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Investing

Simple Money Solutions

Updated 2 months ago

Business
Investing
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simple living starts here

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simple living starts here

iTunes Ratings

25 Ratings
Average Ratings
15
6
2
1
1

the male host’s voice doesn’t flow

By Baby Hendrix - Feb 27 2020
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The gentleman hosting the podcast takes so many breaks in his thoughts that it’s just not a flowing speaking style. In a conversation grab your attention but when it’s every 3-5 words it becomes a major distraction. I think he’s trying to think too much about what he’s saying he’s taking too many pauses so listening to it is more distracting. But the females speaking style is fine. I wish she would talk much more than him.

Love it!

By CandidCats - Nov 18 2019
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Great podcast for helping you discover your financial goals and dial in the actions that are going to help you get there! Very applicable to most people regardless of age or income and presented in a kind, nonjudgmental way.

iTunes Ratings

25 Ratings
Average Ratings
15
6
2
1
1

the male host’s voice doesn’t flow

By Baby Hendrix - Feb 27 2020
Read more
The gentleman hosting the podcast takes so many breaks in his thoughts that it’s just not a flowing speaking style. In a conversation grab your attention but when it’s every 3-5 words it becomes a major distraction. I think he’s trying to think too much about what he’s saying he’s taking too many pauses so listening to it is more distracting. But the females speaking style is fine. I wish she would talk much more than him.

Love it!

By CandidCats - Nov 18 2019
Read more
Great podcast for helping you discover your financial goals and dial in the actions that are going to help you get there! Very applicable to most people regardless of age or income and presented in a kind, nonjudgmental way.
Cover image of Simple Money Solutions

Simple Money Solutions

Latest release on Jul 27, 2020

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simple living starts here

Rank #1: SMS 100 – Your Path to Financial Independence

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  1. Budgeting is a way of life
  2. Never buy a new car under any circumstance
  3. Always buy or rent for your current housing needs
  4. Never be a victim to lifestyle inflation
  5. Always be frugal never be cheap
  6. Only borrow money for things that go up in value
  7. Learn your financial weaknesses early in life, everyone has at least one
  8. Plan to live on half your income by the time you are 50
  9. Surround yourself with like minded people
  10. Learn to enjoy the simple things in life

http://traffic.libsyn.com/simplemoneysolutions/SMS_100_-_Your_Path_to_Financial_Independence.mp3

Jul 24 2018

1hr 56mins

Play

Rank #2: SMS 116 – Living on 50% of your Income

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Living on 50% of your Income:

Why:
1. Early financial independence equals control
2. Eliminate risk from you life

How:
1. Move in this direction – not too slowly
2. Remove temptation
3. Control of your environment
4. Don’t fall victim to the gold fish effect
5. The double edge sword of living on 50% of your income
6. If you believe you can’t then you are correct
7. Inaction is in it’s self an action
8. If you are in your 50’s you have already done this (25 years ago)

http://traffic.libsyn.com/simplemoneysolutions/SMS_116_-_Living_on_50_of_your_Income.mp3

Dec 04 2018

1hr 1min

Play

Rank #3: SMS 075 – Frugal Life Hacks

Jan 14 2018

1hr 8mins

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Rank #5: SMS 162 – Saving money on groceries

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Saving money on groceries

Why you should want to get good at grocery shopping:

  1. You get an opportunity to get this right or wrong every week
  2. It should be your third highest expense
  3. These are life lessons for your children
  4. This is an evolution – what worked when you were single won’t with a family

How to save money on groceries:

  1. Set a realistic budget
  2. Shop from a list and a menu – marketing can be powerful
  3. Separate groceries from other expenses
  4. Shop at least once a week – this can’t be a side project, it requires effort
  5. Never shop while hungry or tired – you decision making will be altered in a compromised state
  6. Avoid value added products – whole foods are healthier and less expensive
  7. Beware of volume discounts – it could change your consumption habits
  8. Beware of chasing sales items (it could be a trap) most stores price match
  9. Buy in season – you need to alter your consumption with the seasons
  10. Consider adopting a plant based diet

Dec 03 2019

1hr 6mins

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Rank #6: SMS 165 – You Need A Process

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You need
a process to achieve your goals

You can’t
be motivated solely by your goals, you have to love the process to succeed.

Examples:

Problem:
over-weight,

Goal:
wanting to be thin

Better
Goal: wanting to weigh 110 pounds

The goal
has no instructions or process on how to achieve this goal. The best approach
would be to love being a vegetarian, or a vegan, or a gluten free sugar free
vegan. Go ten feet deep on being a vegan and love the journey of learning about
what it means and finding communities of like-minded people who share the same
passion.  That is fun and exciting and
you will never lose motivation and guess what you will lose weight and probably
exceed your goal along the way.

Problem:
high blood pressure

Goal:
wanting to reduce blood pressure

Better
Goal: wanting to reduce blood pressure to 120 over 70

The goad has no instructions or process on how to achieve this goal. A better approach would be to adopt a sport, for winter and summer. If you do not excel sports than become a “gym rat”. Go ten feet deep on weight training and love the journey of learning about what it means and finding communities of like-minded people who share the same passion.That is fun and exciting and you will never lose motivation and guess what you will lose weight and probably exceed your goal along the way.

Early
Financial Independence

  1. Good Income – Modest lifestyle
  2. Modest Income – Frugal Lifestyle
  3. Good Income – Frugal Lifestyle

Good
Income – You need to have never ending thirst for knowledge

  • Always wanting to upgrade your skills
  • Always have a side hustle
  • Love being the go-to person

Modest
Lifestyle – You need to become resourceful, stretching the useful life of
everything you own.

