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Simple Money Solutions: Personal Finance Canada, Personal Finance from a Canadian Perspective, Financial Independence, Lifestyle Choices, Early Retirement

Updated 6 days ago

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simple living starts here

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simple living starts here

iTunes Ratings

17 Ratings
Average Ratings
10
5
1
0
1

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.

Great Podcast and I listen to a lot of them

By Financepodcastaddict - Mar 28 2017
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This was a recommendation from Radical Personal Finance. Even as an American listener, the content is great and I get to see a different perspective from our friends above the border. Keep the content coming, listened to the 1st 27 episodes in a couple of days, I like your style.

iTunes Ratings

17 Ratings
Average Ratings
10
5
1
0
1

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.

Great Podcast and I listen to a lot of them

By Financepodcastaddict - Mar 28 2017
Read more
This was a recommendation from Radical Personal Finance. Even as an American listener, the content is great and I get to see a different perspective from our friends above the border. Keep the content coming, listened to the 1st 27 episodes in a couple of days, I like your style.
Cover image of Simple Money Solutions: Personal Finance Canada, Personal Finance from a Canadian Perspective, Financial Independence, Lifestyle Choices, Early Retirement

Simple Money Solutions: Personal Finance Canada, Personal Finance from a Canadian Perspective, Financial Independence, Lifestyle Choices, Early Retirement

Latest release on Jan 14, 2020

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simple living starts here

Rank #1: 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 #2: 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 #3: 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

Play

Rank #4: 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

Play

Rank #5: SMS 149 – Financial Literacy

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Why financial literacy is important
1. Personal finance touches all aspects of your life
2. It will serve you for your entire life
3. Builds self-confidence
4. Develops big picture thinking

Possible target groups – secondary school or post secondary school

Why financial literacy might not work in High School
1. Maturity is not ready (no urgency)
2. Peer pressure
3. Mandatory vs optional
4. Parent are too strong of a role model
5. The stakes are too low

Financial Literacy Topics:
1. 90% behaviour 10% math – develop life long habits and self-discipline
2. Spend less than you earn – a documented budget is a requirement
3. Credit does not solve problems – it makes them worse
4. Life does not always go as planned – and that’s ok
5. Develop the self discipline to save money – and not spend it
6. Document your goals and dreams
7. Develop a value system – this will evolve as your grow

Aug 26 2019

1hr 1min

Play

Rank #6: SMS 147 – Measuring Financial Progress

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Measuring Financial Progress

Whenever you
are measuring anything in personal finance never use comparison as a guide.

Reason to measure progress:

  1. Make sure you are moving toward your goals
  2. Stay motivated
  3. Observe cause and effect
  4. Stop chasing a financial horizon

How to measure financial progress:

Hard measurements:

  1. Debt reduction
  2. Savings goals
  3. Income level
  4. Net worth
  5. Financial independence number

Soft measurements:

  1. Financial edge concerns
  2. Reduction in stress
  3. Your goals seem more realistic
  4. Frequency you celebrate wins – read the sign
    posts
  5. An increase in time spent enjoying life

Aug 13 2019

1hr 2mins

Play

Rank #7: SMS 160 – What is Financial Sacrifice?

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What is Financial Sacrifice?

Sacrifices are choices we make not circumstances that are imposed on
us.

There is a difference between being in a bad situation from a series
of unforeseen and unfortunate events and being in a bad situation from a series
of bad decisions and poor planning.

Noun – destruction or surrender of something for the sake of
something else

Verb – to suffer loss of, give up, renounce, injure, or destroy
especially for an ideal, belief, or end

What is financial sacrifice?

  1. Give up or
    forego something you want – not need something you need
  2. Doing something you choose to
    do – not something you have to do
  3. Short-term discomfort for
    long-term gain – it should be hard and uncomfortable
  4. Necessity is the mother of
    invention – they are not obvious and have many layers
  5. Sacrifice is not something
    you do when things goes wrong (that is called crisis management)it’s
    something you do to insure things in the future will go right.

