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    122. “I shouldn’t have to ask for $20 to get McDonalds for the kids”

    enSeptember 19, 2023

    Podcast Summary

    • Designing a rich life goes beyond managing financesEffective financial management requires open communication, trust, and understanding between partners. Use 'The Journal' for self-reflection and discuss financial decisions to avoid disagreements.

      Designing a rich life goes beyond just managing finances. It involves introspection, communication, and trust in relationships. The speaker shared his experience of hosting events to help people envision their ideal lives and introduced "The Journal" as a tool for self-reflection. He also shared a personal story about trust issues in his relationship and introduced Doni and Casey's experience of financial roles and communication. The key takeaway is that effective financial management requires open communication, trust, and understanding between partners. The speaker encourages using "The Journal" to help design a rich life and emphasizes the importance of discussing financial decisions to avoid disagreements. Tickets for the upcoming events in Philadelphia and Boston can be purchased using the presale code "rich life" before May 3rd.

    • Clear communication and mutual trust in managing household expensesEffective communication and transparency are essential for managing family finances and avoiding potential issues. Designating a financial manager based on trust and necessity can ensure financial security and stability.

      Effective communication and financial transparency are crucial for maintaining a healthy family budget. In the discussed example, Casey and Doni's arrangement works for them due to clear communication and mutual trust. However, they acknowledged the importance of monitoring their spending to avoid potential financial issues. Casey, being the sole income earner, felt the need to be in control of their finances to ensure their family's security and stability. Their conversation revealed that they had faced challenges with credit card debt and spending in the past, which led Casey to take on the responsibility of managing their family's finances. This situation underscores the importance of open communication and trust in managing household expenses and making informed financial decisions.

    • Effective communication and trust are essential for a healthy financial partnershipSetting realistic budgets, communicating openly about financial decisions, respecting each other's abilities, and trusting decisions can build trust and work towards common financial goals.

      Effective communication and trust are crucial in maintaining a healthy financial relationship in a partnership. In the discussed conversation between Doni and Casey, their disagreements over small expenses like grocery shopping and McDonald's purchases highlight a lack of trust and clear communication. Doni wants to help with household expenses but feels that Casey doesn't trust her decisions, leading to ongoing arguments. However, Casey believes he can shop better than Doni and spends more than their agreed budget, which further strains their financial situation. This dynamic highlights the importance of setting realistic budgets and communicating openly about financial decisions to build trust and work together towards financial goals. Additionally, the conversation reveals the significance of effective time management and delegation of tasks to reduce stress and allow each partner to focus on their strengths. The ongoing debate about shopping also showcases the importance of respecting each other's abilities and trusting each other's decisions to create a harmonious partnership.

    • Investing in tools for better sleep and understanding the impact of parents' financial habitsEffective money management and good sleep are crucial for a fulfilling life. Tools like the 8 Sleep pod cover can improve sleep quality, while learning from parents' financial habits can inform personal finance decisions.

      Effective money management and good sleep are essential components of a fulfilling life. My friend's experience with the 8 Sleep pod cover highlights the importance of investing in tools that improve sleep quality. Meanwhile, the discussion about growing up with money reveals the impact of parents' financial habits on their children. While some learned the importance of paying off debts and living within means, others were introduced to credit cards and its potential consequences. Ultimately, it's crucial to learn from these experiences and make informed decisions about personal finance and well-being.

    • Childhood experiences shape adult financial relationshipsUpbringings influence spending habits and partnership dynamics, emphasizing the importance of open communication and understanding in managing money as a couple.

      Financial struggles, whether inherited from childhood or experienced in young adulthood, can shape our relationship with money and our partners in significant ways. The discussion reveals how individuals' upbringings influence their spending habits and the dynamics of their financial relationships. For instance, one person's father handled their family's finances, leading them to adopt a similar approach in their own marriage. Another person's mother's excessive use of credit cards influenced their own financial behavior. Furthermore, the conversation highlights the importance of open communication and understanding in managing money as a couple. Despite the challenges, both individuals recognize the importance of working together to ensure financial stability and security for their family.

    • Desire to provide and control in relationshipsExcessive control in relationships can stem from past experiences and a desire to provide or succeed, leading to stress and imbalance. Trust and support each other to share responsibilities and allow freedom to contribute uniquely.

      Feeling a sense of responsibility and pressure can lead individuals to exert control in their relationships, especially when it comes to areas where they feel they can provide or succeed. This behavior can stem from past experiences, such as how one was raised or observed in their family dynamics. In the case discussed, a man's desire to provide and be a good father, influenced by his upbringing, has led him to take on excessive control in managing household tasks, including grocery shopping. This pattern stems from his desire to emulate his father's actions and provide for his family, but it ultimately puts undue stress on himself and his partner. A more effective approach would be to trust and support each other in sharing responsibilities and allowing each other the freedom to contribute in their unique ways. This collaborative effort can lead to a stronger, more balanced partnership and reduce the pressure felt by both individuals.