  • Learn how to do some of the smaller home repairs
  • Learn how to maintain your lawn mower
  • Learn how to change your snow tires
  • See the world for everything that could be optimized

Frugal
Lifestyle – All you see in the world is excess

  • You get excited about thrifting (you can’t drive past a year sale)
  • You are disappointed when you have to buy new instead of used

Jan 07 2020

50mins

Play

Rank #7: SMS 124 – Debt Freedom

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How to Get
Out of Debt:

  1. Debt Avalanche – prioritize based on interest
    rate
  2. Debt Snowball – prioritize smallest to largest

Why you
should live a debt free life:

  1. Reduced risk – your biggest financial risk is
    loss of income to cover your expenses
  2. Freedom of choice – paying for your past actions
    in the future
  3. Reduced stress – life has many moving pieces
    debt can be a very volatile piece
  4. Changed how you view money

Using debt as a financial management tool will force the decisions you make today to be controlled by your actions of the yesterday. Living a debt free life means you can focus on the present and the future and leave the past behind.

Feb 12 2019

55mins

Play

Rank #9: SMS 129 – Budgeting Part 1 – Why Budgeting is Important

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Part 1: Why have a
Budget

To survive without budgeting at some point would require the
use of credit or a very extremely conservative lifestyle which would mean lost
opportunity.

Very High
level – How to Budget

  1. Tracking income and expenses – find a tool and
    develop the skills
  2. Set spending parameters – this is where the
    “why” becomes important
  3. Project future income and expenses – this is the
    real payoff to budgeting

Budgeting
Myths:

  1. Budgets are for “poor people”
  2. Budgets are restrictive
  3. Budgets are temporary
  4. Budgets are “one size fits all”

Why
Budgeting is important:

  1. Provides a roadmap with directions to your goals
  2. Budgets identifies problems before they occur
  3. Makes you aware of where your money is going –
    automation is your enemy
  4. Budgets drive behavior change – you need to
    review your budget regularly

Budgets are a tool for decision making

Mar 25 2019

1hr 15mins

Play

Rank #11: SMS 158 – Your House is not an Investment

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Your House is not
an Investment

Just because your house appreciates in value does
not mean it meets all of the criteria of an investment.

I am not saying real-estate is a bad investment,
real-estate that you are not emotionally invested in can be a good investment.
The house you live in, by its very nature, is an emotional investment.

Investopedia:

What Is an Investment?
An investment is an asset or item acquired with the
goal of generating income or appreciation
. In
an economic sense, an investment is the purchase of goods that are not consumed
today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the
idea that the asset will provide income in the future or will later
be sold at a higher price for a profit
.

Why your house is not a true
investment:

  1. You are too emotionally invested  – can’t make rational investment decisions
  2. No cash flow mechanism  – an investment that never pays out is not much of an investment, HELOC creates debt
  3. High carrying costs – far too high to be considered a good investment (interest, insurance, taxes, maintenance)
  4. Highly leverages – this incorporates too much risk
  5. Transactions costs  – lower cost options exist, too many hands in the purse
  6. The opportunity costs – lack of diversification, there are better returns on investments

What your house does represent:

  1. A place to live – you can’t live in an index fund
  2. Provides stable living environment for raising a family
  3. A great wealth building tool through forced savings
  4. An opportunity to leverage a purchase that will usually increase in value

Home Repair vs Home
Improvement

Home Repair – if it’s broken fix
it

Home Improvement – Everyone likes to refer to
their home as an investment. If you investment additional money into your house
“investment” you should expect and have some reasonable expectation of the
return on that additional investment.

JL Collins – Why your house is a terrible investment

Oct 28 2019

1hr 12mins

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Rank #12: SMS 090 – The Cost of Dinning Out

May 06 2018

42mins

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Rank #13: SMS 132 – Financial Myths

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Personal Finance Myths
We like to make excuses; easier to blame others then ourselves. We all, like eating, have the ability, for thee majority, to earn, save, and spend.

1.“Personal finance is too hard.” — news flash, a lot of the most important things we will ever embark on in life are really hard. Anything worth having, anything worth being good at is always going to challenging, But its how willing you are to fight to achieve what you want to achieve is the true measure of strength and resiliency. Change will come from a place of discomfort.

2. “Personal finance is easy… just don’t buy anything or spend any money, I’m set…” — things happen, clever marketing ads get shoved in your throat in all sorts of subconscious ways, its harder then ever not to spend money

3. “My parents are bad at it which means they didn’t teach me how to get too at it.” — the moment you stop letting someone else dictate how good or bad you are and will ever get at something is the moment you relinquish control. Control and permission to excel at something and be great. You are not your parent’s legacy, instead you can foster your own legacy at leading an incredible personal financial life. Yes, you may not have been dealt an incredible hand, but you own how you play that hand out. I will also in the same breathe be the the first to admit that my parents are incredible with their finances, that everything I know and everything I told true is because of them.

4. “People with a financial background have an upper hand.”

5. “Personal finance is a place you get to.” — in reality, it’s a journey not a destination and you have to be kind, gentle, and patient with yourself as you grow and go through this journey

6. “There’s a “right” way to do personal finance” — and by right way we mean there are right strategies to take on i.e. spend less then you earn, but the things that work for your neighbour, friend, etc. might not work for you. It’s easy to get caught up in the perfectionist side of things, that if you live your life according to the success plan that worked for someone else it’ll work for you, however in reality our lives are all so unique.

7. “I’m older now, its too late.” — its never too late

8. “Caring about personal finances is only for those with lower incomes.”

9. “If I made more money I wouldn’t have any financial worries or problems”. —Don’t look for external solutions to an internal problem

10. “Everyone else around me is living large, why can’t I?”

11. “It feels like my debts will never get paid off, why even try or start?”