Why you should make financial
sacrifices:

  1. You believe
    tomorrow will be better than today
  2. If you have lived too much
    for today and not enough for tomorrow
  3. You want something nobody
    else has so you have to do something nobody else does
  4. You want more control in your
    life – independence requires being independent

Three Sacrifices We Must Embrace to
Achieve Financial Freedom –
Medium.com

Sacrifice
#1 – Spending

The first sacrifice we have to do is to
limit ourselves to a budget and avoid spending all our income. There is
no way around it. If your spending habits cannot be controlled, then forget how
much you earn. You are going to spend it all anyway.

Sacrifice
#2 – Income

Financial freedom will for most us come out of 3 vectors: income, savings, and investments. If we want
a raise, we will likely have to do a harder job or work more hours.

Sacrifice
#3 – Risk

This next sacrifice comes from getting out of a comfort zone. Most
of us are happy with the 1% rate on a savings account because we feel the money
is safe and will never reduce in value. In other words, we have to take more
risks and embrace volatility as part of the journey.

Nov 19 2019

49mins

Play

Rank #8: SMS 134 – Re-Thinking Emergency Funds

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What
is an emergency fund?

  • should
    be 3 to 6 months of survival expenses
  • Insulation
    from life (living insurance) – removes risk from you life

The
purpose of an emergency fund:

  1. Job
    loss
  2. Unanticipated
    expense

Who
needs an emergency fund:

  1. Negative
    net worth – having debt in your life adds risk
  2. Relative
    low income – close to the financial edge
  3. Home
    owner – learn to predict expenses
  4. Car
    owner – learn to predict expenses
  5. Unstable
    employment – be observant
  6. Significant
    number of dependents – adds complexity to your life
  7. Known
    credit issues

How
to build and manage an emergency fund:

  • Make
    it a line item in your budget
  • Stop
    all savings & aggressive debt repayment until you have $1,000
  • Aggressively
    build up 3 to 6 months of survival expenses
  • Have
    the discipline to not spend it on non-emergencies
  • Make
    it accessible but not too accessible

Who
doesn’t need an emergency fund:

  • Positive
    net worth with no debt
  • Earn
    significantly more than you spend
  • Do
    not have credit issues
  • Very
    stable employment

Mr. Money Mustache

MMM vs. The Emergency Fund – MMM Show Episode 9

May 07 2019

1hr 24mins

Play

Rank #9: SMS 137 – Retirement Considerations

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Retirement Considerations

Divide you
expenses into three buckets:

  1. Survival expenses
  2. Comfort of life expenses
  3. Luxury life expenses

Considerations
in determining your costs base in retirement:

  1. What costs will remain in your life in
    retirement
  2. You shouldn’t have any debt payments
  3. You won’t have any savings requirements
  4. You won’t be supporting your children
  5. You should relocate to a low cost region
  6. Don’t plan for the worst – unfortunate events
    will be offset by unanticipated benefits
  7. My research has determined – you need less money
    than you think
  8. Statically you send 2% per year less past the
    age of 65
  9. Part-time employment will provide more than just
    supplemental income
  10. You
    can always make more money – you can’t make more time

Sources of
retirement income:

  1. Pension plans (DB and DC)
  2. Retirement savings (RRSP, TFSA)
  3. Government pensions (CPP and OAS)
  4. Other investments
  5. Inheritance

May 28 2019

1hr 2mins

Play

Rank #10: 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

Play

Rank #11: SMS 152 – Comparing Yourself to Others Financially

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Comparing yourself to others Financially

Life is so much simpler when you stop explaining yourself to people and just do what works for you.

