123 00:05:16,520 --> 00:05:18,599 Speaker 1: you've got it down, Pat, Buddy, Yeah, actually done. I 124 00:05:18,600 --> 00:05:20,440 Speaker 1: did it back in the day. If only this was 125 00:05:20,640 --> 00:05:23,040 Speaker 1: a video podcast, you know, people could have everyone could 126 00:05:23,080 --> 00:05:26,760 Speaker 1: have experienced. Only it's not well, it just makes me think, Matt, 127 00:05:26,760 --> 00:05:28,719 Speaker 1: thinking about grit makes me think about when I was 128 00:05:28,760 --> 00:05:30,800 Speaker 1: growing up. I played the piano for a few years 129 00:05:30,800 --> 00:05:33,279 Speaker 1: when I was a kid. My parents basically made me 130 00:05:33,320 --> 00:05:35,800 Speaker 1: do it, uh, And I really wasn't all about that 131 00:05:35,800 --> 00:05:38,400 Speaker 1: practice life that you were supposed to do on the side, 132 00:05:38,520 --> 00:05:42,080 Speaker 1: you didn't have that sticker on the bag again, piano 133 00:05:42,160 --> 00:05:44,880 Speaker 1: life with a why no, I didn't. I didn't. And 134 00:05:44,920 --> 00:05:47,680 Speaker 1: because my parents basically like forced me into the piano thing, 135 00:05:47,800 --> 00:05:50,559 Speaker 1: I did it reluctantly. And and after a few years 136 00:05:50,640 --> 00:05:52,440 Speaker 1: my parents were like, actually, we're gonna let you have 137 00:05:52,480 --> 00:05:54,040 Speaker 1: a little more say in whether or not you want 138 00:05:54,080 --> 00:05:57,000 Speaker 1: to continue on in piano. And I bolted at the 139 00:05:57,040 --> 00:06:00,000 Speaker 1: first chance, right, And I've never really played the piano 140 00:06:00,160 --> 00:06:03,120 Speaker 1: since my commitment level. Where I was on the grit scale, 141 00:06:03,160 --> 00:06:05,159 Speaker 1: as Angela duck Worth would put it, was pretty low. 142 00:06:05,560 --> 00:06:08,480 Speaker 1: And Angela Duckworth wos a psychology professor. She writes about 143 00:06:08,480 --> 00:06:10,360 Speaker 1: the grit scale, and she's done some of the best 144 00:06:10,480 --> 00:06:13,039 Speaker 1: research on the subject of grit and I think a 145 00:06:13,040 --> 00:06:15,799 Speaker 1: lot of what she's found can really help us develop 146 00:06:15,839 --> 00:06:19,560 Speaker 1: more resilience in our lives in general. But then you 147 00:06:19,600 --> 00:06:20,920 Speaker 1: and I we think that there's a lot of room 148 00:06:20,920 --> 00:06:23,200 Speaker 1: for grit development and how we handle our money too, 149 00:06:23,240 --> 00:06:25,640 Speaker 1: and then it can have a really big payoff. Yeah, 150 00:06:25,720 --> 00:06:27,279 Speaker 1: you know, it really does turn out that grit and 151 00:06:27,400 --> 00:06:30,039 Speaker 1: commitment to how they can have a large effect on 152 00:06:30,080 --> 00:06:32,880 Speaker 1: the progress that we're able to make toward the goals 153 00:06:33,200 --> 00:06:35,479 Speaker 1: that we've set for ourselves. So on the flip side, 154 00:06:35,480 --> 00:06:38,039 Speaker 1: a lack of grit will lead to falling short of 155 00:06:38,040 --> 00:06:41,560 Speaker 1: those goals. So, for instance, in Duckworth's research, it's not 156 00:06:41,600 --> 00:06:43,919 Speaker 1: the kids with the highest i Q who do the 157 00:06:43,920 --> 00:06:47,000 Speaker 1: best in spelling the competitions, it's the kids that showed 158 00:06:47,000 --> 00:06:49,159 Speaker 1: the most grit, And so in that case, for those kids, 159 00:06:49,200 --> 00:06:52,559 Speaker 1: it means it's the kids who most consistently practice. Maybe 160 00:06:52,600 --> 00:06:55,080 Speaker 1: that's something you feel to do with with your piano lessons. 161 00:06:55,120 --> 00:06:56,560 Speaker 1: I know, I just admitted it. You don't have the 162 00:06:56,600 --> 00:06:59,800 Speaker 1: road in um and you know, so this tends to 163 00:06:59,800 --> 00:07:03,479 Speaker 1: beat true though in other areas of our lives, and 164 00:07:03,520 --> 00:07:06,360 Speaker 1: definitely it's true and personal finance as well. It's not 165 00:07:06,440 --> 00:07:10,440 Speaker 1: always the high income earners that acquire financial freedom the 166 00:07:10,480 --> 00:07:13,000 Speaker 1: most quickly. Often it's the folks who commit the most 167 00:07:13,040 --> 00:07:15,880 Speaker 1: strongly to the outcome that they want to see. Yeah, Matt, 168 00:07:15,880 --> 00:07:17,200 Speaker 1: and of course you and I we want to be 169 00:07:17,560 --> 00:07:20,600 Speaker 1: those people that succeed with our money, who commit strongly enough, 170 00:07:20,640 --> 00:07:23,360 Speaker 1: who have the resolve to accomplish those goals that we've 171 00:07:23,400 --> 00:07:25,840 Speaker 1: set out to accomplish, and we want our listeners to 172 00:07:25,920 --> 00:07:27,960 Speaker 1: be in that same boat too. You know. We want 173 00:07:28,000 --> 00:07:29,880 Speaker 1: to say if we want to invest well in order 174 00:07:29,920 --> 00:07:33,240 Speaker 1: to achieve greater levels of freedom as we continue on 175 00:07:33,240 --> 00:07:35,480 Speaker 1: this journey to a healthy relationship with money and then 176 00:07:35,800 --> 00:07:38,160 Speaker 1: having more of it in building wealth, but how do 177 00:07:38,200 --> 00:07:40,720 Speaker 1: we cultivate and muster the grit to help us get there. 178 00:07:40,920 --> 00:07:43,680 Speaker 1: That's really what we're tackling today. And let's start with 179 00:07:44,120 --> 00:07:47,640 Speaker 1: a definition from Angela Duckworth I think is really helpful 180 00:07:48,040 --> 00:07:49,360 Speaker 1: and just to kind of get our minds on it, 181 00:07:49,400 --> 00:07:52,040 Speaker 1: because if you're to ask somebody what grittiness means, there 182 00:07:52,120 --> 00:07:53,760 Speaker 1: might be a whole lot of different definitions of people 183 00:07:53,760 --> 00:07:55,360 Speaker 1: would come up with, and I think she helps us 184 00:07:55,360 --> 00:07:58,800 Speaker 1: boil it down. She says, Grit is perseverance for very 185 00:07:58,880 --> 00:08:01,920 Speaker 1: long term goals. Grit is sticking with your future day 186 00:08:01,960 --> 00:08:04,360 Speaker 1: in day out, not just for the week, not just 187 00:08:04,440 --> 00:08:07,080 Speaker 1: for the month, but for years and working really hard 188 00:08:07,120 --> 00:08:10,440 Speaker 1: to make that future a reality. Grit is living life 189 00:08:10,560 --> 00:08:13,200 Speaker 1: like it's a marathon not a sprint, and that's what 190 00:08:13,240 --> 00:08:15,600 Speaker 1: that's what you and I believe about money to right, 191 00:08:15,680 --> 00:08:17,280 Speaker 1: it's not a sprint. It's one of those things where 192 00:08:17,280 --> 00:08:18,880 Speaker 1: you you do have to have patience and you do 193 00:08:19,000 --> 00:08:21,800 Speaker 1: have to have the resolve to continue at these things 194 00:08:21,800 --> 00:08:24,760 Speaker 1: that we talk about every week for years and years 195 00:08:24,800 --> 00:08:27,280 Speaker 1: and even decades. That's true. Yeah, it's selful to have 196 00:08:27,320 --> 00:08:30,240 Speaker 1: a definition here because it's not like some folks might 197 00:08:30,280 --> 00:08:32,120 Speaker 1: be thinking grit. Does that mean you just like don't 198 00:08:32,160 --> 00:08:36,000 Speaker 1: have any manners? But truly it's about goals and sticking 199 00:08:36,000 --> 00:08:38,679 Speaker 1: with those goals no matter what happens. You can have 200 00:08:38,720 --> 00:08:41,600 Speaker 1: manners and grid at the same time. Absolutely, And you 201 00:08:41,600 --> 00:08:43,240 Speaker 1: know this is helpful too because you know, everything in 202 00:08:43,240 --> 00:08:47,079 Speaker 1: our world today, like it tells us that what we want, uh, 203 00:08:47,160 --> 00:08:48,880 Speaker 1: we should be able to get immediately, right, you know 204 00:08:48,880 --> 00:08:50,880 Speaker 1: that we should be able to see really quick results 205 00:08:50,920 --> 00:08:53,160 Speaker 1: when it comes to any goal that we've set for ourselves. 206 00:08:53,200 --> 00:08:56,000 Speaker 1: Four minute abs and I'm like, no, no, that's too long. 207 00:08:56,080 --> 00:08:58,480 Speaker 1: What the two minute as the four our work week? 208 00:08:58,840 --> 00:09:00,800 Speaker 1: That's why like looks like that are popular, you know, 209 00:09:00,840 --> 00:09:03,960 Speaker 1: the four our body things like that promise. Yes, yeah, 210 00:09:03,960 --> 00:09:05,800 Speaker 1: I mean we see this all the time, and advertisements 211 00:09:05,840 --> 00:09:08,080 Speaker 1: about our health, about weight loss. You know, we see 212 00:09:08,080 --> 00:09:09,840 Speaker 1: this uh with you know, when it comes to like 213 00:09:09,880 --> 00:09:12,040 Speaker 1: promises of maybe like a new dating app that's going 214 00:09:12,080 --> 00:09:14,319 Speaker 1: to change your life. Uh. And we also see it 215 00:09:14,360 --> 00:09:16,480 Speaker 1: play out when it comes to building wealth as well. 216 00:09:17,160 --> 00:09:19,400 Speaker 1: They propose that it doesn't take much thought or intentionality, 217 00:09:19,400 --> 00:09:21,760 Speaker 1: you know, you can just realize those goals instantly. But 218 00:09:22,080 --> 00:09:25,080 Speaker 1: you know, we feel that realizing that financial success and 219 00:09:25,080 --> 00:09:27,720 Speaker 1: wealth building it takes time. And this is so important 220 00:09:27,760 --> 00:09:30,120 Speaker 1: in becoming a gritty person. And so if you think 221 00:09:30,160 --> 00:09:32,160 Speaker 1: that success is going to happen overnight, you're gonna be 222 00:09:32,160 --> 00:09:35,559 Speaker 1: sorely disappointed and far less likely to actually continue working 223 00:09:35,559 --> 00:09:38,600 Speaker 1: towards the financial goals that you've laid out for yourself. 