    • Learning from Parents and Navigating Financial JourneysConsider personal financial paths, recognize familiar lessons, and strive for financial control and a fulfilling life. Use productivity tools like Superhuman for email efficiency.

      We often look to those around us, particularly our parents, for guidance in uncertain situations, even when it comes to managing money. This can be helpful, but it's important to consider whether we want to follow in their footsteps or chart our own path. The podcast "The Smartest Man in Business" highlights the realizations and insights of various couples as they navigate their financial journeys, with some recognizing familiar lessons and others discovering new ones. Some listeners may find that these insights take time to sink in, but the ultimate goal is to live a rich and fulfilling life with control over one's finances. Additionally, the podcast host, Ramit Sethi, shares his own productivity tips, including the use of the email software Superhuman, which can save time and streamline the inbox. By splitting the inbox into different streams and using keyboard shortcuts, users can work through emails efficiently and effectively. All IWT listeners can get a free month of Superhuman by signing up at superhuman.com/ramit.

    • The value of trust in finances and relationshipsTrusting your partner with finances fosters growth, improves skills, and strengthens relationships. It's an investment in a secure future.

      Trust is essential in any relationship, especially when it comes to managing finances. The discussion revolved around the importance of trusting your partner and empowering them to handle financial responsibilities. The most expensive tea in the world, which costs $75 for just three thimblefuls, was used as an analogy for the value of trust and the potential benefits it brings. Peak Tea, a sponsor, was introduced as a solution for those who cannot afford the expensive tea but want to experience the feeling of care and love that comes with it. The conversation also touched upon the importance of setting a budget and trusting your partner to stick to it. Trusting your partner with financial matters allows them to grow and improve their skills, leading to a stronger and more secure partnership. It's important to remember that trust is not something that is given, but something that is earned and must be continually nurtured. Trusting your partner with finances is an essential step towards building a strong and secure future for both individuals and their family.

    • Effective budgeting and financial planningStay within budget by planning grocery shopping days, using pickup orders, addressing high fixed costs, increasing savings and investments, and focusing on investments and guilt-free spending.

      Effective budgeting and financial planning go hand in hand. In the discussion, it was suggested that planning a grocery shopping day with a list and using pickup orders can help stay within a budget. However, it was also noted that their current net worth was lower than expected due to high fixed costs and lack of savings and investments. The group agreed that both spending too much and not making enough were issues, and the energy in their spending plan was lacking in the investments and savings categories. The group acknowledged that for wealth creation, focusing on investments and guilt-free spending, rather than just cutting costs, is essential. In summary, the conversation emphasized the importance of a well-rounded financial plan, including budgeting, savings, investments, and conscious spending.

    • Effective communication and intentional energy placement in managing financial stressHaving open and honest conversations about financial concerns, addressing root causes, focusing on bigger picture, and being intentional about financial priorities can help manage financial stress in relationships.

      Effective communication and intentional energy placement are crucial in managing financial stress in relationships. The speakers discussed the importance of having open and honest conversations about financial concerns, rather than avoiding them or focusing on minor expenses while ignoring larger issues. They suggested asking each other what support you can provide and where you'd like to focus your energy in your relationship. The speakers also emphasized the importance of addressing the root cause of financial stress, whether it's income or debt, and not letting it escalate into larger problems. They encouraged couples to be intentional about their financial priorities and not play small in their financial goals. In the end, the speakers emphasized the importance of having open and honest conversations about finances and focusing on the bigger picture to avoid unnecessary stress and arguments.

    • Questioning automatic financial responses and collaborating on goalsConsider personal desires and capabilities, advocate for yourself, delegate tasks, and recognize potential income sources to improve financial situation

      It's essential to question our automatic responses to financial goals and consider what truly aligns with our desires and capabilities. Donnie and Casey's conversation highlights the importance of introspection and collaboration in financial decision-making. They discuss the need to revitalize their business and nonprofit, and Donnie's willingness to make sacrifices to achieve this goal. However, it's crucial for both partners to advocate for themselves and delegate tasks effectively to maintain a healthy balance and avoid repeating unhealthy financial patterns from their upbringing. Additionally, recognizing the potential of their business to generate more income and reducing fixed costs can lead to significant improvements in their financial situation.

    • Recognizing the Need for Help and Cost-Effective OptionsBe aware of hidden costs, consider alternative fee structures, and take action on important financial tasks to protect yourself and your family.