Why we tend to compare ourselves to others:
1. Easy (lazy)
2. Societal pressure
3. Envy
4. Our Social Circles
5. Inspiration
6. Predictable outcome
7. Lack of confidence

Why you shouldn’t compare yourself to others:
1. Different resources
2. Different values
3. Different goals
4. Different support system

Sep 17 2019

1hr

Play

Rank #12: SMS 155 – You’re Not Poor You’re Broke

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SMS155 – You’re Not Poor You’re Broke

Poverty – is not about a lack of wealth it is about a lack of
opportunity.

Broke – is about an insufficient amount of wealth for a chosen
lifestyle.

The problem with not knowing the difference is you either try to
solve the wrong problem or worse you become powerless to solving it.

You don’t have to be born into poverty to be poor, circumstances can
be your undoing.

Relative poverty vs absolute poverty – relative poverty can be
solved much easier than absolute poverty.

Canada’s poverty rate was 9.5% in 2017 (35,000,000 * 0.95=
3,325,000) defined as a family’s ability to afford a “basket of goods”.

Factors that would indicate poverty:

  1. Access to
    education
  2. Access to housing
  3. Access to savings/investing
  4. Access to the free market

Four simple factors can determine future poverty risk:

  1. Race –
    visible minority
  2. Education – no access or
    limited access
  3. Martial Status – single with
    no support system
  4. Age – a bad start leads to
    bad places

Factors that would indicate
artificial poverty (broke not poor):

  1. Your
    situation is temporary with a known solution
  2. You have a safety net –
    family or debt
  3. You have options – choice
    could solve or improve your situation
  4. You have something to lose

Reasons you might be broke but think you are poor:

  1. You’re
    consumed with first world problems
  2. Compare yourself to others
  3. Don’t take ownership
  4. Don’t understand the Maslow
    Hierarchy of needs

Oct 08 2019

52mins

Play

Rank #13: 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

Play

Rank #14: SMS 139 – Living on Minimum Wage

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Living on minimum wage

Can it be done?

If you do figure out a way to survive on minimum wage you actually have a superpower.

When does it make sense:
To build a career or it leads to greater prosperity
Semi-retirement
Supplemental income
Summer employment

Concerns with living on minimum wage:
Not a long-term solution – deprivation will catch up to you
Living on the financial edge for an extended period of time will wear you down
Raising a family would be a challenge
Credit could be your undoing
Location is important – if you can’t solve the income equation work on the expense side
You will not be able to build wealth
Are you really being deliberate?

Jun 10 2019

56mins

Play

Rank #15: SMS 135 – Guilt Free Spending

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Guilt Free Spending

Guilt free spending vs purchase justification

Why guilt free spending is important?
– deprivation is not sustainable
– bring change into your life

How much should you be spending guilt free?
– relative to your income

Spending considerations:
– on a regular interval
– not on life’s necessities
– not automated spending
– be deliberate about it
– make sure it is aligned with your priorities
– no room for personal agendas (not significant in value)

Sources of guilt free money:
– allowance – make it part of your budget
– gift money

Beware of the purchase justification machine

Mr. Money Mustache

May 14 2019

1hr

Play

Rank #16: SMS 154 – Your Emotional Brain is in Control

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Personal finance is 90% behavior and 10% math – this is a spectrum

We have two brain – the logical brain and the emotional brain

Your emotional brain is in charge and your logical brain is just
there for support.

You can gather all the knowledge in the world but if your emotional
brain is not onboard it just won’t happen.

If our emotional brain is in charge what is the problem? – We often
evaluate our decisions using logic

How to you know you are making an emotional financial decision with
bad logic:

  1. Justification
    mode – “It’s an investment”
  2. Excitement is your emotion –
    the logic is usually flawed
  3. No decision is an emotional
    decision – fear is a dangerous emotion
  4. The sacrifice is not obvious
    – monetary sacrifice followed by the opportunity cost
  5. Your decision reduces the
    control in your life

If you find yourself making bad or regretful decisions you may need
a new approach to keep your emotions from getting the best of you.