224 00:09:38,880 --> 00:09:40,440 Speaker 1: We don't suggest for folks to try to get rich. 225 00:09:40,480 --> 00:09:42,320 Speaker 1: You know, we're not writing meme stocks to the moon. 226 00:09:42,800 --> 00:09:45,560 Speaker 1: We are getting rich slowly over here over here at 227 00:09:45,600 --> 00:09:48,400 Speaker 1: how the money essentially we're calling for for patients in 228 00:09:48,440 --> 00:09:51,200 Speaker 1: a world of instant gratification. Yeah, man, I think some 229 00:09:51,280 --> 00:09:53,439 Speaker 1: of those promises we've been promised a lot of things. 230 00:09:53,559 --> 00:09:55,800 Speaker 1: We've been sold a lot of things where people tell 231 00:09:55,840 --> 00:09:58,160 Speaker 1: us success is supposed to happen quickly, and then when 232 00:09:58,160 --> 00:10:00,880 Speaker 1: it doesn't, it actually like breaks our faith, I think, 233 00:10:01,080 --> 00:10:03,360 Speaker 1: in the possibility of even achieving that thing in the 234 00:10:03,360 --> 00:10:06,000 Speaker 1: first place, because we don't have any grit. Well, well, 235 00:10:06,000 --> 00:10:08,600 Speaker 1: it's also true that, like it's a letdown when someone 236 00:10:08,600 --> 00:10:10,760 Speaker 1: tells us something can happen in a short amount of time, 237 00:10:10,760 --> 00:10:12,520 Speaker 1: and it can't actually happen in a short amount of time. 238 00:10:12,640 --> 00:10:14,760 Speaker 1: And so we want to also tell you the truth here. 239 00:10:15,120 --> 00:10:17,199 Speaker 1: The truth is that it does take a while. And 240 00:10:17,240 --> 00:10:19,760 Speaker 1: I think somebody might be asking themselves, like, but you 241 00:10:19,840 --> 00:10:21,720 Speaker 1: just said that grit is the number one factor and 242 00:10:21,720 --> 00:10:24,600 Speaker 1: winning with your money. Aren't other things more important than grit? 243 00:10:24,760 --> 00:10:27,560 Speaker 1: And I understand the question, But let's maybe discuss a 244 00:10:27,559 --> 00:10:30,840 Speaker 1: few factors that influence your progress with money and see 245 00:10:30,840 --> 00:10:33,440 Speaker 1: where grit stacks up among them. And I think, Matt, 246 00:10:33,520 --> 00:10:36,240 Speaker 1: some people might point to a high income replacing the 247 00:10:36,240 --> 00:10:38,560 Speaker 1: need for grit, Like, if I make enough money, I 248 00:10:38,559 --> 00:10:40,440 Speaker 1: don't really need to be all that gritty. I don't 249 00:10:40,480 --> 00:10:43,040 Speaker 1: have to have the stick tuitiveness with my money that 250 00:10:43,080 --> 00:10:44,880 Speaker 1: it's going to take to win. I don't really have 251 00:10:44,880 --> 00:10:47,319 Speaker 1: to behave with money because I make a lot of it. 252 00:10:47,360 --> 00:10:49,720 Speaker 1: But uh, and and I understand you don't know me. 253 00:10:50,080 --> 00:10:51,920 Speaker 1: You don't see my income. You can make a lot 254 00:10:51,920 --> 00:10:53,520 Speaker 1: of money. I can do what I want exactly. That's 255 00:10:53,559 --> 00:10:56,080 Speaker 1: what people think. But stats show that one in five 256 00:10:56,120 --> 00:10:58,839 Speaker 1: people making over a hundred thousand dollars a year is 257 00:10:58,920 --> 00:11:01,880 Speaker 1: living paycheck to paycheck. It's not that income doesn't matter. 258 00:11:02,240 --> 00:11:04,720 Speaker 1: Making more money is a good thing for your finances, 259 00:11:04,920 --> 00:11:07,600 Speaker 1: but making more money doesn't replace the need for grit 260 00:11:07,600 --> 00:11:10,720 Speaker 1: and for discipline. There are a lot of uber rich, 261 00:11:11,080 --> 00:11:14,880 Speaker 1: super unhappy people living paycheck to paycheck who need more 262 00:11:14,880 --> 00:11:18,000 Speaker 1: grittiness in their lives to be happier and to be wealthier. Yeah, 263 00:11:18,000 --> 00:11:20,600 Speaker 1: I think higher earners are can always find a creative 264 00:11:20,600 --> 00:11:23,880 Speaker 1: way to blow all their money. And so another aspect 265 00:11:23,920 --> 00:11:26,600 Speaker 1: that I think folks might tend to focus on, uh, 266 00:11:26,760 --> 00:11:28,880 Speaker 1: you know more maybe more than grit, is knowledge, you know, 267 00:11:29,040 --> 00:11:31,560 Speaker 1: like they might be asking, can uh personal finance book 268 00:11:31,600 --> 00:11:34,400 Speaker 1: learning overcome a lack of grit. It definitely helps to 269 00:11:34,440 --> 00:11:36,880 Speaker 1: have some knowledge and and to have some understanding there, 270 00:11:36,880 --> 00:11:40,120 Speaker 1: but having it apart from grit won't do the trick either, 271 00:11:40,240 --> 00:11:41,959 Speaker 1: you know. In fact, in one study that Duckworth writes 272 00:11:41,960 --> 00:11:43,960 Speaker 1: about in her books, she finds that smarter students were 273 00:11:43,960 --> 00:11:47,160 Speaker 1: actually less gritty at some of the Ivy League schools, 274 00:11:47,320 --> 00:11:49,640 Speaker 1: and that's because people who aren't as smart as their peers, 275 00:11:49,760 --> 00:11:52,280 Speaker 1: they tended to buckle down and work harder because they 276 00:11:52,320 --> 00:11:55,160 Speaker 1: had to write, and so they exhibited more grittiness because 277 00:11:55,160 --> 00:11:57,959 Speaker 1: of that. And it's an interesting example how not naturally 278 00:11:58,000 --> 00:11:59,839 Speaker 1: having you know, all the smarts in the world had that, 279 00:12:00,000 --> 00:12:01,840 Speaker 1: How that can actually benefit you in the long term 280 00:12:01,840 --> 00:12:04,160 Speaker 1: because you gain more of that grittiness. Yeah, there's a 281 00:12:04,200 --> 00:12:06,480 Speaker 1: difference between book smarts and street smarts. And it's not 282 00:12:06,520 --> 00:12:09,640 Speaker 1: always the valedictorian of your high school that's the most 283 00:12:09,679 --> 00:12:13,960 Speaker 1: successful person. Sometimes it's the person that's more gritty, that's 284 00:12:14,240 --> 00:12:17,160 Speaker 1: has a little more stick tutiveness about them. Right, And 285 00:12:17,200 --> 00:12:19,280 Speaker 1: also too, there's another excuse. I think some people tell 286 00:12:19,320 --> 00:12:22,120 Speaker 1: themselves that they don't have to be gritty if someone 287 00:12:22,160 --> 00:12:25,520 Speaker 1: else is doing all the hard financial lifting for them. 288 00:12:25,920 --> 00:12:28,520 Speaker 1: But is that true? We would say not quite, because 289 00:12:28,760 --> 00:12:30,800 Speaker 1: a lot of people do rely on their partner to 290 00:12:30,880 --> 00:12:33,880 Speaker 1: make all of the financial decisions in the house, or 291 00:12:33,920 --> 00:12:36,360 Speaker 1: maybe on Congress passing a billy to send more funds 292 00:12:36,360 --> 00:12:38,319 Speaker 1: their way, or on a parent to bail them out 293 00:12:38,320 --> 00:12:40,800 Speaker 1: of their money. Mistakes even as a grown adult. And 294 00:12:41,120 --> 00:12:44,559 Speaker 1: it's not that outside help isn't sometimes important, but consistently 295 00:12:44,880 --> 00:12:47,520 Speaker 1: looking elsewhere for help means that you're not going to 296 00:12:47,600 --> 00:12:52,000 Speaker 1: be very gritty and that help won't always be there. Right. Plus, 297 00:12:52,080 --> 00:12:54,760 Speaker 1: it's self evident that the ability we have to make 298 00:12:54,800 --> 00:12:57,720 Speaker 1: positive changes in our own lives really does lead to 299 00:12:57,760 --> 00:13:00,840 Speaker 1: higher levels of fulfillment and satisfaction. Yeah, so when short, 300 00:13:00,920 --> 00:13:03,120 Speaker 1: you know, possessing more grit, especially when it comes to 301 00:13:03,120 --> 00:13:05,360 Speaker 1: your finances, is going to lead to more happiness. But 302 00:13:05,440 --> 00:13:08,439 Speaker 1: the thing is, dude, it is not a predetermined thing, right, 303 00:13:08,520 --> 00:13:10,040 Speaker 1: Like you don't have a certain amount of grit that 304 00:13:10,040 --> 00:13:12,120 Speaker 1: you're born with, uh, and then you can no longer 305 00:13:12,320 --> 00:13:15,040 Speaker 1: change that. It turns out you can cultivate more grit. 306 00:13:15,040 --> 00:13:16,960 Speaker 1: And that's actually what we're gonna talk about right after 307 00:13:16,960 --> 00:13:28,560 Speaker 1: the break. Alright, we'll back. We're talking about grit in 308 00:13:28,600 --> 00:13:31,760 Speaker 1: today's episode and how that is a huge factor, probably 309 00:13:31,800 --> 00:13:34,160 Speaker 1: the number one factor when it comes to winning with 310 00:13:34,280 --> 00:13:37,440 Speaker 1: your money, and Matt, let's continue talking about it. It's 311 00:13:37,480 --> 00:13:40,440 Speaker 1: such a fascinating subject and let's talk about how we 312 00:13:40,440 --> 00:13:43,320 Speaker 1: can actually develop more grit, like the ways to go 313 00:13:43,360 --> 00:13:45,720 Speaker 1: about doing it. And I think it's important to know 314 00:13:45,800 --> 00:13:50,560 Speaker 1: that grit is transferable. Aside from personal finance, developing resilience 315 00:13:50,600 --> 00:13:53,040 Speaker 1: and grit in your life is going to spill over 316 00:13:53,080 --> 00:13:55,760 Speaker 1: into other areas. Right. It's not just gonna help your money. 