Rambling Mind
By Kelechi Iwuaba
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Rambling MindMar 18, 2021
Basic Money Lessons #1: Tracking Expenses & Income
I don't care how much money you make, the day you stop tracking your expenses it's the day you become broke. The moment you start to believe I make so much money that I don't have to keep track of what I'm spending my money on is the beginning of your end (unless you're Jeff Bezos or something with more money than countries).
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Time to Clean Up Your Financial Life
For some of us life looks good on the surface but we still feel horrible whenever we think about our finances. One of the reasons is that there are things that we have hidden from our sight but are still weighing on us every day. Let's talk about it
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1 Quote 2 Ideas - How I Tricked Myself to Be More Disciplined & Productive
Quote: I don't trust myself. I have evidence.
Idea 1: My Laziness is Why I am Productive.
Idea 2: To Say NO, You must Have a DEEP YES.
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12 Money Rules of My Rich Life
Rules feel restrictive until you realize they provide the most freedom. in this episode, I explain why you should have rules around your money and various aspects of your life.
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Great for the Economy, Bad for YOU
Q4 GDP was released on Thursday, it was 3.3%. Far higher than the 2% economists expected. However, the great number hides a bigger problem with the American people. In this episode, we dive into the underlying numbers enabling the US Economy to keep growing but costing individuals their freedom.
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Hidden Costs of Home Ownership
We are never told about the secondary costs of home ownership. It is a hidden cost that affects everything
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The Skill of Spending Money
I have come to the realization that the number 1 reason that 90% of us suck at handling money is because we suck at the skill of spending money. Let me Explain
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Best Budget App to Replace Mint
With Mint shut down last year, thanks Intuit 😑. I was on a search for a new budgeting and spending tracker app.
To read the writeup
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What Do I Get
An Important question we need to ask ourselves as we go through the year 2024
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Money is a Vaccine Against Misery Not Happiness
Derek Thompson said, "Money is a vaccine against misery not a drug for happiness."
The Wall Street Journal recently released research on how much money people say they need to be happy. It was interesting to see the general breakdown shown based on their current income and their needed income. Almost to a T, every single person "needed" a 50% income raise, no matter their income level.
The Best Decision for 2024
Might just be what you choose not to do
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Closing the Books: A 2023 Financial Year End Review
I released this post around July for a Mid-Year Review but I think everything on the list is the same items to be looked over for an End of Year Financial Review. Especially as we get some free time during the Holiday Season. You will not get through everything but at least there are items you can knock out quickly during your time off.
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Take A Review of 2023
With Thanksgiving being this week, I think it is the perfect time to reflect on all that 2023 has had to offer to each of us. Think about what we are grateful for and what we are grieving.
My Life Goal, How to Pay Off Debt, & Beauty of Life (3 Ideas)
3 incomplete ideas:
- My Life Goal based on Ecclesiastes 5:18-20
- How to get out of credit card debt
- The most beautiful time of year
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We Don't Earn The Same
Say it to yourself before you compare yourself to anyone else
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Wealthier and More Miserable
Over the last 3 years, US citizens under 35 years of old have grown their net worth by over 143% (2.5x). However, every survey of these cohort shows they are more miserable than ever before. So the question is WHY?
Check out the blog post by Ben Carlson: "Americans Have Never Been Wealthier & No One is Happy.
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Play Both Offense & Defense with Money
When you can play both offense and defense with your money, you create greatness.
Start Here to Understand Your Personal Finances:
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You Are What You Eat
As much as we want to believe we have complete agency over everything we do.
WE DO NOT!
Our environment plays a massive role in how we live our lives.
The question is What are we feeding on?
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Valley of Despair (Debt Payoff Difficulty)
The Dunning–Kruger effect is a cognitive bias in which people with limited competence in a particular domain overestimate their abilities. We focus on the Mount Stupid part of the effect and not nearly enough on the Valley of Despair where most people are stuck.
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3 Ideas: Make The Big Change, How to Invest, Don't Buy Fancy Stuff
I spent much of my Friday morning staring at my computer trying to develop a complete idea to share on the podcast. Unfortunately, nothing worked. I made and scrapped about 9 Podcast recordings because the words were not coming out right. So rather than post nothing this week, I decided to try something different. Hope you find this useful
Idea 1: Make The Big Change
Idea 2: How to Invest Quick hit
Idea 3: Don't Buy Fancy Stuff
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Nobody is Coming To Save You
I want you to say this to yourself:
NOBODY IS COMING TO SAVE ME
It sounds harsh but it's a truth that we all need to accept. Far too often we believe that if we just wait long enough someone will bail us out of our worst situation.
Unfortunately, that isn't reality. That is a fantasy.
Let's run through a real-life example.
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Everything to Know About New Student Loan SAVE Payment Plan
TL;DL (Too Long; Didn't Listen)
If you have student loans, the new SAVE plan by the Biden Administration is now allowing sign-ups. According to CNBC, this new plan can reduce some borrower's monthly payments by 50% and most borrower's will be able to save $1000/year with the new rules. Go to https://studentaid.gov/idr/ and follow the signup directions.
0:00 Intro
3:05 Background on SAVE Plan
8:09 Opposition to Plan
10:20 My Advice on how to use the plan
15:46 How to Pay Off any Debt
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Celebrate the Boring
"I'm a believer in the ordinary and the mundane. I don't want quality time - I want the garbage time" -Jerry Seinfeld
23 Money Myths BUSTED
"Sow a thought and you reap an action; sow an action and you reap a habit; sow a habit and you reap a character; sow a character and you reap a destiny."