10 Tips to help you take control of your emotions (from
Psychologytoday.com):

  1. Power Up –
    be aware of your emotions
  2. Rewind – step back, how did I
    get here
  3. Fast Forward – play our
    scenarios to see where it will lead
  4. Zoom in – peel back the
    layers
  5. Monitor the volume – listen
    to your inner voice or support system
  6. Adjust the brightness – look
    at both the positive and negatives
  7. Press Pause – sleep on it
  8. Stop – it’s never too late to
    stop a bad decision to mitigate the damage
  9. Turn off – time to collect
    your thoughts
  10. Recharge – make sure you are
    in good mental state for decision making

Strategies for managing your emotional brain for personal finances:

  1. Acknowledge
    your emotion – know which emotions are in play, there is always at least
    one
  2. Put the problem in front of
    the solution – we often have a solution where no problem exists
  3. Use your support system –
    people that care about, but are not emotionally in your decision
  4. Write it down or say it out
    loud – does it still make sense
  5. Have a value system – avoid
    decisions altogether

Oct 01 2019

1hr 6mins

Play

Rank #17: SMS 133 – Does Costco Really Save You Money?

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Starting from the standpoint that everybody should have a
Costco membership and the reason you want it is to save money.

Membership
cost:

  • Gold Membership $60 per year
  • Executive Membership $120 per year with 2% cash
    back (spend $6,000 cash back $120)

My personal
issues with a Costco membership:

  1. Membership costs – have to save the membership
    costs plus
  2. Altered consumption – having an endless supply
    could change how you use
  3. Walk past the shiny stuff – everybody know my
    weakness for electronics
  4. Creates a sense of scarcity
  5. Not supporting local business
  6. It stands for consumerism (more is better)

Who should not have a Costco
membership:

  1. Single people
  2. You don’t own a car
  3. Have a consumer weakness
  4. No Costco in your local community

Apr 29 2019

49mins

Play

Rank #18: SMS 122 – Why Be Different?

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If you want something nobody else has you have to be willing to do something nobody else does.

That something should be financial independence early in life.

How to be different:

  1. Drive an older car
  2. Live in a modest home
  3. Avoid home improvements
  4. Vacation frugally
  5. Don’t follow the masses

Jan 29 2019

51mins

Play

Rank #19: SMS 157 – Have a Big Why in Life

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Have a Really Big Why in Life

When pursing financial independence it’s really hard, you need to
have a really big why so when it get hard and you want to quite you will have
the reason why to push through.

With a really big why the how-to’s of life get really easy and
obvious.

To get to your why you have to ask why 3 times to get to the real
answer

What is my big why? I want
early financial independence (not because I hate work)

  1. Why do I
    want financial independence – to have choice and control in my life
  2. Why do I want choice and
    control – to work at a cause I believe in
  3. Why do I want to work at a
    cause I believe in – to work at something bigger than myself to help
    people

Reasons to have a really strong why:

  1. Your battle
    plan will not survive first contact with the enemy
  2. Life is not a straight line
  3. Your plan is unique to you
    with an unknown solution
  4. Life can be really hard and
    at times unfair, don’t be a victim – don’t ask Why me? Ask Why not me?

Strategies for developing a strong
why:

  1. Seek out
    new experiences – doing the same thing hoping for different outcomes is
    bad idea
  2. Abandon your expectations –
    this is where disappointment lives
  3. Treat everyone you meet with
    respect – even if you do not share the same life philosophy
  4. Give Back – don’t be
    transactional you will repel everybody in your life, you will receive more
    in life by helping others than helping yourself
  5. Celebrate milestones –
    celebrate your past accomplishments and your future hope
  6. Let go of the past – this can
    be your undoing only of you let it, “what-ifs” are about your past,
    “why-to” is about the future

What’s your BIG WHY?