317 00:13:55,800 --> 00:13:58,199 Speaker 1: It's gonna help you in the workplace. It's gonna help 318 00:13:58,200 --> 00:14:00,480 Speaker 1: you in your marriage, it's gonna help you raise kids. 319 00:14:00,960 --> 00:14:03,120 Speaker 1: You know. I always tell my girls, Matt, you can 320 00:14:03,200 --> 00:14:04,840 Speaker 1: do hard things. Like That's one of the things that 321 00:14:04,840 --> 00:14:06,720 Speaker 1: they hear me say a lot. When I tell them 322 00:14:07,040 --> 00:14:08,520 Speaker 1: to come over close to me because I'm gona tell 323 00:14:08,559 --> 00:14:10,560 Speaker 1: him something. They either I think I'm gonna tell them that, 324 00:14:10,720 --> 00:14:12,480 Speaker 1: or that I love them. Like those the two things 325 00:14:12,480 --> 00:14:14,640 Speaker 1: that they hear the most from me. I think, get 326 00:14:14,640 --> 00:14:15,920 Speaker 1: over here. I am about to do one or two 327 00:14:15,920 --> 00:14:19,480 Speaker 1: things exactly. And it's it's cool to see my girls 328 00:14:19,480 --> 00:14:22,200 Speaker 1: get over fears that they might have had as we 329 00:14:22,320 --> 00:14:24,960 Speaker 1: like talk through things, and as they experienced the joy 330 00:14:25,040 --> 00:14:27,760 Speaker 1: in doing something that they previously thought they couldn't. It 331 00:14:27,840 --> 00:14:31,120 Speaker 1: specifically makes me think of doing the ropes course at 332 00:14:31,120 --> 00:14:33,800 Speaker 1: Stone Mountain in Georgia with my daughter, who I think 333 00:14:33,840 --> 00:14:35,680 Speaker 1: I think she was five at the time, and there's 334 00:14:35,720 --> 00:14:38,520 Speaker 1: like twelve year old boys who are like scared out 335 00:14:38,520 --> 00:14:40,440 Speaker 1: of their minds, and like, I can keep talking to 336 00:14:40,480 --> 00:14:43,040 Speaker 1: her and she gets through it, man, and she did 337 00:14:43,040 --> 00:14:45,120 Speaker 1: it well, and she wanted to do it again, just 338 00:14:45,200 --> 00:14:48,280 Speaker 1: like Donkey and Shrek when he's crossing over the bridge 339 00:14:49,080 --> 00:14:52,080 Speaker 1: something like that. We watched that recently. It's been a 340 00:14:52,080 --> 00:14:53,360 Speaker 1: while for me, so I don't I don't know if 341 00:14:53,400 --> 00:14:56,160 Speaker 1: I remember that, but um, yeah, I think like we 342 00:14:56,240 --> 00:14:58,920 Speaker 1: can all too hard things and our lives are better 343 00:14:59,000 --> 00:15:01,240 Speaker 1: when we realize and we live in a in a 344 00:15:01,280 --> 00:15:03,680 Speaker 1: way that reflects it. And sometimes it's that inner monologue. 345 00:15:03,680 --> 00:15:05,720 Speaker 1: We need someone basically telling us that we can do 346 00:15:05,760 --> 00:15:07,680 Speaker 1: something that we think we can't, and then once we do, 347 00:15:07,760 --> 00:15:10,040 Speaker 1: we're just like so proud of ourselves. Yeah, it's so 348 00:15:10,040 --> 00:15:12,120 Speaker 1: true how that spills over that discipline and when you've 349 00:15:12,160 --> 00:15:13,960 Speaker 1: developed that grit, it can you know, you can see 350 00:15:13,960 --> 00:15:16,480 Speaker 1: that manifest itself in lots of different areas of your life. 351 00:15:16,800 --> 00:15:18,440 Speaker 1: And as it applies to money, you know, on a 352 00:15:18,440 --> 00:15:20,960 Speaker 1: financial level, grit can help you obviously, you know, pay 353 00:15:21,040 --> 00:15:23,160 Speaker 1: down debt faster. You can help you to slash bills 354 00:15:23,200 --> 00:15:26,080 Speaker 1: that you were previously maybe unwilling to touch. It can 355 00:15:26,080 --> 00:15:28,040 Speaker 1: get you motivated to increase that four O one K 356 00:15:28,280 --> 00:15:32,000 Speaker 1: contribution percentage. I mean basically, any financial goal that you 357 00:15:32,000 --> 00:15:35,200 Speaker 1: can dream up can be impacted by grit. But the 358 00:15:35,280 --> 00:15:37,920 Speaker 1: question is how do we achieve more grit in our lives, 359 00:15:38,040 --> 00:15:39,840 Speaker 1: especially as it pertains to our money. So that's what 360 00:15:39,880 --> 00:15:42,040 Speaker 1: we're gonna talk about now, all right. So, I think 361 00:15:42,120 --> 00:15:43,960 Speaker 1: one of the most important things people really need to 362 00:15:44,000 --> 00:15:46,400 Speaker 1: start off with, and we've talked about this before on 363 00:15:46,440 --> 00:15:49,200 Speaker 1: the show, the why behind your money. Figuring out your 364 00:15:49,200 --> 00:15:51,720 Speaker 1: why is a huge part of being able to be 365 00:15:51,800 --> 00:15:54,600 Speaker 1: grittier with your money in order to continue to make 366 00:15:55,200 --> 00:15:57,640 Speaker 1: the hard decisions and the hard money moves they're gonna 367 00:15:57,640 --> 00:16:00,200 Speaker 1: help you succeed in the future. It's just easier to 368 00:16:00,200 --> 00:16:02,160 Speaker 1: be resilient when there's a goal in your life that 369 00:16:02,200 --> 00:16:04,600 Speaker 1: you feel strongly connected to. And and and in her book, 370 00:16:04,760 --> 00:16:06,520 Speaker 1: you know, duck Worth talks about like she connects that 371 00:16:06,520 --> 00:16:08,240 Speaker 1: with passion, like when you have an interest in something, 372 00:16:08,240 --> 00:16:10,560 Speaker 1: when you have a passion for something, I mean basically 373 00:16:10,760 --> 00:16:13,120 Speaker 1: like that's where you start. And luckily, the conversation around 374 00:16:13,160 --> 00:16:15,720 Speaker 1: money is so relevant to this conversation because we can 375 00:16:15,720 --> 00:16:18,680 Speaker 1: all identify things that we probably want to do with 376 00:16:18,720 --> 00:16:20,680 Speaker 1: our money. Yeah, the bigger goals that we want to 377 00:16:20,720 --> 00:16:22,840 Speaker 1: achieve in money is obviously a huge part of being 378 00:16:22,880 --> 00:16:25,280 Speaker 1: able to achieve those how we get there exactly, And 379 00:16:25,600 --> 00:16:28,720 Speaker 1: Nietzsche said, he who has a hy to live compare 380 00:16:28,760 --> 00:16:33,080 Speaker 1: almost anyhow. And it's crucial to identify why you're doing 381 00:16:33,120 --> 00:16:35,080 Speaker 1: the things you're doing with your money in order to 382 00:16:35,120 --> 00:16:38,200 Speaker 1: make significant progress and then to maintain your resolve to 383 00:16:38,240 --> 00:16:42,520 Speaker 1: achieve those goals. Write this wide down because this why 384 00:16:42,760 --> 00:16:45,200 Speaker 1: is going to be the reminder to yourself, maybe to 385 00:16:45,240 --> 00:16:47,440 Speaker 1: your family, to you and your significant other of what 386 00:16:47,520 --> 00:16:49,560 Speaker 1: you're aiming for and is going to allow you to 387 00:16:49,640 --> 00:16:52,320 Speaker 1: not give up as you encounter obstacles, because we all 388 00:16:52,400 --> 00:16:55,760 Speaker 1: encounter obstacles, but grittiness is pushing through those obstacles, and 389 00:16:55,800 --> 00:16:58,120 Speaker 1: having the why is going to lend a massive hand 390 00:16:58,480 --> 00:17:01,400 Speaker 1: in your ability to remain pritty when those obstacles do 391 00:17:01,440 --> 00:17:03,560 Speaker 1: pop up. Yeah. So, for example, it makes me think 392 00:17:03,600 --> 00:17:05,919 Speaker 1: about like no spend challenges, right, Like pretty much anybody 393 00:17:06,000 --> 00:17:08,000 Speaker 1: could do a no spend challenge. Uh, it's not all 394 00:17:08,040 --> 00:17:10,520 Speaker 1: that hard to avoid, you know, buying some junk online 395 00:17:10,520 --> 00:17:12,280 Speaker 1: for maybe a couple of days or maybe even a 396 00:17:12,280 --> 00:17:14,080 Speaker 1: couple of weeks. But then I've been doing a no 397 00:17:14,160 --> 00:17:15,960 Speaker 1: spend challenge for the last fifteen minutes while we've been 398 00:17:15,960 --> 00:17:19,320 Speaker 1: recording this episode. Congratulations sir, very impressive, right, Uh, you 399 00:17:19,400 --> 00:17:23,679 Speaker 1: deserve another sip here. But you know, the question we 400 00:17:23,720 --> 00:17:25,600 Speaker 1: need to ask ourselves then, is like what happens after 401 00:17:25,640 --> 00:17:28,000 Speaker 1: that no spend challenges over? You know, because after that 402 00:17:28,040 --> 00:17:31,439 Speaker 1: most folks will just like resume their previous habits of 403 00:17:31,480 --> 00:17:34,080 Speaker 1: spending and then all that progress that you know was made, 404 00:17:34,359 --> 00:17:37,280 Speaker 1: it just comes undone and you know, unravels because the 405 00:17:37,320 --> 00:17:40,200 Speaker 1: challenge it's not really fun anymore. But when you're able 406 00:17:40,240 --> 00:17:43,760 Speaker 1: to identify your deeper why, you will have discovered goals 407 00:17:43,800 --> 00:17:47,639 Speaker 1: that have a higher level of durability and endurance. And 408 00:17:47,680 --> 00:17:50,200 Speaker 1: it is such a key aspect of developing grit in 409 00:17:50,240 --> 00:17:52,560 Speaker 1: your life. So true, So that why is a crucial 410 00:17:53,040 --> 00:17:56,600 Speaker 1: piece of the puzzle to developing a gritty response in 411 00:17:56,680 --> 00:17:59,959 Speaker 1: your personal financial life. But aside from knowing what an 412 00:18:00,040 --> 00:18:02,359 Speaker 1: is that you're seeking after, aside from having that lie, 413 00:18:02,440 --> 00:18:05,000 Speaker 1: there are also some deliberate steps you can take and 414 00:18:05,040 --> 00:18:08,080 Speaker 1: specific actions that you can employ in your life that 415 00:18:08,119 --> 00:18:10,639 Speaker 1: will lead to a higher level of grit and the 416 00:18:11,440 --> 00:18:14,879 Speaker 1: greater ability to then achieve your goals. We have to 417 00:18:14,920 --> 00:18:18,199 Speaker 1: bridge that gap between what we desire and then the 418 00:18:18,200 --> 00:18:20,640 Speaker 1: steps that we're taking in