12. “I tried the personal finance thing and it didn’t work.” — Trust yourself — trust yourself that you’ll have the ability to succeed

13. “My spouse takes care of the personal finances so I don’t have to.” — faulty approach, important to delineate roles, but also as important for both partners to have a pulse on your joint personal finance situation and be jointly involved (regardless of who may be the primary/larger bread winner of the family unit). Each partner serves as a sounding board, your accountability partner. Ensures your immediate/short term actions align with your long term goals.

14. “Thinking about personal finance is too restrictive — budgets, curbing my spending…”

15. “I’m not wired that way.” — its not about math, its something you need to learn, something you should embrace getting good at

16. “Personal finance is something I can ‘dabble in’ whenever its convent for me” / “I have a bad habit on spending money on things I don’t need.” — no, personal finance is a way of life and a way of living, not a habit to be broken and then commit to next week or next year when you think it’ll be easier.

Apr 15 2019

1hr 28mins

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Rank #17: SMS 144 – Passion vs Profession

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Passion vs. Profession

The average person will spend 90,000 hours at work

Article from Radio Canada International: A recent survey shows only 27 per cent of Canadians say they are satisfied with their current employer and are not interested in a new job. – https://www.rcinet.ca/en/2018/12/17/only-about-one-quarter-of-canadians-satisfied-with-their-job/

“Millennials have a desire to do work that is interesting to them. Things that give them joy and satisfaction. I think they’re more willing to walk away than the generations that came before them.” – https://www.cbc.ca/news/business/job-satisfaction-employee-retention-canada-1.4945021

Therefore, can your profession be your passion?

What is a passion?
Definition
Dig deep (i.e. personality type etc.)

What is a profession?
Definition
Ask yourself, are you really feeling intrinsically rewarded?

What’s holding us back from turning our passion into a profession? — The “F” word…
Fear of investment (time, money etc.)
Fear of judgment (others’ opinions)
Fear of failure (idea/business fails at any point of execution)
Fear of commitment (your interest will waiver; to ourselves)
Fear of unprofitability (idea/business does not perform well)

Can a passion really be profitable?

When should you turn your passion into a profession?
Testing ground to full-time: start a profit-earning side hustle (ex. online store, live market place – craft show, coffee house, art gallery, farmer’s market etc.); launch a free resource and monetize (ex. YouTube channel, blog, podcast)
Supply and demand — when your passion project gets too successful or popular to just maintain on the side
Just do it — Rachel Hollis: no one wants something more badly then you want it for yourself

Eight ways to find the true passion in life that has eluded you

Jul 23 2019

1hr 5mins

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Rank #19: SMS 148 – Personal Finance Advice

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Opinions vs. Advice

People who may try to give advice:

  1. Perceived general knowledge experts
  2. Individuals who have been where you are
  3. Individuals who are where you are
  4. Individuals who want to be where you are
  5. Parents – may give advice to be cautious because they don’t want to
    see you fail
  6. Family and friends

How to know you’re being given advice:

  1. You second guess your decisions
  2. You find yourself relying on the input from others
  3. You feel bad about your financial decisions (and let others make
    you feel bad)
  4. You’re indecisive and/or easily swayed
  5. You succumb to keeping up with the Joneses (this plays out in a
    multitude of ways with family, friends etc.)

Reasons to get advice:

  1. Lack of confidence
  2. Lack of experience or knowledge – we convince ourselves that others
    know better when no one knows our situation and goals as well as we do
  3. Not wanting to own our own financial decisions
  4. Don’t have well defined goals
  5. Haven’t developed a value system

Aug 20 2019

1hr 25mins

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SMS 184 – You Can Have Anything You Want….Not Everything You Want

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You Can Have Anything You Want…just NOT Everything You Want 

Have you ever wondered about the people who look like they have it all? 

Tip on finding focus: have interests and hobbies the lead to related interests and hobbies – hobby matrix 

We often idealize people’s lives or situation but are not willing to make the sacrifice  

If you want something nobody else has have to be will to do something nobody else does so  

if you want something somebody else has you need to look for the sacrifice they are making 

If you do the 5 whys you can get you can get to the sacrifice 

Upgrades in live are an example have anything you want – don’t let stuff own you….you own stuff 

Your anything needs to be realistic given your income 

The sacrifice can be what you are not choosing – Artists are known for sacrifice. Writers, painters, performers – all of them choose their art over other things – security, comfort, leisure, even relationships. 

The problem with having everything you want: 

  1. Cost – unsustainable 
  2. Sacrifice – you will have to make some at some point 
  3. Contentment – you will always be chasing that next thing 
  4. Short-term benefit….long-term cost 

The benefits of having anything you want: 

  1. Avoid regret – if you know what you truly want 
  2. Focus – 10 feet deep rather than 10 feet wide 
  3. Quality over quantity 
  4. Time – you only have so much to go around 

Jul 27 2020

52mins

Play

SMS 183 – Avoid Lifestyle Inflation…….Until When?

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Avoid Lifestyle Inflation…….Until When? 

What is lifestyle inflation? 

The Problem with lifestyle inflation: 

  1. It happens gradually 
  2. It can impact your future goals 
  3. The new normal will become normal 
  4. Undoing lifestyle inflation is painful 

How to Avoid Lifestyle inflation: 

  1. Avoid comparisons – you have different goals 
  2. Have a documented plan – this will remind you why you are doing this 
  3. Associate with like-minded people – people can drag you down or pull you up 
  4. Focus on percentages not absolute dollars 
  5. Embrace the process……of building wealth 

Avoid Lifestyle Inflation…….Until When? 

  1. When you have a positive net worth you can start 
  2. When the math says you can 
  3. Do you really need to…..in every aspect of your life 

Jul 14 2020

58mins

Play

SMS 182 – How to Escape Minimum Wage

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How to Escape Minimum Wage

CERB – Canadian emergency response benefit was providing those affected by the pandemic $2,000 per month. A household of two working adults could expect to receive $4,000 which is $48,000 per year which is $24,000/year. A lot of the news stories, as well as people I know personally, say they could not live on this amount of money for very long and many of their bills will go unpaid.