1. What have you done in the past that felt incredibly fulfilling?

2. When have you been at your
absolute best?

3. When have you been at your absolute worst?

4. What anger’s you? or What breaks your heart?

5. Why, why and why?

Reddit Post 1 User: m

yTwelfAccount:

I finally
realized my “why”

Many
posts here urge the community to really consider their “why.”  Why are you pursuing financial
independence?  For so long, it’s been
easy for me to say, “I hate working.” 
But when I shared that with people in real life, I was met with confused
looks.  “It doesn’t seem like you
hate working,” many people would respond. 
And it didn’t feel all the way right to me.  I don’t really hate working.  In my jobs, I have had opportunities to
directly help people and improve their lives. 
I have changed systems and operations for the better.  I don’t hate that.

What I
hate is the performance required.  I hate
the charade of working 8.5 hours even when it’s not necessary.  I hate that half hour that has to be unpaid
because of lunch.  I hate having to
consider the optics of your decision to work a different schedule, take a three
week vacation, or having a long lunch.  I
hate the endless meetings and documentation required to assure everyone you
are, in fact, working.  I hate the
contests people have with one another on who is skipping lunch, who is coming
in early and staying late, and who can’t take vacation.

It’s
bullsh*it.  It’s inefficient.  It’s unnecessary.  And so that is why I want financial
independence. To free myself from bullshit.

Reddit Post 2 User: myTwelfAccount:

Funny
side note – I ended up in a conversation where I had to explain this to an
older woman the other day and you’d have thought I was telling her about
Bigfoot or ghosts and aliens. Apparently making good money and living a fancy
lifestyle is totally normal but saving the money instead so you don’t have to
work- that’s just a f**king fairytale.

Oct 22 2019

1hr 5mins

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

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

SMS 164 – Celebration

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Celebration

Celebration is a
funny thing we tend to celebrate our past, I would like to introduce the
concept of celebrating our future.

I used to think hope
was this fleeting emotion that would come and go, but I recently read a book by
Mark Manson – Everything is F**ked that has changed about hope.

Do not chase
happiness, the pursuit of hope will be far more rewarding. In the pursuit of
happiness would suggest you are currently not happy. The more you pursue
happiness the more unhappy you will become. The pursuit of hope is more of a
journey and less of a destination which will bring a positive mindset.

Hope is not
something that happens to you, hope is something you embrace, hope is something
you believe in.

Hope is the
intersection of three things

  1. Control – show up in our lives as choice
  2. Cause – you have to believe in it beyond your contribution
  3. Community – like-minded people coming together to support each other for a shared cause

People come in and
out of our lives in three ways:

  1. Reason
  2. Season
  3. Lifetime

Developing and
celebrating hope in different aspects of your life:

  • Job/Work
  • Personal Finance
  • Family and Friends
  • Random events

Dec 17 2019

40mins

Play

SMS 163 – Diet vs Lifestyle

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Dieting vs. Lifestyle

We get out of debt and then get back into debt or reach our goal and then digress, why? We’re in a diet mentality.

A diet is a systematized, temporary lifestyle change whereas changing one’s lifestyle is an attempt to keep up similar habits for a prolonged period of time.

Why diets don’t work:
https://psychologyofeating.com/why-diets-dont-work/
Diets Are Restrictive — all diets follow some method of restriction. While different programs use different methods of restriction, the concept is still the same: you remove or limit something from your spending patterns.

Diets Aren’t Successful in the Long Term — if financial dieting worked we’d pay off all our consumer debt, pay off our mortgage and never accumulate debt ever again.

Diets Take a Cookie Cutter Approach — diets give us rules to follow, and our unique circumstances, personal history, and individuality are rarely considered.

Depletes Your Vitamin T — trust – trust in yourself, that is. Diets require you to place an incredible amount trust in their product or program.

Is there a season when dieting is okay?
Debt repayment with gazelle like intensity?

How do we stay in that lifestyle mentality long after we’ve reached our goal (debt repayment etc.)?