      Sometimes people get so used to their financial situations or patterns that they don't realize they can ask for help or consider more cost-effective options. This was evident in the conversation between Casey and Tony, where Casey was hesitant to ask Dony for help with managing their finances, but once pointed out, they both saw the potential benefits. Another important point raised was the issue of high fees, particularly in the context of financial advisors charging a percentage of a portfolio. This can lead to significant costs over time, and the alternative of a flat fee was presented as a more affordable and transparent option. Additionally, the importance of taking action on important financial tasks, such as getting life insurance, was emphasized, with Fabric being presented as a quick and convenient solution for getting covered. Overall, the key takeaway is to be aware of potential hidden costs, consider alternative fee structures, and take action on important financial tasks to protect yourself and your family.

    • Planning and budgeting are crucial when receiving a large sum of moneyWhen receiving a large sum of money, prioritize paying off debts and invest wisely to avoid overspending and ensure financial security.

      Receiving a large sum of money can provide financial relief and the opportunity to pay off debts, but it's crucial to have a well-planned budget to avoid falling back into debt and to ensure savings and investments. In the discussion, the individuals expressed their excitement about making 1.5 million dollars and using it to pay off their mortgage, consumer debt, student loans, and credit card debt, as well as making investments, donating to a nonprofit, and purchasing necessary items for their business. However, concerns were raised about the potential for overspending and the need to prioritize payments and investments carefully. The plan included paying off the mortgage, consumer debt, and investing a significant amount in various areas, but the total cost of these items was estimated to be nearly a million dollars, leaving only about 800,000 for the individuals to take home. Overall, the conversation highlighted the importance of careful planning and budgeting when dealing with a large influx of money.

    • Managing a Windfall: Balancing Short-Term and Long-Term GoalsConsider paying off debts, investing for future security, and maintaining mortgages with low interest rates while avoiding large purchases when managing a windfall.

      When faced with a large windfall of money, it's essential to consider both short-term and long-term financial goals. Investing a significant portion of the money for future security and wealth can provide long-term financial security. However, paying off debts like credit cards, business loans, and student loans can also be beneficial, especially for those who dislike debt. Mortgages with historically low interest rates should generally be kept instead of prepaying, as the interest is essentially "free" and the money could be used to make more in the market. It's crucial to hold off on large purchases and consider the long-term impact on one's family's future. Ultimately, the decision depends on personal financial circumstances and comfort levels with debt.

    • Making the right financial decision with a windfallInvesting a one-time windfall instead of spending it could lead to significant financial growth. Effective communication about finances, understanding why we behave with money, and setting aside funds for the future are crucial.

      Making the right decision with a one-time windfall can significantly impact your financial future. For instance, investing $400,000 instead of spending it could result in becoming a multimillionaire. However, it's essential not to rely solely on that money and to continue working on improving communication about finances and understanding why we behave the way we do with money. Another key takeaway is the influence of upbringing on spending habits and the importance of setting aside funds for the future. In the conversation between Doni and Casey, they recognized the need to improve communication about finances, be more involved, and create a realistic budget. They also decided to hold off on paying off their house and focus on investing and saving more. Overall, the conversation highlighted the importance of making informed financial decisions and the impact of our past on our financial behaviors.

    • Discussing financial plans with Ramit SethiSign up for Ramit Sethi's podcast newsletter for weekly money insights, prioritize saving and investing wisely, and read his book for specific tactics to secure a better financial future.

      Saving and investing money wisely is an essential part of securing a better financial future. According to Ramit Sethi, hosts of the I Will Teach You To Be Rich podcast, Doni and Casey, discussed their financial plans which include putting some money in a high-yield savings account and investing more for future generations. Sethi encourages listeners to sign up for his free podcast newsletter, iwt.com/podcastnewsletter, for weekly insights on money psychology. His book, I Will Teach You TO Be Rich, provides specific tactics to build a solid financial system. Overall, the conversation emphasizes the importance of being proactive and informed when it comes to managing personal finances.

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    _______________________ 

    Timestamps: 00:00 Job and income 02:40 Her finances are really bad! 04:15 OVERDRAFTING 04:30 Public 06:05 OVERDRAFTING p2 08:50 HOW CAN YOU POSSIBLY JUSTIFY THIS 11:40 She wants to do YouTube 12:55 No retirement... 18:35 DISGUSTING personal loan! 23:35 Terrible credit car debt... 25:32 I made her cry 32:25 More credit card DEBT 38:40 I'm scared for your future... 46:00 COLLECTIONS 48:40 Budget, budget, budget! 54:45 CLEAN THIS UP 01:04:40 Hammer Financial Score

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    You're Not Going To Believe This One!

    You're Not Going To Believe This One!