Minimum Wage – In Ontario is $14/ hours x 40 hours x 52 weeks is $29,120/year, 2 working adults this would be $58,240/year

Statistics Canada annual income study from 2016

StatsCan-Average-Income-Study-2016Download

We have talked about the advantage of being able to live on minimum wage but that doesn’t mean that your goal should be to earn minimum wage.

Employment Equilibrium: Employers will pay just enough so you won’t leave and employees will put forth the just enough effort to not be terminated.

At some point in your working career you need to earn at least an average income to live a comfortable life and have some life experiences.

With the economy very uncertain and a recession likely you may be forced to make a career change and quite often there will be educational incentives, so this may be a great opportunity to make a change

Benefits of a minimum wage lifestyle:

  1. Income replacement is easy
  2. You have the option of job variety
  3. You can work your dream job
  4. Generally less stressful

The problem with minimum wage:

  1. Limits your what you can do in life – money solves a lot of problems in life
  2. Living close to the financial edge can cause stress

How to escape minimum wage:

  1. Education – a little can go a long way, accelerated programs, apprenticeships
  2. Experience – volunteering, maturity leave
  3. Flexibility – seasonal employment – being flexible can create opportunity
  4. Change – your organization does not value your skills
  5. Networking – knowing someone on the inside can make a difference

Jun 15 2020

1hr 9mins

Play

SMS 181 – Do Tough Times Make Tough People?

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Do Tough Times Make Tough People?

Any physical growth will be lost when the comforts of life return, so most of this growth will be temporary.

Physical toughness would really only be useful if it is required in your future life. Maybe you were an accountant and because of these tough times you have become a farmer, then yes, you will have grown physically tougher because of tough times and the gains will be somewhat permanent.

As humans we got to the top of the food chain not by being Tough but by being smart. If we are going to grow from tough times then it will have to be from intellectual growth not physical growth.

Adversity does not build character it reveals character

Nine Ways to grow from tough times:

  1. Nothing worth having is easy – you learn what is important (wants/needs)
  2. You discover coping strategies 
  3. You develop compassion for others – there is something comforting about knowing you are not suffering alone
  4. You learn to ask for help – this becomes hard as you get older
  5. You discover who you can count on – one positive is you will learn you really cares about you
  6. Pain is part of life – leverage it
  7. Your biggest fears have just become your reality
  8. You are growing and learning from real life not theory
  9. The present is all you have to deal with

Jun 02 2020

48mins

Play

SMS 180 – Financially Sound During a Crisis

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Financially Sound During a Crisis

Don’t count on government support to be there until this thing is over.

The societal transition from government supported to self supported will be a very uncomfortable period for many people.

Government Programs:

  • Employment insurance 45 weeks
  • Canada Emergency Response Benefit $2,000 for 4 months
  • Canada Emergency Student Benefit $1,250 for 4 months
  • OAS subsidy one-time payment of $300
  • Wage subsidy 75% of your earnings up to $58k equals $847/wk for 24 weeks

Will there be a “V” shaped economic recovery or will this be a long painful recovery, and what does “back” really mean.

  • Do we want everything to go back to the way it was?
  • Are there things that should not return?

5 ways to make yourself financially sound during a crisis:

  1. Make sure the work you do is invaluable and you’re indispensable — work from home or work for an essential service; make sure your role job is invaluable and you’re indispensable to your company
  2. Make sure to have alternative forms of incomes, don’t put all your eggs in one basket — side hustles 
  3. Keep an adequate and reasonable amount of food storage, don’t overdo it just enough to last you a month, that includes hygiene products, this is also valuable in case you lose your job
  4. Limit all expenses to the bare minimum, any excess that you do not need, cut it 
  5. The hardest to do, but have an emergency fund — two months rent/mortgage, two months car, two months bills etc

May 19 2020

48mins

Play

SMS 179 – Making a Case for Audiobooks

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Making a Case for Audiobooks

If you enjoy podcasts you will probably enjoy audiobooks? – it depends on the kind of podcast you listen to.

Does listening to an audiobook count as reading? – if information consumption or entertainment was your goal then the answer is yes.

Do you get the same retention value with listening vs reading? – when you were learning to read, in the traditional sense, you had to develop reading comprehension skills.

Is there a learning curve to consuming audiobooks? – start with a book you have already read

Fiction vs non-fiction

  • Fiction is more like a theater for you mind
  • Non-fiction feels more like a podcast experience

Example: Malcolm Gladwell Talking to Strangers – when he referenced a news story or interview in his book he actually played the news or interview clip in the audiobook.

The benefits of audiobooks:

  1. Reading when you can’t read
  2. Two stage entertainment value – author/narrator
  3. Gain perspectives you might miss otherwise – narrator emphases
  4. You will take on subject matters you otherwise would not
  5. If you sign up for an audiobook service it will force you to consume
  6. You can listen with someone else

Audiobook challenges:

  1. The wondering mind – increase listening speed
  2. You don’t get the retention value – were you actually going to read it?
  3. You need equipment to access the audio – low cost to entry
  4. Some books just don’t work for audio

Audio File magazine is a great resource

  • Print subscription 6 issues $19.95 1 year, $26.95 2 year
  • Digital subscription 6 issues $14.95 or $2.95/issue

Reddit is a great resource

  • Sub-Reddit: Audiobooks
  • Sub-Reddit: Audible

Where to get audiobooks:

  • The library with Overdrive or Libby
  • Audibile.ca $14.95 CAD
  • Kobo.com $12.99 CAD
  • The Great Courses $19.99 CAD 50% off a quarterly subscription

May 05 2020

1hr 8mins

Play

SMS 178 – Breaking Down Boredom

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Breaking Down Boredom

What is boredom?