How to maintain lifestyle changes:
Pick one list you like best!!!
https://www.doyouyoga.com/7-ways-lifestyle-changes-stick/

https://www.health.harvard.edu/healthbeat/the-trick-to-real-and-lasting-lifestyle-changes

BONUS: Have a really big why

Dec 10 2019

1hr 22mins

Play

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

Play

SMS 161 – Understanding Risk

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Understanding Risk

Risk should be assumed as a means to solving a life problem. You
should only assume financial risk to improve your financial situation

Is personality driven, people fall into one of two groups in all
aspects of their personal finance lives, risk of doing something or the risk of
not doing something.

Risk is relative to you and only you – someone else’s moderate risk
could be your extreme risk. Some factors that would influence your specific
risk level are:

  • Level of income
  • Debt level
  • Net worth
  • Age

Example:

Action: Buying a house comes
with the added risk of assuming the largest debt you will ever have and the
risk that you lose your ability to earn income to repay that debt.

In-action: The risk of not
buying the incredible wealth building tool that a house is, is that the housing
market will continue to inflate and you won’t be able to qualify for the
largest debt you will ever have.

When faced with important financial decisions, ask yourself the
following (Forbes):

  1. What is the worst-case scenario?
  2. How will my life change and who is impacted by the wrong decision?
  3. What potential remedies are available?
  4. What would have to happen to bring me to a difference decision? In other words, to recognize that the risk is too great for the potential reward.
  5. Who can provide me with more information before I make my decision?
  6. Can I live with the regret regardless of my decision?

Managing risk is really about managing emotion – you are really
trying to manage your reaction to possible outcomes:

  1. Perform arisk assessment when faced with a decision
  2. Risk should be calculated and absent of emotion whenever possible.
  3. Risk should be offset with potential rewards
  4. Risk is minimized by not being married to very specific outcomes

Risks you should take:

  1. Getting an education – student debt vs increase in income
  2. Relocating to a city – higher cost of living vs more opportunities
  3. Buying a house – risk of not being able to repay your mortgage as well, the housing market
  4. Investing – risk of losing money vs building wealth

Nov 26 2019

1hr 20mins

Play

SMS 160 – What is Financial Sacrifice?

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What is Financial Sacrifice?

Sacrifices are choices we make not circumstances that are imposed on
us.

There is a difference between being in a bad situation from a series
of unforeseen and unfortunate events and being in a bad situation from a series
of bad decisions and poor planning.

Noun – destruction or surrender of something for the sake of
something else

Verb – to suffer loss of, give up, renounce, injure, or destroy
especially for an ideal, belief, or end

What is financial sacrifice?

  1. Give up or
    forego something you want – not need something you need
  2. Doing something you choose to
    do – not something you have to do
  3. Short-term discomfort for
    long-term gain – it should be hard and uncomfortable
  4. Necessity is the mother of
    invention – they are not obvious and have many layers
  5. Sacrifice is not something
    you do when things goes wrong (that is called crisis management)it’s
    something you do to insure things in the future will go right.

Why you should make financial
sacrifices:

  1. You believe
    tomorrow will be better than today
  2. If you have lived too much
    for today and not enough for tomorrow
  3. You want something nobody
    else has so you have to do something nobody else does
  4. You want more control in your
    life – independence requires being independent

Three Sacrifices We Must Embrace to
Achieve Financial Freedom –
Medium.com

Sacrifice
#1 – Spending

The first sacrifice we have to do is to
limit ourselves to a budget and avoid spending all our income. There is
no way around it. If your spending habits cannot be controlled, then forget how
much you earn. You are going to spend it all anyway.

Sacrifice
#2 – Income

Financial freedom will for most us come out of 3 vectors: income, savings, and investments. If we want
a raise, we will likely have to do a harder job or work more hours.

Sacrifice
#3 – Risk

This next sacrifice comes from getting out of a comfort zone. Most
of us are happy with the 1% rate on a savings account because we feel the money
is safe and will never reduce in value. In other words, we have to take more
risks and embrace volatility as part of the journey.