- Ralph Waldo Emerson
A few things we believe about money hold us back from achieving our financial goals. So today, we are busting these myths.
Let's get busting!
Articles mentioned:
Return on Hassel by Nick Magguilli
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Guaranteed* Returns - A Story on Risk
Risk is feature of life not a bug. Therefore we must act accordingly
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Aeolian Vibrations
Little things quickly become big things.
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Mid-Year Review
July is almost over. Congratulations on making it halfway through 2023. Your gift, it is time for a midyear financial check-in. We all had New Year New Me Financials Goals. Now is a perfect time to review your goals for the year.
If you are married, make sure you are having these discussions with your significant other. Do a date night and review where you guys are headed together.
0:00 Intro
3:52 Net Worth
9:54 Credit Score
16:25 Estate Documents
21:38 Down in the Details
23:07 Spending
26:42 Insurance
28:45 Savings
29:47 Investing
30:39 Debts
32:12 Outro
Resources:
- For annual credit report: annualcreditreport.com.
More details on insurance:
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Commit & Ignore
Highly focused people do not leave their options open. They select their priorities and are comfortable ignoring the rest. If you commit to nothing, you’ll be distracted by everything. -James Clear
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29 Life Lessons as I Turn 29
Crazy to think that I am walking into the third decade of my life. Well in my short time on this floating space rock we call Earth, I have learned a few things that I believe have helped shaped me into the person I am today.
By no means have I mastered any of these items on the list, rather they are general aims of who I want to become every year I age. I believe if I can live up to the ideals in these lessons, I will be more successful than I am today and have amazing relationships with friends, family, and my future spouse.
These are in no particular order but the last 3 are vital to the way I choose to live my life.
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Laced with 🐂💩
The grass is greener on the side laced with bullshit
-Morgan House
The question I need to ask myself is "Can I deal with the stench of that manure? Can I handle smelling like that manure?"
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(RERUN) Why We Never Accomplish New Year's Resolution
(RERUN) The 5 Biggest Hurdles of Finance
Here are the 5 Biggest Failure Points, I have noticed around getting better financially: Peer Pressure, FOMO, Lack of Knowledge, Fear of Failure, and Lack of Consistency.
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What Are We Chasing?
I found this parable about a Mexican fisherman and an American investment banker. It was very profound and I wanted to share it with you all
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True But Not Important
True But Not Important
-Shaan Puri
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Freedom of Choice Design or Default
We all have a choice. We all have a say. We are spectators in life or we get in and play. Whichever we choose, how we handle life's game, the choices are ours no one else is to blame.
-Tom Krause
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40 Sayings And Quotes I Live By
These are an amalgamation of quotes and sayings that I believe to be true about money and life. They have had profound effects on me.
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New Shoes? NOPE! It's an investment
Lets talk about the danger of flippantly calling everything we buy an investment
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Who Owns Who
“Wealth consists not in having great possessions, but in having few wants.”
~ Epictetus
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Low Expectations More Wealth and Happiness
"Don't go expecting Plato's Republic; be satisfied with even the smallest progress, and treat the outcome of it all as unimportant."
-Marcus Aurelius
Expectations determine how we see the world. If we set the wrong expectations we will live a lifetime of pain an disappointment. Read the associated Blog Post for links to all the studies mentioned in the podcast.
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Who Are You Living For?
“You have to realize, your thoughts are not really your own thoughts. They percolate in from other places and from other people.” -Robert Shiller
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Turn On Your Bullsh** Detector and Everything You Need to Know About Money Part 2
Last week I did a webinar talking about everything to know about money. This is half of that webinar. I hope it is helpful to everyone and anyone.
If you are interested in being in the next webinar, sign up here
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Everything You Need to Know About Money Part 1
Last week I did a webinar talking about everything to know about money. This is half of that webinar. I hope it is helpful to everyone and anyone
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Pride is Making You Poor
"Saving money is the gap between your ego and your income, and wealth is what you don't see. So wealth is created by suppressing what you could buy today in order to have more stuff and more options in the future." - Morgan Housel
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A Few Good Decisions
Warren Buffet the greatest investor of all time released his annual shareholder letter on Saturday the 26th. I read it and got a few great life lessons from it.
Here is a link to the letter if you want to read it for yourself
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Neither Poverty nor Riches
What is Enough for you?
Celebrate the Mundane Blog Post
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Good Advice is BORING
Random epiphany: Good advice is actually quite boring! Which makes it very easily ignored.
Celebrate the Mundane Blog Post
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It is NOT OKAY
As you guys know one of my favorite writers is Morgan Housel.
The title of this episode is an idea I stole from him. His version was Save like a Pessimist, Invest like an Optimist. Because anything can happen in the short term but usually things go well in the long term.
That idea really got me thinking about the way most of us view life.
Most of us tend to move through life as short-term optimists and end up in the long run as pessimists.
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Choosing Your Chains
Motivation
Discipline
Environment
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5 Habits That Changed My Life
These are habits that I have learned to love because of the effects it has had on me.
- Rest
- Starting my Days with Prayer and Bible Study
- Turning off all notifications minus texts and phone calls. Curating my social media feeds
- Working out/food
- Don't put it off. Using reminders
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How I Paid Off $20,000 in Debt
All of us have goals we want to accomplish in the new year. One of those goals might be paying off debt. In this podcast, I go over the 5 step process that I used to pay off over $20,000 in Tax and Credit Card Debt in 2017. Hope this is helpful for you as you go into 2023. Merry Christmas!
The Steps are as follows
- Review your expenses
- Create a plan using the 50-30-20 Rule
- Automate your finances
- Review at least once a month
- Have FUN!!
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