Bored | Adjective | feeling weary because one is unoccupied or lacks interest in one’s current activity

Boredom is often viewed negatively, however is boredom inherently bad or something to be avoided?

The global shift of acceptance

Boredom was once a frowned upon feeling or experience and not readily embraced before this current crisis; productivity has long been championed

We are existing within a time where society embraces and normalizes boredom — (we’ve reached new heights on digital consumption, influx of digital streaming services, social media trends)

Polarizing views from those who are at home vs. working during this pandemic?

Bored vs. content? What if we overcompensate and move from boredom  to overloaded?  (the overcompensation approach)

Why we experience boredom:

  1. It’s comfortable, easy, habitual 
  2. We don’t have strong enough goals and values 
  3. We don’t have passions 
  4. We don’t know how avoid or combat boredom 

Boredom’s negative impact:

  1. Online, mindless spending 
  2. Mindless consumption 
  3. Reduction in self-growth and learning 
  4. We can jeopardize achieving our goals and upholding our values — life will just happen if we let it
  5. It’s more challenging to start back up 

How to avoid or get out of the boredom rut?

When the looming temptation to give into the idea of boredom:

  1. Reframe the boredom — what does your current circumstance present you with? Ex. Time, energy, focus etc.
  2. Embrace the boredom — what projects, tasks, undertakings etc. does your current circumstance allow you to take on? 
  3. Act on it and stay committed to keeping the boredom at bay 

Apr 27 2020

56mins

Play

SMS 177 – Is Misery is better than Mediocrity?

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Is Misery is better than Mediocrity?

What is misery?

• A strong feeling or sense of being unfulfilled, hopeless, discontent, or unhappy due to perceived or real circumstances

• Strong doesn’t mean negative or bad however we perceive it as bad because it is a strong, extreme emotion that makes us uncomfortable

If you let it, life will happen to you, not for you

Without goals or a value system you are wandering aimlessly with no direction or end in sight, which can retrospectively result in misery

Where does misery come from?

Misery stems from circumstances that are either:

  1. Perceived inequity 
  2. Real inequity 

Why we should embrace misery?

  1. A force for change
  2. A realization and identification of what you do want (opposite of what you currently have) – strong emotions of any kind need to be listened to

How to embrace misery?

  1. Recognize – the associated feelings/thought patterns and the situation, environment, or circumstance you’re in
  2. Realize – and understand why you’re feeling such unpleasant, strong emotions in relation to any external/internal circumstances may be an influencing factor 
  3. Respond – harness your unpleasant, strong  emotions to evoke change; it’s okay to feel misery, it’s what you do with that feeling that matters

Apr 21 2020

44mins

Play

SMS 176 – A Shift in Thinking

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You should upgrade to solve a specific problem or to get a specific outcome

What adjustments are you making within your lives?

What are you doing to combat this?

We want to to have a conservation about you and encourage you to let us know how you’re dealing with it. 

The shift from comfort and convenience to safety and security 

Maslow’s Hierarchy of Needs 

Why is this shift important?

  1. Our needs have become more important then our wants
  2. Comfort is a cage (and you will trap yourself if you don’t let go of it)
  3. Innovation vs. reliability — designed to cater to comfort and convenience 
  4. Resourcefulness 

Areas of your life to deploy this in?

  1. Food
  2. Shelter — buying large homes is built on comfort and convenience; having a home that can’t be taken away from you; owning your home has never been more important which is highlighted more then ever 
  3. Relationships — build relationships that facilitate comfort and security not comfort and convenience (shrink social circle as you 
  4. Employment — this might be time to take risks as there is the possibility of losing our job; the comfort and convenience is making a job with more money 

If you have debt you are dealing with solving yesterday’s decisions, never before has it been more important to be nimble 

Apr 13 2020

55mins

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SMS 175 – Life As We Know It

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Life As We Know It

How to assess our current situation?

When the health crisis is over and the financial crisis becomes more in focus we are going to offer some gravity to the situation to help you view things in a constructive light rather than a destructive manner.

When accessing your current financial situation it is important to not look at is in a silo:

  • Wealth is a relative measurement
  • Job security is a relative measurement

There’s a theory that if you take all the money and divide it up between all the people it would end up in the same hands. 

If you have been winning at personal finance up until now rest assured when this thing is over you won’t forget:

  • How to spend less than you earn
  • How to be resourceful
  • The discipline to save money and not spend it

Try to imagine you situation if you had not been deliberate with your finances

Should we be concerned about our employment?

Look at how the economy is doing within the town/city you live in, look at how your industry is doing, look at your employment situation through your companies eyes

If you reach out to inquire with your company about coming back ask “how is business” not “when am I coming back”

Given the circumstances it might be time to change your goals (your previous dream and aspirations). Pivot

Re-training — pursue the career path of your dreams 

Stigma – laid off, travel

We have a new high water mark — when ever new disaster hits that is below this new high water mark society will expect you to be prepared in every aspect of life

This is a time to figure out what sources of information you can trust in the future

Should we wait for things to get back to normal?

Don’t wait for things to get back to normal because I believe there will be a new normal. There will be i industries and business that will not survive this event. Every business that was operating cove to the financial edge will be exposed and recovery should not be assumed.

Jobs will change, some for the good and some for the bad

For many people in our society they entered this disaster where they highly valued comfort and convinced. When this thing is over they will value safety and security.

Society will not be too judgmental to those who were not prepared for this global pandemic but you will be judged harshly if you are not prepared for the next one.

Apr 06 2020

26mins

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SMS 174 – Open Ended Debt Solution

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The Open Ended Debt Solution

We should avoid debt at all cost, but in life things don’t always go as planned and debt becomes unavoidable. Also for things like buying a house and sometimes getting an education require debt based on the timing in life and the natures of their significant cost.