Nov 19 2019

49mins

Play

SMS 159 – Plan on a Career Change

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Plan for a Career Change

  • We all need work that is out contribution to society. At points in
    our lives we also need jobs, this is how most of us support our
    lifestyles.
  •  Victory lap retirement – is
    a book that everybody should read regardless of your age.
  • Some people are fortunate enough to have their job be their work
  • Financial independence is when you can transition from a full time
    job to full time work

Job – A job is a regular and
official activity that you do, and receive money (a salary) for your activity.
It is also called a profession or an occupation.
You can have a full-time job (40 hours per week) or a part-time job
(around 25 hours per week).

Career – Your career is the total progression of your professional
life. It can include many different jobs over the years.

Work – The word work is more
general than “job” – whereas “job” is a specific occupation/profession, “work”
refers to general efforts and activities done to accomplish a goal. “Work” can
be done both inside an official job and outside a job!

Plan for five careers in a lifetime – Financial
Times

Why A Career Change at 30 and Beyond Is
So Hard
– Monday Views

  The career lifecycle

  1. Getting
    that first opportunity – convince an employer you will be a good employee
    and that you are knowledgeable in your field
  2. Developing a reputation –
    become someone who adds real value to an organization, an expert
  3. The cross roads – either
    burned out or stopped caring, you have had enough
  4. Working  for the money – when you are only in it
    for the money, this is the beginning of the end

Plan for five careers in a lifetime – Financial
Times

Why A Career Change at 30 and Beyond Is
So Hard
– Monday Views

Challenges of career change

  1. Uncharted
    territory – lots of risk and struggles, it’s uncomfortable
  2. Education or Training – this
    will require time & money (a good reason to live below your means)
  3. Compensation – you will
    definitely earn less money when you start a new career
  4. When the perceived pain of
    continuing is greater than the perceived pain of changing
  5. Courage to try something
    different – the longer you wait the hard it will be to overcome

Reasons to change careers

  1. This shit
    will get old – you won’t be able to do it for 30 years
  2. You create a backup plan – if
    your second career does not work out
  3. You build a social network –
    if your second career crosses paths with your first
  4. You choose your first career
    when you were 17 – what are the chances you were right
  5. Life is not a straight line

Words of wisdom:

When your father and
I decided to have kids, we felt it very important to educate each of you with
the hopes of NOT putting you on a specific path in life but to give you
options, lay a foundation to give you the ability, courage and confidence to
explore, to discover who you are and to find your own passion. Don’t let the
title of your degree (something you choose when still a teen) keep you in a box
or trap you in a mindset of where you “should be”. View it as the
appetizer of life, with the main feature to yet to come.

Nov 05 2019

1hr 2mins

Play

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

Play

SMS Thrifting Edition – 002

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Oct 26 2019

39mins

Play

SMS 157 – Have a Big Why in Life

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Have a Really Big Why in Life

When pursing financial independence it’s really hard, you need to
have a really big why so when it get hard and you want to quite you will have
the reason why to push through.

With a really big why the how-to’s of life get really easy and
obvious.

To get to your why you have to ask why 3 times to get to the real
answer

What is my big why? I want
early financial independence (not because I hate work)

  1. Why do I
    want financial independence – to have choice and control in my life
  2. Why do I want choice and
    control – to work at a cause I believe in
  3. Why do I want to work at a
    cause I believe in – to work at something bigger than myself to help
    people

Reasons to have a really strong why:

  1. Your battle
    plan will not survive first contact with the enemy
  2. Life is not a straight line
  3. Your plan is unique to you
    with an unknown solution
  4. Life can be really hard and
    at times unfair, don’t be a victim – don’t ask Why me? Ask Why not me?