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    This is where I Buy Silver/Gold Globally - https://bit.ly/3kbgO61
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    DISCLAIMER
    This video is for entertainment purposes ONLY & designed to help your thinking, not direct it. These videos shall NOT be construed as tax, legal or financial advice and may be outdated or inaccurate; all decisions made as a result of viewing are yours alone. 

    Scammers: There are scammers who have cloned my YouTube account (and pretend to be me) talking to you in the comments. I will never provide you with a Telegram/WhatsApp number - this is a scammer, DO NOT reply & simply report them to YT. I accept no responsibility for any losses due to you being scammed. Always look for the tick next to my name! If in doubt, click the profile and it will confirm your suspicions when it takes you to a fake page.

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    UK Government COLLAPSES!!! (CHAOS!)

    UK Government COLLAPSES!!! (CHAOS!)

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    🏆 Join Our *AMAZING* (Non Woke) Tribe! 🏆 https://bit.ly/3pLyw0O
    🧠 Private 1-on-1 Mentoring With Me: https://bit.ly/3bxv3xN
    ☕️ Buy Me A Coffee! https://bit.ly/3E5nkFg

    Silver & Gold:
    Where I Buy Silver/Gold Globally! https://bit.ly/3kbgO61
    🇬🇧 Where I Buy Silver/Gold in the UK: https://bit.ly/2Mj7zUO
    🇺🇸 Where I Buy Silver/Gold in the USA: https://bit.ly/3drNR2F

    Crypto:
    🚀 My favourite Crypto platform for %Interest% (Staking): https://bit.ly/3Evqy40
    🏦 Where I Buy/Trade Crypto (GLOBALLY): https://bit.ly/3khSqzZ
    🇪🇺 Where I Buy/Trade Crypto in (EUROPE): https://bit.ly/3dCg74r 
    🇺🇸 Where I Buy/Trade Crypto in the (USA): https://bit.ly/3hb5Mya

    Stocks, Housing & Back up video channel:
    📈 The Stock Platform I use in Europe (Get FREE Credit): https://bit.ly/3KoufvK
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    DISCLAIMER
    This video is for entertainment purposes ONLY & designed to help your thinking, not direct it. These videos shall NOT be construed as tax, legal or financial advice and may be outdated or inaccurate; all decisions made as a result of viewing are yours alone.

    Sponsorships: Neil McCoy-Ward may earn an affiliate commission or referral bonus from any product or service listed or discussed.

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    Will The Bank STEAL Your Money??

    Will The Bank STEAL Your Money??

    ⬇️ NMW 'Approved' Services: ⬇️
    🏆 Join Our *AMAZING* (Non Woke) Tribe! 🏆 https://bit.ly/3pLyw0O
    🧠 Private 1-on-1 Mentoring With Me: https://bit.ly/3bxv3xN
    ☕️ Buy Me A Coffee! https://bit.ly/3E5nkFg

    Silver & Gold:
    Where I Buy Silver/Gold Globally! https://bit.ly/3kbgO61
    🇬🇧 Where I Buy Silver/Gold in the UK: https://bit.ly/2Mj7zUO
    🇺🇸 Where I Buy Silver/Gold in the USA: https://bit.ly/3drNR2F

    Crypto:
    🚀 My favourite Crypto platform for %Interest% (Staking): https://bit.ly/3Evqy40
    🏦 Where I Buy/Trade Crypto (GLOBALLY): https://bit.ly/3khSqzZ
    🇪🇺 Where I Buy/Trade Crypto in (EUROPE): https://bit.ly/3dCg74r 
    🇺🇸 Where I Buy/Trade Crypto in the (USA): https://bit.ly/3hb5Mya

    Stocks, Housing & Back up video channel:
    📈 The Stock Platform I use in Europe (Get FREE Credit): https://bit.ly/3KoufvK
    🏠 Create an AirBnB Business GLOBALLY: https://bit.ly/2NNEb9u
    📺 My Other Video Channel (Odysee!): https://bit.ly/3kgx9WZ


    DISCLAIMER
    This video is for entertainment purposes ONLY & designed to help your thinking, not direct it. These videos shall NOT be construed as tax, legal or financial advice and may be outdated or inaccurate; all decisions made as a result of viewing are yours alone.

    Sponsorships: Neil McCoy-Ward may earn an affiliate commission or referral bonus from any product or service listed or discussed.

    Support the show

    Building Nest Eggs Around the World – With the “Expat Dad”

    Building Nest Eggs Around the World – With the “Expat Dad”
    Aaron, the “Expat Dad”, is practicing “lean FIRE” in Singapore, showing people that you can reach financial independence and also raise a family. After being born in the USA, he spent time living in Australia, Indonesia, and all over the world, all the while building a nest egg in each respective country. Aaron has a …