Whenever you enter and agreement to borrow money and repay it you need to be strategic

Borrowing money for education:

This one is hard as you don’t know how much you will make so it becomes hard to access how long it will take to repay. The terms of the loan state when interest will be charged and when you need to begin repayment, but for the average person this is an open ended debt that you hope to repay some day in the future.

Borrowing money for a car:

When you borrow money for a car at first glance it appears to have an end date, but in the big picture of owning cars for most it is not. Once you own a car there is generally no going back to not owning a car, you become a car owner for life.

How car buying usually happens:

  • You buy a car based on the monthly payments you can afford and this is based on interest rate and term
  • Assume this car payment was the most you could afford and the term was over 8 years
  • Assume this dramatically reduced your savings rate to which you were only able to save the down payment for your next car at the end of 8 years

How car buying should happen:

  • You buy a car based on your ability to repay the loan over 3 years
  • You drive the car for 8 years
  • At the end of 3 years you continue to save your car payment the 5 yeas you don’t have a payment
  • At the end of 8 years you buy a better car that will last 10 years but still repay over 3 years
  • At the end of 3 years you continue to save your car payment for 8 years
  • At the end of 10 years you pay cash for your next car

Borrowing money for a house:

Based on the significant cost of a house borrowing money is a reality for most, if we saved up and paid cash two things would happen. First we would be chancing the housing market in that for most people the house would increase in cost faster than your savings rate and you would never reach your goal. Second, by the time you saved up enough for a house your hosing need would have changed.

The open nature of a mortgage is kind of sneaky:

  • Approved based on monthly carrying costs, assume 25 year amortization
  • Agree on a term for interest rate, assume 5 years
  • At the end of the 5 years you can renew your interest rate and amortization
  • Based on interest rates people generally adjust the amortization to get the monthly payment that they are comfortable with, this could be another 25 years.

How a mortgage should be repaid:

  • You should be approved based on your ability to repay the mortgage in the year you plan to be mortgage free
  • The year you plan to be mortgage free should be based on all of the other life events such as educating your children and when you plan to retire.

The problem with open ended debt:

  1. You spend your time solving your past rather than focusing on your future
  2. You become okay with debt 
  3. You have no sense of urgency

Mar 17 2020

55mins

Play

SMS 173 – Budgeting Q&A

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Budgeting Q&A

  • Is there one best way for everyone?
  • How has budgeting changed and evolved for you as you’ve progressed through your life stages?
  • When did you first start using a budgeting tool and was it out of necessity or desire or because you “thought you should”?
  • Can you speak to bringing a partner in on your budgeting process? 
  • How budgeting practically look like for you and your wife? What roles do you both play in the process?
  • Did you get your children involved in the budgeting process as a family and as their own individuals with their personal budgets?
  • Has your background as a CPA or working within corporate finance benefited you in terms of budgeting at the personal finance level?

Methods of Budgeting

1. 50/30/20 Budget 

Break down your expenses into three categories: needs, wants, and savings – 50 percent of your take-home pay should go towards needs, 30 percent should be devoted to wants, and 20 percent should get put into savings) –  the balance.com | Paula Pant

2. Predictable vs. Unpredictable –  Shannon Lee Simmons

3. Mandatory vs. Discretionary – the method Trevor uses 

Tools

App vs. Spreadsheet

Setting up Your Budgeting Tool – what does it actually look like?

  • Expense tracking vs. Budgeting
  • Describe the layers and categorization rationale 
  • How do you build in or account for savings?
  • How to maintain the diligence or self-discipline to maintain your budget (i.e. day-to-day expense tracking) and what does your process look like?

**Moving from expense tracking to budgeting

  • When to move from expense tracking to budgeting
  • How to actually set realistic budgeting figures
  • How to stick with your budgeting figures or when to make adjustments 
  • How do you go about setting that goal for savings and how do you stay motivated to keep that momentum going?
  • How to use your budget as a tool (i.e. ramp up your savings or repay debt versus simply using it to maintain a balanced budget where you ensure you are spending less then you earn)

Do’s and Don’ts

  • Do: Updating your budget close to when you spend the money for a cause and effect
  • Do: Collaborate – it has to be a partnership in any relationship, not one person’s responsibility 
  • Do: realize that budget planning is not math its actions
  • Don’t: Get too granular
  • Don’t: Think you get a pass – no amount of wealth/lack of wealth determines if you do or don’t need a budget
  • Don’t: Think budgeting is temporary 

Mar 10 2020

1hr 30mins

Play

SMS 172 – Debt is the Symptom not the Problem

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In life
debt can be either a temporary situation or a permanent situation, and how you
view debt will determine your perspective. If debt is the problem you will
spend your lifetime trying to solve it, if you treat it as a symptom you will
peel back the layers and find the cause.

You have
to be willing to accept the lifestyle your income delivers, everything else is
just a hobby. The real challenge is when income and lifestyle are not aligned
is to access the temporary vs permeance of the situation. The risk of getting
this wrong can be the difference between success and failure.

When you
focus on debt as the problem your solution always appears to be deprivation
which we all know is unsustainable.

The five
why method is a very effective tool in getting past the symptoms and find the
cause:

  1. Why is my credit card maxed out – we had no money to fix the furnace
  2. Why did we have not money to fix the furnace – we had no savings
  3. Why did we have no savings – all of our income is needed for our monthly expenses
  4. Why is all of our income need for our monthly expenses – car payments are 40% of total expenses
  5. Why are our car payments 40% of our total expenses – because I need to drive a $65k truck

Side note: the car you can afford can be paid
for in 3 years or less and does not exceed 50% of your household income.