order to arrive there. Yeah. 419 00:18:20,680 --> 00:18:23,320 Speaker 1: Quick example, I had a desire earlier this year to 420 00:18:23,359 --> 00:18:26,440 Speaker 1: begin waking up earlier, and so for me, a practical 421 00:18:26,480 --> 00:18:28,960 Speaker 1: step I started taking was to lay out my clothes 422 00:18:29,000 --> 00:18:32,080 Speaker 1: the night before, right, And if I don't do that, dude, 423 00:18:32,080 --> 00:18:34,440 Speaker 1: it is a whole lot easier for me to sleep in, 424 00:18:35,000 --> 00:18:37,680 Speaker 1: hit snooze a couple of times, uh, and avoid doing 425 00:18:37,720 --> 00:18:39,280 Speaker 1: the thing that I really want to do, which is, 426 00:18:39,320 --> 00:18:41,080 Speaker 1: you know, waking up early so I can get some 427 00:18:41,119 --> 00:18:43,119 Speaker 1: reading done. So yeah, let's go ahead and talk then 428 00:18:43,160 --> 00:18:46,280 Speaker 1: about some of these practical steps uh that will allow 429 00:18:46,359 --> 00:18:49,400 Speaker 1: us to begin developing more grit in our lives. Yeah. 430 00:18:49,400 --> 00:18:51,440 Speaker 1: It's so much easier to wake up when you when 431 00:18:51,440 --> 00:18:53,280 Speaker 1: you open your eyes and you're like, man, I don't 432 00:18:53,280 --> 00:18:54,720 Speaker 1: have to fumble around in the dark to get my 433 00:18:54,760 --> 00:18:57,080 Speaker 1: clothes and they're already laid out for me. Well, for 434 00:18:57,119 --> 00:18:59,880 Speaker 1: me too, it's the dresser because it's so noisy, gets 435 00:19:00,000 --> 00:19:02,160 Speaker 1: at at me. I'm gonna wake her up. I better 436 00:19:02,160 --> 00:19:04,040 Speaker 1: just sleep in. Yes, No, I really do. Like that's 437 00:19:04,040 --> 00:19:05,760 Speaker 1: how I justify it. I'm like, well, well, what am 438 00:19:05,800 --> 00:19:07,520 Speaker 1: I gonna put on what's the temperature, I don't know, 439 00:19:07,560 --> 00:19:09,320 Speaker 1: But if I check the temperature the night before and 440 00:19:09,400 --> 00:19:11,399 Speaker 1: lay those clothes out and I don't make all that noise, 441 00:19:11,760 --> 00:19:14,800 Speaker 1: Like I've got all those decisions streamlined, and I just 442 00:19:14,800 --> 00:19:16,800 Speaker 1: slide out of bed like a like a silent panther. 443 00:19:17,000 --> 00:19:19,960 Speaker 1: You know, you can't hear me. I'm super stealthy. Like 444 00:19:20,080 --> 00:19:21,840 Speaker 1: there's a lot of reasons, right, Yeah, that that that 445 00:19:21,960 --> 00:19:24,479 Speaker 1: you could easily give as an excuse to not wake 446 00:19:24,560 --> 00:19:26,119 Speaker 1: up early, and you got to eliminate as many of 447 00:19:26,119 --> 00:19:28,720 Speaker 1: those on the front end and can And I think, yeah, similarly, 448 00:19:28,800 --> 00:19:31,000 Speaker 1: they're just practical steps though, Like that's what we're talking about, 449 00:19:31,000 --> 00:19:32,639 Speaker 1: you Like, they're just simple things that we can do 450 00:19:32,760 --> 00:19:36,119 Speaker 1: to begin to foster that that grit in our lives. Yea. 451 00:19:36,320 --> 00:19:38,159 Speaker 1: And one of the other things that that Angelo Duckworth 452 00:19:38,200 --> 00:19:41,040 Speaker 1: talks about in in her book is deliberate practice, and 453 00:19:41,040 --> 00:19:44,000 Speaker 1: that's a crucial part of being more gritty. It's hard 454 00:19:44,040 --> 00:19:46,480 Speaker 1: to get better with your money if you're not intentionally 455 00:19:46,520 --> 00:19:50,520 Speaker 1: working and improving. And she says that actually informative feedback 456 00:19:50,960 --> 00:19:53,679 Speaker 1: is a crucial aspect of that deliberate practice. And as 457 00:19:53,720 --> 00:19:56,080 Speaker 1: we think about our finances. It's it's really difficult to 458 00:19:56,119 --> 00:19:59,240 Speaker 1: imagine any improvement if we're not sitting down at the 459 00:19:59,280 --> 00:20:00,639 Speaker 1: end of the month or at the end of the 460 00:20:00,720 --> 00:20:03,840 Speaker 1: year and reviewing how we actually handled our money. Like, 461 00:20:03,920 --> 00:20:07,240 Speaker 1: just like with my piano lessons, the lessons only go 462 00:20:07,359 --> 00:20:09,560 Speaker 1: so far if you refuse to practice. If I had 463 00:20:09,680 --> 00:20:12,240 Speaker 1: only practiced like three days a week, I would have 464 00:20:12,320 --> 00:20:15,040 Speaker 1: quickly gotten better and I probably would have enjoyed it 465 00:20:15,080 --> 00:20:16,919 Speaker 1: more and I might have kept at it. But my 466 00:20:17,119 --> 00:20:20,240 Speaker 1: lack of grittiness, my lack of deliberate practice, really led 467 00:20:20,280 --> 00:20:22,560 Speaker 1: me to hate playing the piano and dread going through 468 00:20:22,560 --> 00:20:24,520 Speaker 1: the lessons. Right. Yeah, so let's apply that then to 469 00:20:24,520 --> 00:20:27,040 Speaker 1: our money. Right. So this specifically means that, like, we 470 00:20:27,160 --> 00:20:30,040 Speaker 1: likely need to track our spending so that we have 471 00:20:30,200 --> 00:20:32,960 Speaker 1: the data in order to provide that you know what 472 00:20:32,960 --> 00:20:36,359 Speaker 1: what Angela calls that informative feedback, you know, and so 473 00:20:36,400 --> 00:20:38,480 Speaker 1: you can do this automatically with software like Mint or 474 00:20:38,560 --> 00:20:40,520 Speaker 1: personal Capital, or you can do it you know, the 475 00:20:40,520 --> 00:20:43,240 Speaker 1: way I do it kind of longhand do it via Excel. 476 00:20:43,560 --> 00:20:45,359 Speaker 1: And I again we've talked about how I do that 477 00:20:45,400 --> 00:20:47,600 Speaker 1: intentionally because I feel like it I don't know it 478 00:20:47,680 --> 00:20:49,920 Speaker 1: kind of embeds into my mind a little bit more 479 00:20:49,960 --> 00:20:51,960 Speaker 1: when I have to enter those you know, those purchases 480 00:20:52,000 --> 00:20:54,200 Speaker 1: in myself or you know, when I paste them over 481 00:20:54,280 --> 00:20:56,520 Speaker 1: from for my credit card. But you have to see 482 00:20:56,520 --> 00:20:59,200 Speaker 1: the multiple times that yeah exactly, Yeah, yeah, I touch 483 00:20:59,240 --> 00:21:01,840 Speaker 1: it more often. But you know, you need to figure 484 00:21:01,840 --> 00:21:04,040 Speaker 1: out what it is that's going to work for you. 485 00:21:04,040 --> 00:21:05,560 Speaker 1: You know, we we live in a culture that tends 486 00:21:05,600 --> 00:21:08,080 Speaker 1: to avoid this type of reflection. We're always looking to 487 00:21:08,160 --> 00:21:11,119 Speaker 1: the next best thing. But if you're trying to improve 488 00:21:11,160 --> 00:21:13,720 Speaker 1: your financial situation, you need to make sure that that 489 00:21:13,760 --> 00:21:15,919 Speaker 1: you're facing the truth, you know, and that you're giving 490 00:21:16,119 --> 00:21:19,000 Speaker 1: your spending and your saving and honest, look, you need 491 00:21:19,040 --> 00:21:22,400 Speaker 1: to reflect on what it is that that's working, what's 492 00:21:22,440 --> 00:21:25,720 Speaker 1: not working, uh, and then also to like make some tweaks. 493 00:21:25,720 --> 00:21:26,960 Speaker 1: You know. That's that's a big part of what she 494 00:21:26,960 --> 00:21:28,560 Speaker 1: talks about as well as kind of it's not just 495 00:21:28,560 --> 00:21:31,639 Speaker 1: about receiving that feedback, but it's about modifying it and 496 00:21:31,680 --> 00:21:33,919 Speaker 1: refining it so that you can continue to move, you know, 497 00:21:34,000 --> 00:21:36,600 Speaker 1: down the path that you want to be progressing down. Yeah. 498 00:21:36,640 --> 00:21:40,440 Speaker 1: One one of the other important things too, in developing 499 00:21:41,040 --> 00:21:43,520 Speaker 1: more grittiness in your life is to start responding to 500 00:21:43,640 --> 00:21:46,679 Speaker 1: mistakes that you make differently and learning from them instead 501 00:21:46,720 --> 00:21:49,160 Speaker 1: of letting them define you. That's another problem I think 502 00:21:49,200 --> 00:21:51,040 Speaker 1: a lot of us have struggled with matt over the years, 503 00:21:51,080 --> 00:21:53,399 Speaker 1: is like letting a mistake really get you down and 504 00:21:53,440 --> 00:21:55,359 Speaker 1: mess up your next decision and the one after that. 505 00:21:55,400 --> 00:21:58,280 Speaker 1: It's it's like lingering effects, right, because we're beating ourselves up. 506 00:21:58,840 --> 00:22:01,560 Speaker 1: But instead of ray yourself over the coals, is there 507 00:22:01,560 --> 00:22:04,199 Speaker 1: something that you can do one to minimize that mistake? 