Let's Talk Money

Hey guys,

Just wanted to start a thread here to talk about finances…
Many people live under the stress of overwhelming debt, living paycheck to paycheck, bad spending habits, etc.


I wanted to provide a space here for us to have an open conversation about this kind of stuff.
This isn’t a conversation about investments per se, or how to best buy a car/truck, or why your credit card has better “rewards”.


This is about how to overcome our limiting beliefs around money, about why we make the decisions we do, and how to improve our lives and futures by starting to be more intentional with our money.


If you’d like to chat with me one on one check out my website (PM me for link) you can book a call with me there. I’d love to connect!

 

The thing is though, not everyone is living paycheck to paycheck. Not everyone is struggling to make ends meet at the end of each month...
Many guys/gals in here are probably a lot like I was a couple years ago… Thinking I didn’t even really have a problem with my money. I paid all my bills on time, had some money saved, and contributed a little to my 401k.

It wasn’t until I started thinking about the bigger picture that things started to change… I started asking myself questions like, “How will this purchase affect my ability to fulfill my purpose?” “How does this habit affect my ability to connect with my wife?” and “What makes me think I can’t do better with my money?”

If this is you, you may not have an immediate need to change what you do with your money, but if you start to look at the bigger picture and visualize yourself 10 years from now, you’ll realize that you can be doing a lot better!

If you’d like to chat with me one on one check out my website (PM me for link) you can book a call with me there. I’d love to connect!

 

I’ve personally been on a self development journey the last few years and one thing I’ve learned is that our thoughts are far more powerful than we realize. What we think, and how we think, shapes our lives into what it looks like today. If you’re not happy where you are now, and you want to change your situation… start with your thoughts. Your finances are one area where this is especially true.

If anyone has any input or questions post them up!

If you’d like to chat with me one on one check out my website (PM me for link) you can book a call with me there. I’d love to connect!

 

Let's start some conversation! Anyone have a cool money story or personal development story they'd like to share?

 

The solution to debt and bad spending habits is simple. Grow up and learn some self control.

You know how much you make and what you owe. Spend less than you make and owe. Then amazingly in time you won’t owe.

There’s no magic 1-800 fix.

 

Agreed 100%... it is very simple, but not always easy!

Just like getting in shape, eat less calories and work out. Simple, Yet many don't!

 

The first 10% (minimum) of anything you make goes to you...(savings, 401K, etc) It is NOT spent.

 

That's a great practice. How do you do it? Do you have this automated or is it something you transfer manually?

 

I have 8% taken out for 401K (limited to $18,000)
I have another 8% taken out for "401k Catch up (limited to $6500/year)
I have 10% of my bonuses put into my 401K (again, limited by the $18000 limit)

This is all pretax money so I'll earn interest until I decided to withdrawal (Age 59 1/2) and then pay taxes on my withdrawals
Note: there are many hundreds of thousands in these accounts because I started 30 years ago...

I put $7000/year into my Roth (I save this from bonuses and general wages). I do this manually each January. This IS taxed money, so when I withdrawal, I pay no taxes... but I'm earning some really good interest right now.

Addition to this, I have a good sum of cash for emergency purposes... some say 3-6 months living expenses. I chose to have years worth. But, savings does not pay squat for interest... so take that into account.

Saving is really fun once you start. Then, earning interests is also really fun! However, this comes with risk... Last week I lost $11,000 in one day... but eared $13,000 the next. Gotta have a stomach for some of this.

Good luck.

 

Awesome! Sounds like you’ve been super intentional over the years.

 

Well.. I kind of gave up my age a bit. And, grew up with little income as a child (dad did construction, mom was a mom). Both wife and I are doing well, college degrees, two great kids, but savers.

Still have fun though... vacations, home improvement, etc... Just not the latest boat, RV, etc.
Zero debt!

 

There was this one time I borrowed $32k for school and managed to pay it off in 18 months.

How did I do this magical feat? It was pretty simple.

I moved across the country. I sold all my furnishings.
I got a job
My apartment was bleak. I had a brand new mattress and a desk.
I didn't do shit for 18 months. I didn't date anyone or even buy a pair of shoes.

There were a few that thought I was crazy. I think a few even told me I was losing tax advantages on student loan interest. I hate debt. I don't care about the tax write offs or how cheap you can borrow the money. Debt is an anchor on your personal freedom.

 

Hmm.... Recently just got a full time position at a job I really enjoy. I only make $50k a year ( living in CA). I get the whole Shabang 401k medical stocks and bonuses. I don't have any degree beside having manufacturing work. I don't have any plans on going to school or finding a different job. My goal is to make $75k a year ($36/hr), I just started a side gig selling beef jerky hahaha! I gave some samples out to our local store, asking if I can sell my product at their store. They reply back which " just make a label" and we'll be able to sell it for you.

 

Stories like this set a fantastic example! So many people these days claim they can’t be successful because of the way they were raised.
Then others (like yourself) simply choose to use that upbringing as motivation to be better.
Love it!

 

Good stuff! When something means enough to you, you’ll do whatever it takes to be successful!

 

Congrats on the job! Doing something you enjoy really is a blessing.
What’s the plan to reach your $75k goal?

 

Is this Tony Robins?

 

We are a single income family. Myself my wife and two kids who are not in school yet. One of the most attractive things for me with my wife when we met was she had no debt and by no debt I mean she had no student loans and no credit card debt and owned her car outright. This has helped us out being a single income.

When I met my wife I owned my truck outright and had a lot of excess cash because I save like crazy to buy nice things when I want them, so we bought our first home together for cash. Since then we have upgraded our home and now have a mortgage and a car payment. I make more now but we still max out the 401k contribution and are going to do the RothIRA thing this year.

That being said I’m sometimes penny wise and dollar dumb. I just don’t buy anything I can’t pay cash for even if I chose to finance it.

 

Is this a compliment?

 

Dang, paying cash for a house is no joke…