57. Reduce Everyday Expenses and Build Wealth with Gordon Stein
CFO at Home
Gordon Stein is the Author of the Cashflow Cookbook, which shows you how to save on just about everything you buy, and apply those savings to pay down debt and build wealth, all with minimal sacrifice and no budgeting. On this episode of CFO at Home, Gordon and Vince discuss ideas to cut down on everyday expenses, effectively managing what you save, and more. Key Takeaways: Reducing what you pay on for everyday household needs can free up money for saving and investing without sacrificing things that bring enjoyment to your day-to-day life A few ideas to cut down on some everyday expenses (detailed in Cashflow Cookbook) Home repairs Take advantage of sources like YouTube videos that show you how to perform repairs yourself Comparison shop quotes you receive for home repairs; dollar amounts can vary greatly at times Transportation Use rate comparison sites to competitively for shop auto insurance Food and Drink Bringing you own lunch to work Tracking the increases that the reduction of everyday expenses can bring to your wealth is one way to keep yourself motivated to find more savings opportunities Target reading a Personal Finance book a month to keep your knowledge of investing and other financial topics growing so you can continue to make the most of the money you save by cutting down on everyday expenses Resources Cashflow CookBook note: says Canadian Edition, but completely applicable to the US readers (US Edition forthcoming) Rich is a State of Mind Wealthing Like Rabbits Burn Your Mortgage Ways to contact/follow: Cashflow Cookbook Cashflow Cookbook - Instagram Cashflow Cookbook - FaceBook Cashflow Cookbook - Twitter email@example.com Contact the Host - firstname.lastname@example.org
222 How to Save $13,000 Per Month - Gordon Stein, Author of Cashflow Cookbook
More Money Podcast
I can’t believe we’re already celebrating Season 10 of the Mo’ Money Podcast, which is why to kick off this new season I wanted to share a special episode that will hopefully inspire and motivate you to take a good look at your spending and see how you can save some money with minimal effort. The perfect guest to talk about this with me is Gordon Stein, author of . In his book he shares 60 different ways you can save between $25 and $900 per month! If you add all of those ways up, you could save $13,000 per month total! You know the old adage “A penny saved is a penny earned”? Well, it’s true! If you can find a way to cut down on costs or save money on things you’re already spending money on, that means there’s more money leftover for you to put towards your emergency fund, a future vacation, or your retirement investments. And what’s great about Gordon’s book and the tips he shares in this episode is they are all fairly simple to implement and don’t require you to live like one of those people featured on TLC’s show “Extreme Cheapskates”. Because at the end of the day, you probably don’t want to live like an extreme cheapskate, and I sure don’t either. That kind of life, in my opinion, isn’t sustainable for the long-term. But the tips that Gordon shares are, and can save you a ton of money over the course of years and decades. Also, don’t forget, I’m giving away a copy of his book! To enter to win you just have to visit . For full episode show notes, visit https://jessicamoorhouse.com/222
Budgeting Hacks to Burn Your Mortgage Sooner with Gordon Stein
The Burn Your Mortgage Podcast
Gordon Stein is a personal finance keynote speaker and author of the bestselling Cashflow Cookbook - a unique personal finance book that offers an approach to help readers add millions of net worth with minimal effort and sacrifice. The book has become a Toronto Star column and his talks are in high demand. In my interview with Gordon, we discuss simple ways to save on the ongoing expenses of homeownership, factors to consider (besides just the rate) when shopping for a mortgage and good DIY home repairs to tackle on your own (and when to call in the pros).
Gord Stein wants you to build 2 million dollars in wealth over the next 10 years. If you implement every cashflow savings idea in his book, and then take that saved money and invest it over 10 years at 7%, you will have an extra $2 million. How does that sound? Ok, maybe every part of the book doesn’t apply to you, but with 60 different cashflow recipes, you will find some area of your life where you can save. The point is that, wherever you are spending money in your life, you need to review that spending every so often to see that it makes sense. Paying $100 a month for a storage locker? What’s really in there? Could you sell the stuff, and invest the $100 a month instead? Buy your lunch every day at work for $10? That’s $50 a week. $2,500 year. If you invested $50 a week for 10 years, you would have $38,000. In 20 years $114,000. This isn’t about giving up stuff, it’s about making little changes in your expenses that don’t really impact your quality of life, but free up small amounts of cash flow. And if you apply these little changes to all the areas of your life, the little bits add up. Gord spent 2 years compiling the list for you and put it all in a handy guide he called the Cashflow Cookbook. He sat down with me in Toronto to tell his personal finance story.NEXT EPISODE37 - The Future of Payments
Gordon Stein is the Senior Vice President of Global Sales at Pronto Forms, a leading workflow automation company. Prior to his current role, he headed the Enterprise, Education & Technical Consulting teams and lead the Apple IBM Partnership for Apple Canada. He has served on the Dean’s Advisory Council of the Engineering Faculty of Western University and is a former Governor of the Crescent School as well as the Western University Alumni Association. Gordon is the author of Cashflow Cookbook, a new kind of personal finance book that provides readers with 60 easy-to-follow financial recipes to help them add between $700,000 to over $2-Million of wealth, with minimal sacrifice, over the course of 10 years. Gordon joins me today to share what inspired him to write his book, Cashflow Cookbook, and how the simple idea of saving money on monthly car washes has led him on a mission to help people discover unique strategies to save money and build wealth. Cashflow Cookbook has a savings track for both singles and families so that everyone can reap the rewards. He also shares why he believes it’s better to track your net worth rather than focusing exclusively on your budget and shares tips on how you can begin saving money today to build your net worth. “The key is to lock in those savings into something that’s going to be productive to help you build your net worth.” - Gordon Stein This Week on Young Money: Why identifying what you’re truly passionate about and excel at is critical to your success Identifying what the world needs - and how you can serve this need His biggest financial turning point Why he advises young adults to focus on building their net worth What he wishes he knew about finances sooner in life The main focus of his book and how it helps readers build net worth How often you should review and track your net worth progress The importance of reducing recurring expenses Resources Mentioned: Richest Man in Babylon book by George S. Clason Rich Dad, Poor Dad book by Robert T. Kiyosaki The Wealthy Barber book by David Chilton Single Best Investment book by Lowell Miller Annual Letters book by Warren Buffett Key Takeaways: Track your net worth regularly. Learn everything you can about money and investing. Reduce recurring expenses. Connect with Gordon Stein: Cashflow Cookbook website Cashflow Cookbook Twitter Facebook Net Worth Tracking Sheet Template Rate, Share & Inspire Other Young Millionaires-in-the-Making Thanks for tuning into the Young Money Podcast - the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media! Subscribe to the Young Money Podcast on iTunes so you never miss an episode and reach out to us on Facebook, Twitter, LinkedIn, our LinkedIn Company Page, or by visiting our website.