508 00:22:04,520 --> 00:22:07,080 Speaker 1: Probably there's probably a way that you can make that 509 00:22:07,119 --> 00:22:10,560 Speaker 1: mistake less bad by doing something else proactive in order 510 00:22:10,560 --> 00:22:12,680 Speaker 1: to minimize the negative effects. And then and then you 511 00:22:12,720 --> 00:22:15,720 Speaker 1: can ask yourself to how can I avoid making the 512 00:22:15,800 --> 00:22:19,080 Speaker 1: same mistake in the future. The non gritty response is 513 00:22:19,119 --> 00:22:21,960 Speaker 1: to let that mistake linger to get you down and 514 00:22:22,119 --> 00:22:24,639 Speaker 1: to compound on itself, causing you to make even more 515 00:22:24,680 --> 00:22:27,200 Speaker 1: mistakes in the future, where it defines you and who 516 00:22:27,240 --> 00:22:30,080 Speaker 1: you are and the difficulties that we encounter. I feel 517 00:22:30,080 --> 00:22:32,320 Speaker 1: like they can either harm us, causing us to lay 518 00:22:32,320 --> 00:22:34,919 Speaker 1: down and just accept our circumstances and say Fate has 519 00:22:34,920 --> 00:22:36,879 Speaker 1: dealt us this blow and and this is just the 520 00:22:36,880 --> 00:22:38,840 Speaker 1: hand we've been dealt or it can be more like 521 00:22:38,840 --> 00:22:40,800 Speaker 1: a kick in the pants that causes us to gut 522 00:22:40,840 --> 00:22:44,119 Speaker 1: it out even harder. Maybe you're realizing that you've financed 523 00:22:44,160 --> 00:22:46,359 Speaker 1: a brand new card to dealership and your interest rate 524 00:22:46,480 --> 00:22:48,680 Speaker 1: is terrible, and you can just say, this is a 525 00:22:48,760 --> 00:22:51,760 Speaker 1: mistake I've made and I'm an idiot and I'm bad 526 00:22:51,800 --> 00:22:54,800 Speaker 1: with money, and you can continue to go down that road. Uh, 527 00:22:54,800 --> 00:22:58,040 Speaker 1: And that's only going to be a self fulfilling prophecy, 528 00:22:58,480 --> 00:23:00,479 Speaker 1: making you worse with money in the future. But if 529 00:23:00,480 --> 00:23:03,000 Speaker 1: you could refinance that loan at a credit union and 530 00:23:03,000 --> 00:23:05,960 Speaker 1: and get your payment down, or if you can sell 531 00:23:06,040 --> 00:23:08,720 Speaker 1: that car and buy something a whole lot cheaper, you're 532 00:23:08,760 --> 00:23:10,960 Speaker 1: gonna take a hit. Right. It doesn't mean that mistake 533 00:23:10,960 --> 00:23:13,040 Speaker 1: doesn't affect you financially, but there are ways to get 534 00:23:13,040 --> 00:23:15,360 Speaker 1: out from under that mistake, to minimize it, and then 535 00:23:15,400 --> 00:23:16,840 Speaker 1: to move on from there and say, you know what, 536 00:23:17,080 --> 00:23:18,760 Speaker 1: I just made some good moves after a bad one, 537 00:23:18,960 --> 00:23:20,520 Speaker 1: and I do know what I'm doing with my money, 538 00:23:20,560 --> 00:23:23,479 Speaker 1: and that can have a positive influence on your ability 539 00:23:23,480 --> 00:23:25,480 Speaker 1: to continue to make progress. And then of course make 540 00:23:25,520 --> 00:23:28,520 Speaker 1: sure that you never do that again. Right. Uh. And 541 00:23:28,560 --> 00:23:30,359 Speaker 1: you know, according to duck Worth, again you know this 542 00:23:30,400 --> 00:23:34,320 Speaker 1: is also why hope, why it's foundational to becoming more gritty, uh, 543 00:23:34,359 --> 00:23:36,119 Speaker 1: you know, to rise to the occasion and to kind 544 00:23:36,119 --> 00:23:38,240 Speaker 1: of just keep on going even what it is that 545 00:23:38,280 --> 00:23:40,040 Speaker 1: we have our doubts. You know, this might be similar 546 00:23:40,080 --> 00:23:42,680 Speaker 1: to those those signs in a marathon that are, from 547 00:23:42,720 --> 00:23:45,199 Speaker 1: what I hear, seemingly impossible to get through. You know, 548 00:23:45,200 --> 00:23:47,040 Speaker 1: like that's never run a marathons where you hit the wall. 549 00:23:47,080 --> 00:23:49,760 Speaker 1: I've run a half, multiple half marathons, but never the marathon. 550 00:23:49,760 --> 00:23:51,760 Speaker 1: I don't know if I knew you'd run multiple half marathons, 551 00:23:51,800 --> 00:23:53,200 Speaker 1: so you didn't know that, I don't think so. Yeah, 552 00:23:53,280 --> 00:23:55,680 Speaker 1: I mean so for me, it's always you know, it's difficult, 553 00:23:55,720 --> 00:23:58,000 Speaker 1: but you know, full full on marathons they say that 554 00:23:58,040 --> 00:24:00,920 Speaker 1: like around I think mile twenty twenty one, like that's 555 00:24:00,920 --> 00:24:03,679 Speaker 1: when it's it can be really brutal, evidently, but you know, 556 00:24:03,760 --> 00:24:06,879 Speaker 1: it's about continuing to put one leg in front of 557 00:24:06,880 --> 00:24:08,280 Speaker 1: the other, you know, like that's the only way to 558 00:24:08,320 --> 00:24:11,000 Speaker 1: realize the goal that you've set for yourself, and you 559 00:24:10,960 --> 00:24:13,320 Speaker 1: you've got to have that hope at every step in 560 00:24:13,359 --> 00:24:15,840 Speaker 1: the process. You need to remind yourself of that regardless 561 00:24:15,840 --> 00:24:18,280 Speaker 1: of where you currently are, and I don't think marathons 562 00:24:18,320 --> 00:24:19,639 Speaker 1: are in my future, but but do you think that 563 00:24:19,720 --> 00:24:23,080 Speaker 1: is a good example of what grit looks like is 564 00:24:23,119 --> 00:24:26,160 Speaker 1: someone training for a marathon and then actually performing the marathon, 565 00:24:26,400 --> 00:24:29,080 Speaker 1: And from everything I've read, it's it's brutal. Yeah, those 566 00:24:29,119 --> 00:24:31,880 Speaker 1: last four miles are really really hard, no matter how 567 00:24:31,880 --> 00:24:34,480 Speaker 1: well you've trained. Marathons aren't even in my future, like 568 00:24:34,560 --> 00:24:36,800 Speaker 1: like I might do another half, but even hals like 569 00:24:36,840 --> 00:24:38,560 Speaker 1: it's just too much of a time commitment because like 570 00:24:38,560 --> 00:24:40,960 Speaker 1: when you're training for those like yeah, you have to 571 00:24:41,000 --> 00:24:43,000 Speaker 1: also run that far or when you're training, so it's 572 00:24:43,000 --> 00:24:45,120 Speaker 1: not like you just run for you know, a few 573 00:24:45,119 --> 00:24:47,280 Speaker 1: hours just on race day, like you're running for a 574 00:24:47,280 --> 00:24:50,200 Speaker 1: few hours plus you know, warm up, cool down, stretching 575 00:24:50,240 --> 00:24:53,480 Speaker 1: like that whole thing, like several times before the race. 576 00:24:53,520 --> 00:24:55,639 Speaker 1: And so it is a massive time commitment. Yeah, I 577 00:24:55,640 --> 00:24:58,119 Speaker 1: mean a lot of insane the runner friends I know, 578 00:24:58,200 --> 00:25:01,040 Speaker 1: they're running long distances for five days a week, and 579 00:25:01,080 --> 00:25:03,800 Speaker 1: so yeah, it's a big commitment. And like too, as 580 00:25:03,800 --> 00:25:06,640 Speaker 1: we're talking about practical ways to develop grip, there could 581 00:25:06,680 --> 00:25:10,000 Speaker 1: be simpler and more straightforward approaches to like something as 582 00:25:10,000 --> 00:25:13,200 Speaker 1: simple as using social media better too, much social media 583 00:25:13,280 --> 00:25:15,320 Speaker 1: can be a terrible thing when it comes to being 584 00:25:15,320 --> 00:25:18,840 Speaker 1: satisfied with your life. Like doom scrolling is not just unproductive, 585 00:25:18,880 --> 00:25:21,520 Speaker 1: it creates new wants, moving the goal post in our 586 00:25:21,520 --> 00:25:24,080 Speaker 1: lives and giving us new metrics that we have to achieve. 587 00:25:24,320 --> 00:25:26,920 Speaker 1: So instead of having to run twenty six point two miles, 588 00:25:26,960 --> 00:25:29,200 Speaker 1: now we've got to run, you know, a hundred mile 589 00:25:29,320 --> 00:25:31,840 Speaker 1: three day race or something like that. Right, Or when 590 00:25:31,840 --> 00:25:34,800 Speaker 1: it comes to normal everyday stuff like taking a nicer 591 00:25:34,880 --> 00:25:37,240 Speaker 1: vacation or buying some new clothes, it's like, you know what, 592 00:25:37,320 --> 00:25:40,480 Speaker 1: now my financial wants have increased. The things I need 593 00:25:40,520 --> 00:25:43,200 Speaker 1: in my life they're more and social media has a 594 00:25:43,200 --> 00:25:45,040 Speaker 1: lot to do with that. And that's a problem when 595 00:25:45,040 --> 00:25:47,360 Speaker 1: those are things that you don't care about, right because obviously, 596 00:25:47,440 --> 00:25:50,000 Speaker 1: you know craft beer equivalent, Like what's your craft beer equivalent? 597 00:25:50,040 --> 00:25:51,399 Speaker 1: We talked about that on the show or every time 598 00:25:51,440 --> 00:25:53,520 Speaker 1: we talk to a guest, you know. But if that's 599 00:25:53,520 --> 00:25:55,760 Speaker 1: something that you care about, then then sure that that's great. 600 00:25:55,800 --> 00:25:57,400 Speaker 1: That's a way for you to challenge yourself. But when 601 00:25:57,400 --> 00:26:00,000 Speaker 1: it becomes this default way of processing the world or 602 00:26:00,000 --> 00:26:01,920 Speaker 1: fund you, when it becomes this sort of default consumption, 603 00:26:01,960 --> 00:26:04,760 Speaker 1: that's being fed to you. That's when it's problematic because 604 00:26:04,800 --> 00:26:07,160 Speaker 1: these are things when you self reflect, you realize that 605 00:26:07,200 --> 00:26:09,960 Speaker 1: they don't truly bring you happiness at all. Yeah, I 606 00:26:10,000 --> 00:26:12,439 Speaker 1: feel like every time we move the goalpost too, it 607 00:26:12,480 --> 00:26:15,920 Speaker 1: has that effect of weakening our grip muscles. And not everything. 608 00:26:16,119 --> 00:26:18,040 Speaker 1: You can have a couple of craft beer equivalents, like 609 00:26:18,480 --> 00:26:21,640 Speaker 1: I suggest a maximum three, and then like that's That's 610 00:26:21,680 --> 00:26:22,920 Speaker 1: one of the things we talked about in our Wife 611 00:26:22,920 --> 00:26:25,920 Speaker 1: behind Money episode is having like three things on your list. 612 00:26:26,000 --> 00:26:28,080 Speaker 1: It's like, I'm willing to spend extra money on these 613 00:26:28,160 --> 00:26:31,320 Speaker 1: three things, but then not not everything can have that place. 614 00:26:31,480 --> 00:26:34,160 Speaker 1: And if you have more than three craftier equivalents, three 615 00:26:34,200 --> 00:26:36,960 Speaker 1: things that you're willing to kind of spend lavishly on 616 00:26:37,040 --> 00:26:40,280 Speaker 1: while you're trying to invest wisely and save, well, there's 617 00:26:40,320 --> 00:26:42,280 Speaker 1: gonna be too many and you're gonna end up broke. 