The
transition of not seeing the symptoms:

  1. Debt symptoms happen gradually
  2. You are in denial that anything has gone wrong
  3. You believe your situation is temporary
  4. You never had a disaster plan
  5. Your ego becomes your enemy

Problems
that look like symptoms (these require lifestyle changes):

  1. Lifestyle inflation
  2. Car poor
  3. House poor
  4. Job loss
  5. Divorce
  6. Illness
  7. Death

The
problem with solving symptoms:

  1. All solutions are temporary
  2. You never get to the root cause
  3. You never get ahead financially – you keep trying to solving the same problem
  4. Symptoms don’t have solutions – you can’t fix wanting a car you can’t afford

Mar 03 2020

58mins

Play

SMS 171 – Amazon Prime

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Amazon Prime

Amazon prime is a
membership service that for most people provides expedited shipping, but there
are some additional benefits that are commonly known and even more benefits not
so commonly known.

The cost of Prime is
$7.99/month which includes one free month for new members or $79.00/year which
works out to $6.58 on a monthly basis.

More importantly is
Prime a good idea from a behavioral economics standpoint?

Prime commonly know
benefits:

  1. Free same day shipping (32 cities & towns across Canada)
  2. Free 2 day shipping – no minimum dollar amount
  3. Prime Video – downloadable
  4. Prime Music – ad free, downloadable
  5. Prime Reading – kindle

Prime not so
commonly known benefits:

  1. Early access to lightning deals
  2. Amazon Photo storage – 5GB
  3. Prime Days – like black Friday
  4. Prime Channels (live & on-demand) – STARZ, Hayu, MGM
  5. Amazon family subscriptions – save up to 20% on diapers and baby food
  6. Three months free Audible membership
  7. Twitch Prime – includes bonus games & exclusive in-game content

The problem with
Prime:

  1. The video service is not very good
  2. The music app is not great
  3. Promotes consumerism
  4. You have pre-paid your shipping costs
  5. Reduced transaction friction

When does Prime make
sense:

  1. Consumable products
  2. Products you can only get on Amazon
  3. Utilized with a large family
  4. Use of video and music services exclusively

Feb 25 2020

1hr 19mins

Play

Re-Broadcast: SMS 100 – Your Path to Financial Independence

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  1. Budgeting is a way of life
  2. Never buy a new car under any circumstance
  3. Always buy or rent for your current housing needs
  4. Never be a victim to lifestyle inflation
  5. Always be frugal never be cheap
  6. Only borrow money for things that go up in value
  7. Learn your financial weaknesses early in life, everyone has at least one
  8. Plan to live on half your income by the time you are 50
  9. Surround yourself with like minded people
  10. Learn to enjoy the simple things in life

Feb 18 2020

1hr 56mins

Play

SMS 170 – How I Consume Books

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How I Consume Books

Why Books are
Important:

  1. Timeless format of knowledge 
  2. Tested formula
  3. Cost effective knowledge
  4. Consumed at your schedule
  5. Creates community

Types of Literature:

  1. Fiction
  2. Self-improvement
  3. Non-fiction

Selection Process:

  1. Fiction is important
  2. Challenge your beliefs
  3. Self-improvement over self-help
  4. Read the reviews

Books should be:

  • Entertaining
  • Informational
  • Inspirational

How I Consume Books:

  1. Audiobook
  2. E-book
  3. Physical book
  4. Connect with the author
    (podcast, website, YouTube etc.)

Advice for
individuals who’s like to consume books?

Feb 11 2020

54mins

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SMS 169 – Looking Forward and Back

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Looking
Forward and Back.

When you
turn 50 you have a very unique view of life if you choose to see it. You can
look back by observing your children and reflecting then things in life that
your found challenging. You also have the opportunity to observe your parents
and see the things in life they find challenging.

If you
can relate to your children’s challenges and remember yourself in their
positions then you have to believe the challenges your parents are struggling
with will be your future unless you change your current trajectory to chart a
new course.

Questions
to ask yourself:

  1. Did you follow your parents path and are your children following your path?
  2. What are their concerns – did or do those things concern you?
  3. Will it matter in 20 years – were your concerns worthy?

Things to
observe:

  1. Time
  2. Stuff
  3. Health
  4. Money
  5. Relationships

My
observations:

  1. My children are concerned about their financial futures
  2. My parents are concerned about their financial futures
  3. My children are not concerned about their use of time
  4. My parents are not concerned about their use of time
  5. My children are not concerned about their health
  6. My parents are concerned about their health

Final
thoughts:

  • Open growth mindset
  • Trust the process

Feb 04 2020

1hr 5mins

Play

SMS 168 – I’m Just Not a Saver, is that OK?

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I’m just not a saver, is that ok?

A long
time ago I was visiting a relative and was admiring the comforts of life they
had accumulated and commented that they appeared to have done well and
“had it figured out”. Their response was that all this comes at a
cost. They said “I am not a saver, but I am great at paying back”. At
the time I thought, well that’s great, you have the skill to pay things back.

Recently
I had a very similar conversation with an acquaintance and they proclaimed they
were “a terrible saver, but a great payer backer”. Twenty years later
I have a very different perspective on this.

The
problem with not becoming a saver? This is a skill and discipline that needs to
be developed.

How do so
many people end up going down this road?

  1. We often start out life in the hole
  2. We need to acquire things to create a comfortable life
  3. Societies expectations and timelines are unrealistic

The
problem with using debt to advance though life:

  1. Debt requires income
  2. Debt has a ceiling, savings does not
  3. Debt adds risk to everything
  4. There is no wealth building opportunity

The
solution:

  1. Get to a place where you spend less than you earn
  2. Always spend money that is at least one month old
  3. Become in love with a process that will lead you to saving

Jan 28 2020

1hr 1min

Play

SMS 167 – The Problem with Abundance

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The Problem with Abundance

The
opposite of abundance is scarcity – you think we want abundance but we actually
are seeking scarcity.

