Rambling Mind

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).

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

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.

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.

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.

We are never told about the secondary costs of home ownership. It is a hidden cost that affects everything

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

With Mint shut down last year, thanks Intuit 😑. I was on a search for a new budgeting and spending tracker app.

An Important question we need to ask ourselves as we go through the year 2024

Derek Thompson said, "Money is a vaccine against misery not a drug for happiness."

Might just be what you choose not to do

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.

3 incomplete ideas:

1. My Life Goal based on Ecclesiastes 5:18-20
2. How to get out of credit card debt
3. The most beautiful time of year

Say it to yourself before you compare yourself to anyone else

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?

When you can play both offense and defense with your money, you create greatness.

Start Here to Understand Your Personal Finances:

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?

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.

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

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.

TL;DL (Too Long; Didn't Listen)

"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:

Risk is feature of life not a bug. Therefore we must act accordingly

Little things quickly become big things.

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:

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

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.

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?"

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

True But Not Important

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

Lets talk about the danger of flippantly calling everything we buy an investment

"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

“You have to realize, your thoughts are not really your own thoughts. They percolate in from other places and from other people.” -Robert Shiller

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.

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

"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

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. 

What is Enough for you?

Random epiphany: Good advice is actually quite boring! Which makes it very easily ignored.

These are habits that I have learned to love because of the effects it has had on me.

1. Rest
2. Starting my Days with Prayer and Bible Study
3. Turning off all notifications minus texts and phone calls. Curating my social media feeds
4. Working out/food
5. Don't put it off. Using reminders

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

1. Review your expenses
2. Create a plan using the 50-30-20 Rule
   1. Automate your finances
   2. Review at least once a month
   3. Have FUN!!