618 00:26:42,320 --> 00:26:45,720 Speaker 1: You're gonna exactly It's true. And also here I'm gonna 619 00:26:45,760 --> 00:26:47,919 Speaker 1: provide a counter because I think that social media can 620 00:26:47,960 --> 00:26:50,760 Speaker 1: be a helpful tool that we can use more effectively, 621 00:26:51,200 --> 00:26:53,640 Speaker 1: you know, like modern technology. It allows us to surround 622 00:26:53,640 --> 00:26:55,760 Speaker 1: ourselves with other folks out there who are seeking the 623 00:26:55,840 --> 00:26:58,520 Speaker 1: same things that we are. And so what that means 624 00:26:58,760 --> 00:27:00,840 Speaker 1: is just making sure that your choose who you follow, 625 00:27:01,119 --> 00:27:03,320 Speaker 1: making sure that you're being intentional about the Facebook groups 626 00:27:03,440 --> 00:27:05,400 Speaker 1: that you belong to, because I can have an important 627 00:27:05,960 --> 00:27:08,280 Speaker 1: effect on your ability to stick with the goals and 628 00:27:08,320 --> 00:27:11,080 Speaker 1: to to keep you know, your grit levels high. I 629 00:27:11,119 --> 00:27:12,879 Speaker 1: feel like you can even use your you know, social 630 00:27:12,880 --> 00:27:15,760 Speaker 1: media to help you to focus on your specific goals, 631 00:27:15,760 --> 00:27:18,199 Speaker 1: like whatever your craft beer equivalent is, make sure that 632 00:27:18,200 --> 00:27:20,000 Speaker 1: that's kind of front and center in your mind. I 633 00:27:20,000 --> 00:27:21,800 Speaker 1: feel like Kate does us really well. When it comes 634 00:27:21,800 --> 00:27:23,520 Speaker 1: to her wanting to learn about something, she will, you know, 635 00:27:23,520 --> 00:27:27,840 Speaker 1: follow certain people on Instagram or lately I've I've I'm 636 00:27:27,840 --> 00:27:30,320 Speaker 1: such like a you know, it's not even winter anymore, 637 00:27:30,359 --> 00:27:31,760 Speaker 1: but I'm such a nerd when it comes to like 638 00:27:31,800 --> 00:27:33,480 Speaker 1: the wood stove and stuff like that. But I follow 639 00:27:33,520 --> 00:27:35,879 Speaker 1: this hashtag wood stack and it's just a bunch of 640 00:27:35,920 --> 00:27:38,000 Speaker 1: pictures of of folks who have like chopped up would 641 00:27:38,320 --> 00:27:40,640 Speaker 1: but that it puts it more forefront in my mind. 642 00:27:40,640 --> 00:27:42,120 Speaker 1: And I see that and I'm like, oh, there's folks 643 00:27:42,160 --> 00:27:44,840 Speaker 1: out there chopping wood and they're being physical, They're they're 644 00:27:44,880 --> 00:27:47,119 Speaker 1: using your bodies, they're burning calories and it's also a 645 00:27:47,119 --> 00:27:49,119 Speaker 1: good way to use trees that have been cut down 646 00:27:49,160 --> 00:27:51,720 Speaker 1: in our neighborhood. Right, But maybe for you that means 647 00:27:51,760 --> 00:27:53,520 Speaker 1: like taking a trip out west or you know, like 648 00:27:53,680 --> 00:27:55,760 Speaker 1: like say, for instance, you want to go to Yosemite. 649 00:27:55,840 --> 00:27:59,080 Speaker 1: Well maybe you can follow hashtag Yosemite, and so you 650 00:27:59,119 --> 00:28:01,879 Speaker 1: see pictures folks are posting who have gone there, and 651 00:28:01,920 --> 00:28:04,159 Speaker 1: so instead of being tempted into you know, buying some 652 00:28:04,359 --> 00:28:06,800 Speaker 1: you know, something that's that's being fed to you, you know, 653 00:28:06,880 --> 00:28:09,960 Speaker 1: in your feed, instead you see somebody, uh, and then 654 00:28:09,960 --> 00:28:11,560 Speaker 1: you know you've got half dome in the background, or 655 00:28:11,560 --> 00:28:15,000 Speaker 1: you've seen that they've like climbed El Capitan or something 656 00:28:15,040 --> 00:28:20,240 Speaker 1: like that. But find ways without a rope. Alex told, yeah, 657 00:28:20,640 --> 00:28:22,520 Speaker 1: he needed that. Well you might also if you do that, 658 00:28:22,560 --> 00:28:25,040 Speaker 1: you might get some Yosemite sam gifts in there, which 659 00:28:25,040 --> 00:28:27,280 Speaker 1: actually would would be fun to feel a nice way 660 00:28:27,320 --> 00:28:29,520 Speaker 1: to kind of switch it up. But you know, social 661 00:28:29,560 --> 00:28:31,520 Speaker 1: media it doesn't have to be all bad. There are 662 00:28:31,600 --> 00:28:33,800 Speaker 1: ways that you can strategically use that, whether that be 663 00:28:33,840 --> 00:28:35,800 Speaker 1: with the folks who you know, you allow into your life, 664 00:28:35,840 --> 00:28:38,120 Speaker 1: you know, through the groups, or through the different images 665 00:28:38,120 --> 00:28:39,960 Speaker 1: that you allowed to be you know, fed to you. Yeah, 666 00:28:40,000 --> 00:28:41,720 Speaker 1: by the way, shameless plug for the how the Money 667 00:28:41,720 --> 00:28:44,480 Speaker 1: Facebook group. Great group of people helping each other out. 668 00:28:44,520 --> 00:28:46,800 Speaker 1: That is an effective use I think in social media. 669 00:28:46,880 --> 00:28:49,320 Speaker 1: Right and and there is no hashtag how the Money 670 00:28:50,200 --> 00:28:52,920 Speaker 1: or we're on Instagram, but no current hashtags at the 671 00:28:52,920 --> 00:28:55,719 Speaker 1: moment at least we are not trending. Yeah, all right, Well, 672 00:28:55,760 --> 00:28:57,840 Speaker 1: we've got a little bit more than we want to 673 00:28:57,840 --> 00:29:01,600 Speaker 1: get to cover when it comes to developing grittiness and 674 00:29:01,640 --> 00:29:05,760 Speaker 1: stick tuitiveness in your personal finances, including mindset. That's a 675 00:29:05,800 --> 00:29:08,320 Speaker 1: really important part of this, and we'll get to that 676 00:29:08,360 --> 00:29:20,000 Speaker 1: and more right after this break. All right, we are back, 677 00:29:20,080 --> 00:29:22,880 Speaker 1: and dude, before we kind of move onto the mindset talk, 678 00:29:23,000 --> 00:29:25,880 Speaker 1: which you you know, you tease to there, another important 679 00:29:25,920 --> 00:29:29,080 Speaker 1: aspect of developing GrITT in our lives is the community, 680 00:29:29,120 --> 00:29:30,240 Speaker 1: you know. Like we kind of touched on this a 681 00:29:30,240 --> 00:29:32,440 Speaker 1: little bit when we're talking about social media, and earlier 682 00:29:32,440 --> 00:29:34,600 Speaker 1: on too, we mentioned how you know, being dependent on 683 00:29:34,600 --> 00:29:37,560 Speaker 1: someone else kind of reduces grittiness to a certain extent 684 00:29:37,600 --> 00:29:39,800 Speaker 1: as well. If, for instance, if we are refusing to 685 00:29:40,200 --> 00:29:42,240 Speaker 1: educate ourselves when it comes to our personal finances, or 686 00:29:42,280 --> 00:29:44,800 Speaker 1: we're not paying attention to how much we're spending um. 687 00:29:44,840 --> 00:29:47,520 Speaker 1: But that being said, we all need some help. We 688 00:29:47,560 --> 00:29:50,040 Speaker 1: all need a certain amount of community on the road 689 00:29:50,120 --> 00:29:53,040 Speaker 1: to building grits. Uh. Not that you know, you can 690 00:29:53,120 --> 00:29:55,200 Speaker 1: do hard things all by yourself, but enlisting the help 691 00:29:55,720 --> 00:29:58,800 Speaker 1: of a friend or a group can be crucial in 692 00:29:58,840 --> 00:30:01,840 Speaker 1: the pursuit of more resiliency. You know, like, these are 693 00:30:01,880 --> 00:30:04,080 Speaker 1: the folks that are gonna help pick you up when 694 00:30:04,080 --> 00:30:06,080 Speaker 1: you're down, and they can remind you of your goals 695 00:30:06,120 --> 00:30:08,040 Speaker 1: when you're maybe when you're ready to give up. You know, 696 00:30:08,080 --> 00:30:09,600 Speaker 1: it just makes me think of working out, Like just 697 00:30:09,680 --> 00:30:12,640 Speaker 1: ask any of those five am workout groups if if 698 00:30:12,640 --> 00:30:14,400 Speaker 1: they would still be kind of doing this on their own, right, 699 00:30:14,400 --> 00:30:16,120 Speaker 1: are you You're still gonna be working out at five 700 00:30:16,120 --> 00:30:17,680 Speaker 1: am if it weren't for the other people if nobody 701 00:30:17,720 --> 00:30:20,120 Speaker 1: else shows up, Yeah, and your posse you're going back 702 00:30:20,120 --> 00:30:21,680 Speaker 1: and get in your bed too. It's not gonna happen, 703 00:30:21,720 --> 00:30:24,080 Speaker 1: That's right. And not only is it about what your 704 00:30:24,080 --> 00:30:26,920 Speaker 1: community and those you love can do to help you out, 705 00:30:27,240 --> 00:30:30,040 Speaker 1: but it's also critical to remember those folks as you're 706 00:30:30,080 --> 00:30:32,560 Speaker 1: working towards your goals because you can help them out. 707 00:30:33,200 --> 00:30:36,120 Speaker 1: Research also shows too that when we're able to link 708 00:30:36,320 --> 00:30:38,600 Speaker 1: whatever it is that we're seeking after to the well 709 00:30:38,680 --> 00:30:41,720 Speaker 1: being of those around us, then there's like a much 710 00:30:41,800 --> 00:30:44,200 Speaker 1: higher chance that we're gonna have the ability to stick 711 00:30:44,240 --> 00:30:47,800 Speaker 1: with it. Essentially, we become grittier when we know the 712 00:30:47,840 --> 00:30:50,920 Speaker 1: work and the goals we're seeking after have a higher purpose. 