  • One of kind, hand made
  • Collections edition
  • Antique, retro, vintage
  • Latest edition, just released

The problem with scarcity – the biggest problem
with scarcity is worry for the future, fear and anxiety, and all or nothing
mindset

The problem with abundance – there is not off
switch, no ceiling, no limitations, no fear or concern for the future, “it
will always be there” mindset.

Email is
the best example of the destructive power of abundance

Are we
are living in a world where too much is becoming a problem? Too many choice can
cause us to become careless and directionless.

Is
scarcity better than abundance? If you had to choose one over the other
scarcity has the benefit of fewer self-inflicting consequences.

Why I
never sign up for open ended offers or opportunities –  there is no opportunity for resourcefulness
or optimization.

Automation.com:
white paper The problems of abundance

Example: Back in the pre-internet era, It used
to be there was nothing to watch on TV at a given moment in time. Two benefits
of this were you watched less TV and when you did watch TV you were fully
engaged and entertained.

More
humans, in the history of the human race, have died from too much nutrition
than not enough. The human body was designed to survive periods of scarcity, we
do not do so well with abundance.

Revolutionary promises:

The Agricultural revolution was supposed to solve hunger and make our lives better

The Industrial revolution was supposed to make our lives physically easier

The Technology revolution was supposed to make our lives more efficient

The Artificial Intelligence revolution is promising to……

Tech.com: Society Doesn’t Know How
To Deal With Abundance
– if you look at all of human history,
probably 99.999999% of it has been about dealing with the issues of scarcity.
In fact, our entire original economic philosophy (which is really just two and
a half centuries old) was based on “resource allocation in the presence of
scarcity.” Historically, abundance just hasn’t been an issue that we’ve
had to deal with very much. And the problem is that people try to apply the
mental rules of scarcity to abundance and they basically kick out an error
message. It’s a “divide by zero” sort of problem. You get infinity as
a result, and you think it’s wrong. So the response is almost always the same.
Rather than actually trying to deal with what abundance enables, people try to
force abundance back into a feeling of scarcity — which they’re comfortable
with. That is, they try to apply artificial rules and restrictions to make the
abundance feel like it’s scarce, so that they can understand it again.

Examples
of abundance:

  • Technology – the internet, tele commuting, TV & music streaming
  • Communication – email
  • Global Markets – Amazon
  • Consumption – low cost consumer goods, single use plastics
  • Food – weight gain

The
problem with abundance:

  1. No opportunity for resourcefulness
  2. Instant gratification
  3. Requires artificial restraint
  4. The paradox of choice
  5. Without a limit the answer is always more

How to
solve the abundance problem:

  1. Self-imposed limitation – minimalism
  2. Narrow focus – ten feet deep instead of ten feet wide
  3. Value System – pre-made decisions
  4. View abundance as an opportunity to share

In The Seven Habits of Highly Effective
People
, Stephen Covey
writes:

The abundance mentality…is the paradigm that there is plenty out
there and enough to spare for everybody. It results in sharing of prestige, of
recognition, of profits, of decision making. It opens possibilities, options,
alternatives, and creativity.

Jan 21 2020

1hr 27mins

Play

SMS 166 – Is Being Too Busy a Problem?

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Is Being Too Busy a Problem?

We often
over estimate what we can accomplish is a day and under estimate what we can
accomplish in a year.

Money is
the lubricant of life, not enough and life is a grind, too much and your life
has no direction. Too much disposable money can be a cause of being too busy.

Many
people view those that are not busy as being lazy or self-absorbed when really
they are just trying to enjoy life on their own terms.

Is there
a problem…

The
problem with being too busy is it could jeopardize our goals in life and we
often think we have a great reason or at least we think we do, when really we
are just consumed with busy work rather than important work.

How does
being too busy relate to people in your life?

We often
say we are too busy for a particular activity or action, what we really mean is
that something is not important enough for me to consider it a priority.

Ask about
the law of diminishing returns

The law
of diminishing returns – a point at which the level of profits or benefits
gained is less than the amount of money or energy invested

Hiring a
service to do your home chores. Such as house cleaning or year work, might be a
sign that you are too busy.

15 Signs You Are Too Busy And Should StopLifeHack.org

There are
3 thing at play here:

  1. Having too many required actions for a given day that exceed 24 hours
  2. Allowing your required tasks to completely fill a 24 hour period
  3. Wanting the image or illusion of have required actions that exceed 24 hours

Causes of
being busy:

  1. Procrastination
  2. Poor planning
  3. Poorly designed life

Reason to
not want to be busy:

  1. When your busy your judgement is comprised
  2. When your busy you don’t have time to collect your thoughts
  3. When your busy you put your health at risk
  4. When you’re busy, you make busy excuses for actual problems
  5. When you’re busy, you unconsciously sacrifice consistency

How to
Slow down:

  1. Plan to do less – if you are a parent then that is your job, hobby, sport, and general interest
  2. Work life balance – this does not exist with a high paying career, you have to make a choice
  3. Prioritize – will this matter in one year, five years, ten years, on my death bed
  4. Enjoy the simple things in life – don’t just do them learn to enjoy them

Jan 14 2020

1hr 26mins

Play

iTunes Ratings

25 Ratings
Average Ratings
15
6
2
1
1

the male host’s voice doesn’t flow

By Baby Hendrix - Feb 27 2020
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The gentleman hosting the podcast takes so many breaks in his thoughts that it’s just not a flowing speaking style. In a conversation grab your attention but when it’s every 3-5 words it becomes a major distraction. I think he’s trying to think too much about what he’s saying he’s taking too many pauses so listening to it is more distracting. But the females speaking style is fine. I wish she would talk much more than him.

Love it!

By CandidCats - Nov 18 2019
Read more
Great podcast for helping you discover your financial goals and dial in the actions that are going to help you get there! Very applicable to most people regardless of age or income and presented in a kind, nonjudgmental way.