713 00:30:51,160 --> 00:30:52,640 Speaker 1: For instance, if you have a goal to give away 714 00:30:52,800 --> 00:30:55,440 Speaker 1: let's say ten of your overall income this year, that's 715 00:30:55,440 --> 00:30:57,600 Speaker 1: a big goal, but that can cause you to be 716 00:30:57,720 --> 00:31:00,600 Speaker 1: even grittier in sticking to your budget when you have 717 00:31:00,760 --> 00:31:04,000 Speaker 1: this higher goal of supporting a couple of nonprofits where 718 00:31:04,040 --> 00:31:07,360 Speaker 1: you live. When what you're doing isn't just self serving, 719 00:31:07,600 --> 00:31:11,480 Speaker 1: it can actually increase your grit abilities. Yeah. Yeah, there's 720 00:31:11,480 --> 00:31:13,880 Speaker 1: other people depending on you, right, and I think maybe 721 00:31:13,880 --> 00:31:15,680 Speaker 1: it's more of a stretch to have to remind yourself 722 00:31:15,720 --> 00:31:17,840 Speaker 1: of those things. You know, if you're maybe if you're single, 723 00:31:18,200 --> 00:31:20,360 Speaker 1: but certainly you know, once you have a family, you 724 00:31:20,400 --> 00:31:22,040 Speaker 1: can think about that as well. You know, you've got 725 00:31:22,320 --> 00:31:25,360 Speaker 1: a spouse, perhaps that might be partially or fully dependent 726 00:31:25,400 --> 00:31:28,480 Speaker 1: on your income. You might have you know, kids who 727 00:31:28,480 --> 00:31:31,320 Speaker 1: like there their well being in their future. Uh, you 728 00:31:31,360 --> 00:31:33,760 Speaker 1: know hangs in the balance to it to a certain extent, 729 00:31:33,800 --> 00:31:35,880 Speaker 1: and so it's it's good to remind yourself of those 730 00:31:35,880 --> 00:31:38,800 Speaker 1: things as well. And so community, family, all of those 731 00:31:38,840 --> 00:31:41,240 Speaker 1: things are really important. It's important to remember other people 732 00:31:41,560 --> 00:31:44,040 Speaker 1: as we seek to foster and grow more grit in 733 00:31:44,040 --> 00:31:47,080 Speaker 1: our lives. Uh. And let's touch on to dude, like 734 00:31:47,120 --> 00:31:50,440 Speaker 1: how we think about things right, A mindset shift is 735 00:31:50,480 --> 00:31:54,720 Speaker 1: a huge part of developing grit. Gandhi said that man 736 00:31:54,760 --> 00:31:58,280 Speaker 1: often becomes what he believes himself to be. And you know, 737 00:31:58,320 --> 00:32:00,760 Speaker 1: we've tried that before being superhero. It didn't work out, 738 00:32:00,800 --> 00:32:03,080 Speaker 1: didn't work out for you. I was like that, my Gandhi. 739 00:32:03,360 --> 00:32:05,760 Speaker 1: But yeah, well here's some truth here on how the money. 740 00:32:05,840 --> 00:32:08,680 Speaker 1: Like we don't talk, you know, much about self actualization, 741 00:32:09,240 --> 00:32:10,960 Speaker 1: but spending more time thinking about like who do you? 742 00:32:11,040 --> 00:32:12,880 Speaker 1: Who you want to be? You know, think about you know, 743 00:32:12,920 --> 00:32:14,480 Speaker 1: the life that you want to live. And while you 744 00:32:14,480 --> 00:32:17,800 Speaker 1: do that, think about how money influences those things, because 745 00:32:17,800 --> 00:32:21,320 Speaker 1: it can be really powerful and so purposefully changing your 746 00:32:21,360 --> 00:32:24,680 Speaker 1: lifestyle to maybe own less and to intentionally choose to 747 00:32:24,720 --> 00:32:27,880 Speaker 1: forego purchases and opportunities because you have something bigger in 748 00:32:27,920 --> 00:32:31,400 Speaker 1: mind is self empowering. You know, with that comes a 749 00:32:31,560 --> 00:32:34,239 Speaker 1: change and how you see things. Uh. And it's kind 750 00:32:34,280 --> 00:32:37,160 Speaker 1: of interesting because you know this mindset shift. Typically we 751 00:32:37,200 --> 00:32:39,080 Speaker 1: try to, like in episodes we're getting a little meta here, 752 00:32:39,280 --> 00:32:41,600 Speaker 1: try to end episodes with with advice that's you know, 753 00:32:41,600 --> 00:32:44,360 Speaker 1: our thoughts that are maybe a little more practical. Uh. 754 00:32:44,400 --> 00:32:46,360 Speaker 1: And you know, a shift in the way you think 755 00:32:46,400 --> 00:32:49,160 Speaker 1: about things may not seem very practical, but we feel 756 00:32:49,200 --> 00:32:52,040 Speaker 1: that this is such a powerful way of you know, 757 00:32:52,120 --> 00:32:54,520 Speaker 1: changing how it is that you view everything in the world. 758 00:32:54,560 --> 00:32:55,960 Speaker 1: That we wanted to make sure that we ended on 759 00:32:56,080 --> 00:32:59,240 Speaker 1: this high note for sure. Yeah, and proper perspective is 760 00:32:59,240 --> 00:33:02,600 Speaker 1: such an important heart of being able to be resilient 761 00:33:02,760 --> 00:33:05,800 Speaker 1: and to develop grit. Matt One of my favorite economists, 762 00:33:05,800 --> 00:33:08,680 Speaker 1: Thomas Soul when he was talking about the economic concept 763 00:33:08,760 --> 00:33:11,600 Speaker 1: of scarcity in his book Basic Economics, I know, I'm 764 00:33:11,600 --> 00:33:14,120 Speaker 1: really cool. I read really think economist textbooks and it's 765 00:33:14,160 --> 00:33:18,400 Speaker 1: fun rich mahogany, like the smell of leather exactly in 766 00:33:18,440 --> 00:33:20,560 Speaker 1: my library with the ladder that goes back and forth. 767 00:33:20,800 --> 00:33:24,400 Speaker 1: But he said that middle class Americans desires exceed what 768 00:33:24,440 --> 00:33:27,760 Speaker 1: they can comfortably afford, even though what they already have 769 00:33:28,280 --> 00:33:32,280 Speaker 1: would be considered unbelievable prosperity by people in many other 770 00:33:32,280 --> 00:33:36,160 Speaker 1: countries around the world, or even by earlier generations of Americans. 771 00:33:36,200 --> 00:33:38,160 Speaker 1: And he summed it up by saying, there has never 772 00:33:38,200 --> 00:33:41,760 Speaker 1: been enough to satisfy everyone completely. And to me, Matt 773 00:33:41,800 --> 00:33:43,320 Speaker 1: I read that in my job kind of dropped him 774 00:33:43,320 --> 00:33:45,640 Speaker 1: like this is in an economics textbook and he's speaking 775 00:33:45,680 --> 00:33:48,320 Speaker 1: like to the heart of humanity that there is never 776 00:33:48,480 --> 00:33:50,840 Speaker 1: enough to satisfy us. And we have to realize that 777 00:33:50,920 --> 00:33:53,200 Speaker 1: we have to take on this perspective in order to 778 00:33:53,240 --> 00:33:56,760 Speaker 1: become grittier. We can become a slave essentially to our 779 00:33:56,800 --> 00:33:59,560 Speaker 1: wants and desires, and we have to realize that there's 780 00:33:59,640 --> 00:34:02,239 Speaker 1: never going to be enough that's going to satisfy us 781 00:34:02,600 --> 00:34:04,960 Speaker 1: if we do take that road, and so we almost 782 00:34:05,080 --> 00:34:08,160 Speaker 1: have to develop grit because the only other option is 783 00:34:08,200 --> 00:34:11,200 Speaker 1: disappointment and unhappiness. Yeah, dude, having the right perspective is 784 00:34:11,239 --> 00:34:14,000 Speaker 1: so important. It makes me think of George Banano, who 785 00:34:14,080 --> 00:34:17,880 Speaker 1: is a psychologist at Columbia University's Teachers College who has 786 00:34:17,880 --> 00:34:20,239 Speaker 1: been studying resiliency for decades, and he asked the question, 787 00:34:20,280 --> 00:34:22,920 Speaker 1: do you conceptualize an event as traumatic or as an 788 00:34:22,960 --> 00:34:26,920 Speaker 1: opportunity to learn and grow? Events are not traumatic until 789 00:34:27,000 --> 00:34:29,560 Speaker 1: we experience them as traumatic, and so you know, basically 790 00:34:29,600 --> 00:34:31,040 Speaker 1: what he's saying is that we have the ability to 791 00:34:31,080 --> 00:34:33,320 Speaker 1: filter the events that happened to us. You know, we 792 00:34:33,320 --> 00:34:35,920 Speaker 1: can let them weigh us down, inhibiting our ability to 793 00:34:35,920 --> 00:34:38,560 Speaker 1: construct a more meaningful future, or we can use them 794 00:34:38,560 --> 00:34:41,839 Speaker 1: as stepping stones to to something greater. And so again 795 00:34:41,880 --> 00:34:44,719 Speaker 1: George says that we can make ourselves more or less 796 00:34:44,800 --> 00:34:48,560 Speaker 1: vulnerable by how we think about things. And so, you know, 797 00:34:48,640 --> 00:34:50,840 Speaker 1: this is why we're talking about this, because reframing negative 798 00:34:50,880 --> 00:34:53,200 Speaker 1: things that happened to us is a powerful tool to 799 00:34:53,320 --> 00:34:57,600 Speaker 1: build grit. Framing is so crucial. And yeah, I know 800 00:34:57,640 --> 00:35:00,000 Speaker 1: we're getting I feel like a little meta here or 801 00:35:00,160 --> 00:35:02,640 Speaker 1: or even a little off the money track to talk 802 00:35:02,680 --> 00:35:04,640 Speaker 1: about this mindset, but but we do think it's so 803 00:35:04,680 --> 00:35:08,799 Speaker 1: important that reframing that proper perspective, and that it makes 804 00:35:08,800 --> 00:35:10,759 Speaker 1: me think too of Like I mean, I don't know 805 00:35:10,800 --> 00:35:13,480 Speaker 1: if you've ever read Man Search for Meaning. It's it's 806 00:35:13,480 --> 00:35:16,759 Speaker 1: actually a pretty short book, but it's a really powerful one. 807 00:35:17,120 --> 00:35:19,680 Speaker 1: And the author was Victor Frankel, and he was stood 808 00:35:19,800 --> 00:35:23,919 Speaker 1: a lot of horrific things in concentration camps of World 809 00:35:23,960 --> 00:35:27,480 Speaker 1: War Two, and really what he credits his ability to 810 00:35:27,920 --> 00:35:31,600 Speaker 1: continue living everyday life in the face of such atrocity 811 00:35:32,080 --> 00:35:35,200 Speaker 1: is his belief that life can have meaning even in 812 00:35:35,239 --> 00:35:39,400 Speaker 1: the most miserable of circumstances, and and that motivation comes 813 00:35:39,400 --> 00:35:42,359 Speaker 1: from finding that meaning. And part of his meaning was 814 00:35:42,480 --> 00:35:44,360 Speaker 1: this book he had in mind that he wanted to write, 815 00:35:44,360 --> 00:35:46,160 Speaker 1: that he wanted to get out there and not helped 816 00:35:46,200 --> 00:35:49,040 Speaker 1: him get through some of the worst days any of 817 00:35:49,120 --> 00:35:52,279 Speaker 1: us could ever imagine living through. And part of developing 818 00:35:52,280 --> 00:35:54,920 Speaker 1: this solid perspective is to take a step back and 819 00:35:54,960 --> 00:35:57,600 Speaker 1: look at our current reality and how that compares to 820 00:35:57,640 --> 00:36:00,200 Speaker 1: the scores of others who are currently living and those 821 00:36:00,200 --> 00:36:02,320 Speaker 1: who lived before us. We talked about this in a 822 00:36:03,000 --> 00:36:05,880 Speaker 1: fairly recent episode on Luck. But we live in the richest, 823 00:36:06,320 --> 00:36:09,359 Speaker 1: safest society in the history of the world, and yet 824 00:36:09,360 --> 00:36:13,960 Speaker 1: there's this distinct lack of satisfaction in so many lives 825 00:36:14,000 --> 00:36:16,560 Speaker 1: around this country. It's really hard to figure that out. 826 00:36:17,160 --> 00:36:20,200 Speaker 1: That comes from not having a real perspective about what 827 00:36:20,400 --> 00:36:23,200 Speaker 1: a good life looks like. And in Victor Frankel's case, 828 00:36:23,200 --> 00:36:25,600 Speaker 1: you don't even have to live in abundance in order 829 00:36:25,640 --> 00:36:27,760 Speaker 1: to find real meaning. And I think we can all 830 00:36:27,840 --> 00:36:30,839 Speaker 1: draw lessons from that right that we don't have to 831 00:36:31,000 --> 00:36:33,680 Speaker 1: have all the things in order to be happy and actuality. 832 00:36:34,040 --> 00:36:36,840 Speaker 1: In all likelihood, having fewer things is probably going to 833 00:36:36,920 --> 00:36:39,799 Speaker 1: make us happier, that's true. Yeah, And so you know, 834 00:36:40,040 --> 00:36:42,320 Speaker 1: a key aspect of developing grit in our lives is 835 00:36:42,400 --> 00:36:45,960 Speaker 1: viewing our money goals as more of a challenge instead 836 00:36:46,120 --> 00:36:48,400 Speaker 1: of an obstacle, you know. And and we feel that 837 00:36:48,440 --> 00:36:50,760 Speaker 1: this is going to provide the mindset that we need 838 00:36:51,080 --> 00:36:53,640 Speaker 1: to be able to accomplish our goals and so frame 839 00:36:53,680 --> 00:36:56,359 Speaker 1: those those setbacks as maybe a hurdle to leap over 840 00:36:56,400 --> 00:36:58,279 Speaker 1: instead of something that's just you know, bound to trip 841 00:36:58,360 --> 00:37:00,319 Speaker 1: you up. Uh. And you know, this kind of starts 842 00:37:00,320 --> 00:37:03,239 Speaker 1: to get into a related finished concept of c su uh. 843 00:37:03,280 --> 00:37:05,120 Speaker 1: That's you know, s I s u if you haven't 844 00:37:05,120 --> 00:37:06,799 Speaker 1: heard the term before. But that's where there's like this 845 00:37:06,880 --> 00:37:11,040 Speaker 1: determination and almost a joy and experiencing adversity. But you know, 846 00:37:11,040 --> 00:37:13,520 Speaker 1: we would recommend for our listeners to be resolute in 847 00:37:13,560 --> 00:37:17,160 Speaker 1: the face of adversity and to see these different challenges 848 00:37:17,160 --> 00:37:19,000 Speaker 1: and hardships that you might encounter as something that you 849 00:37:19,080 --> 00:37:22,680 Speaker 1: can even welcome or embrace rather than avoiding altogether. We 850 00:37:22,719 --> 00:37:24,960 Speaker 1: feel that that's maybe the best way to develop grit 851 00:37:24,960 --> 00:37:27,960 Speaker 1: in your life. And even though just changing the way 852 00:37:28,160 --> 00:37:30,240 Speaker 1: you think about things and changing the way you see things. 853 00:37:30,640 --> 00:37:34,120 Speaker 1: It feels very nebulous and it's hard to to kind 854 00:37:34,120 --> 00:37:36,759 Speaker 1: of wrap your hands around. But if you are able 855 00:37:36,800 --> 00:37:38,799 Speaker 1: to do that, you're gonna find that that's probably also 856 00:37:38,880 --> 00:37:41,000 Speaker 1: to the most practical thing that you can do, because 857 00:37:41,400 --> 00:37:43,959 Speaker 1: you can apply that to anything and everything in life 858 00:37:43,960 --> 00:37:46,279 Speaker 1: that you encounter, uh that you know some on the 859 00:37:46,320 --> 00:37:49,320 Speaker 1: outside might might see as negative. Instead with a proper perspective, 860 00:37:49,360 --> 00:37:51,520 Speaker 1: it's something that you can see as something that will 861 00:37:51,520 --> 00:37:53,920 Speaker 1: allow you to grow even more. All right, man, I 862 00:37:53,920 --> 00:37:56,000 Speaker 1: feel like this was a bit of a heavy episode, 863 00:37:56,120 --> 00:37:59,560 Speaker 1: certainly a little bit outside of go into World War two, 864 00:37:59,560 --> 00:38:03,000 Speaker 1: a little bit our natural tendency and the wheelhouse that 865 00:38:03,040 --> 00:38:05,319 Speaker 1: we'd like to to stay in. But we thought this 866 00:38:05,400 --> 00:38:07,799 Speaker 1: was an important thing to talk about. And I do 867 00:38:07,920 --> 00:38:11,759 Speaker 1: think that developing more grittiness in our lives is going 868 00:38:11,800 --> 00:38:15,560 Speaker 1: to have just a massively positive benefit for people in 869 00:38:15,600 --> 00:38:18,839 Speaker 1: their personal finances, in the more rapid ability to make 870 00:38:18,880 --> 00:38:21,520 Speaker 1: progress towards those more meaningful financial goals that they have. 871 00:38:22,040 --> 00:38:24,839 Speaker 1: So hopefully this wasn't to open the clouds, and there 872 00:38:24,920 --> 00:38:27,080 Speaker 1: was some really good stuff for you to take away 873 00:38:27,400 --> 00:38:30,040 Speaker 1: in this episode two, But Matt Let's quickly moved back 874 00:38:30,080 --> 00:38:32,359 Speaker 1: to the beer that we had on today's episode. This 875 00:38:32,400 --> 00:38:34,560 Speaker 1: one is called Pales in comparison. It's a double dry 876 00:38:34,600 --> 00:38:37,440 Speaker 1: hopped pale ale by Edmund's Oast brewing out of Charleston, 877 00:38:37,520 --> 00:38:39,439 Speaker 1: South Carolina. What were your thoughts on this beer? Man, 878 00:38:39,560 --> 00:38:42,440 Speaker 1: Edmund's Oast always makes some really delicious beer. Um, and 879 00:38:42,440 --> 00:38:43,960 Speaker 1: I'll say, as we poured this one, this one was 880 00:38:44,120 --> 00:38:47,279 Speaker 1: especially pale. Is a nice, beautiful pale yellow and the 881 00:38:47,320 --> 00:38:50,840 Speaker 1: perfect beer, uh, to enjoy after you and I so 882 00:38:50,880 --> 00:38:53,239 Speaker 1: we both hopped on our bikes this afternoon and rode 883 00:38:53,280 --> 00:38:55,480 Speaker 1: over and picked up the girls from school. This is 884 00:38:55,480 --> 00:38:57,480 Speaker 1: the kind of beer you want in the spring as 885 00:38:57,480 --> 00:39:01,320 Speaker 1: it's warming up to be enjoying. You talk about grit, 886 00:39:02,239 --> 00:39:04,760 Speaker 1: you know, but yeah, really good. You know, there's definitely 887 00:39:04,760 --> 00:39:07,920 Speaker 1: a lot of hot presence without being overwhelming. I'm definitely 888 00:39:08,000 --> 00:39:10,480 Speaker 1: enjoying these these hoppy pale ales. But yeah, what were 889 00:39:10,480 --> 00:39:12,879 Speaker 1: your thoughts? Yeah, you want the sweat in your hair 890 00:39:13,040 --> 00:39:15,680 Speaker 1: and the burned calves before you start trying to start 891 00:39:15,719 --> 00:39:17,680 Speaker 1: drinking this one. Yeah, it was. It was delightful. Man. 892 00:39:17,760 --> 00:39:21,359 Speaker 1: It is a refreshing pale ale that is perfect after 893 00:39:21,400 --> 00:39:23,359 Speaker 1: a bike ride. And it's nice, as we're talking about 894 00:39:23,719 --> 00:39:26,400 Speaker 1: this episode, to be able to like experience, you know, 895 00:39:26,480 --> 00:39:29,000 Speaker 1: just the taste of some of the rewards of what 896 00:39:29,040 --> 00:39:31,399 Speaker 1: we work so hard for. Right, It's like we are 897 00:39:31,400 --> 00:39:34,560 Speaker 1: gritty because then we get to enjoy delicious beers like this, Right, 898 00:39:35,239 --> 00:39:38,320 Speaker 1: you earn those calories exactly. Yeah. The bike ride almost 899 00:39:38,360 --> 00:39:40,800 Speaker 1: like makes it makes it even more beautiful and tasty. 900 00:39:40,880 --> 00:39:42,600 Speaker 1: So yeah, I think I think so. All Right, Well, 901 00:39:42,600 --> 00:39:44,320 Speaker 1: that's gonna do it for this episode. For folks that 902 00:39:44,400 --> 00:39:46,239 Speaker 1: want the show notes for this episode, you can go 903 00:39:46,280 --> 00:39:48,759 Speaker 1: to our website, how to Money dot com. Yeah, and 904 00:39:48,800 --> 00:39:51,240 Speaker 1: if you enjoyed this specific episode, this isn't our typical 905 00:39:51,440 --> 00:39:54,080 Speaker 1: kind of topic that we covered, but hopefully this one 906 00:39:54,239 --> 00:39:56,360 Speaker 1: resonated with you. And if you haven't left us a 907 00:39:56,400 --> 00:39:59,720 Speaker 1: review over at Apple Podcasts or wherever you listen to podcasts, 908 00:39:59,719 --> 00:40:01,200 Speaker 1: we would love it if you were to head over 909 00:40:01,280 --> 00:40:04,000 Speaker 1: there leave us a solid review, and we thank you 910 00:40:04,160 --> 00:40:06,680 Speaker 1: in advance. So, Joel, that's gonna do it for this episode, buddy. 911 00:40:06,760 --> 00:40:09,719 Speaker 1: Until next time, Best Friends Out, Best Friends Out.