Strategies for developing a strong
why:

  1. Seek out
    new experiences – doing the same thing hoping for different outcomes is
    bad idea
  2. Abandon your expectations –
    this is where disappointment lives
  3. Treat everyone you meet with
    respect – even if you do not share the same life philosophy
  4. Give Back – don’t be
    transactional you will repel everybody in your life, you will receive more
    in life by helping others than helping yourself
  5. Celebrate milestones –
    celebrate your past accomplishments and your future hope
  6. Let go of the past – this can
    be your undoing only of you let it, “what-ifs” are about your past,
    “why-to” is about the future

What’s your BIG WHY?

1. What have you done in the past that felt incredibly fulfilling?

2. When have you been at your
absolute best?

3. When have you been at your absolute worst?

4. What anger’s you? or What breaks your heart?

5. Why, why and why?

Reddit Post 1 User: m

yTwelfAccount:

I finally
realized my “why”

Many
posts here urge the community to really consider their “why.”  Why are you pursuing financial
independence?  For so long, it’s been
easy for me to say, “I hate working.” 
But when I shared that with people in real life, I was met with confused
looks.  “It doesn’t seem like you
hate working,” many people would respond. 
And it didn’t feel all the way right to me.  I don’t really hate working.  In my jobs, I have had opportunities to
directly help people and improve their lives. 
I have changed systems and operations for the better.  I don’t hate that.

What I
hate is the performance required.  I hate
the charade of working 8.5 hours even when it’s not necessary.  I hate that half hour that has to be unpaid
because of lunch.  I hate having to
consider the optics of your decision to work a different schedule, take a three
week vacation, or having a long lunch.  I
hate the endless meetings and documentation required to assure everyone you
are, in fact, working.  I hate the
contests people have with one another on who is skipping lunch, who is coming
in early and staying late, and who can’t take vacation.

It’s
bullsh*it.  It’s inefficient.  It’s unnecessary.  And so that is why I want financial
independence. To free myself from bullshit.

Reddit Post 2 User: myTwelfAccount:

Funny
side note – I ended up in a conversation where I had to explain this to an
older woman the other day and you’d have thought I was telling her about
Bigfoot or ghosts and aliens. Apparently making good money and living a fancy
lifestyle is totally normal but saving the money instead so you don’t have to
work- that’s just a f**king fairytale.

Oct 22 2019

1hr 5mins

Play

SMS 156 – Transition is Hard

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On the podcast we always talk about change and moving forward and to
do that it usually required change and to get from where you are to where you
want to be there is always a transition and its usually uncomfortable and that
ok.

Transition can be a very fragile but is very critical to getting to
where you want to be in life. This usually requires some kind of behavior
modification that will require some form of self-discipline and new habits.

Discipline – the ability to give up immediate pleasures for
long-term goals.

Habit – an acquired mode of behavior that becomes involuntary.

You use your discipline to develop habits and you develop your
discipline through forced repetition.

You have a limited amounts of discipline to spend each day, so spend
it wisely on the things that are important.

 The Dip – you start out with
enthusiasm and energy, then thigs get hard, this is the dip. You need to expect
the dip anticipate it and have a solution ready to push through the dip to
achieve success.

How to master Self Discipline:

  1. Know your
    weakness – we all have them
  2. Remove temptation – you are
    not as strong as you think you are
  3. Set goals – realistic and
    measureable
  4. Measure progress – record
    keeping is the key, don’t try to do this in your head
  5. Celebrate wins – winning is
    contagious

Why Transition is so hard:

  1. Uncharted
    territory – learning is the key, the older you get the harder this becomes
  2. Fear of failure – you are
    already failing small at something you are trying to correct
  3. Uncomfortable – our emotional
    brains naturally gravitate toward pleasure

How to make transition easier:

  1. Follow a
    proven plan – such as a book, youtube, podcast
  2. Bridge the gap – small
    incremental steps will keep you motivated
  3. Measure your progress – you
    need to know you are making progress in the right direction
  4. Expect setbacks – failure is
    your friend, you learn more from your mistakes, and you are probably
    failing at something already that’s why you are trying to make a change.
  5. Expect it to be hard – if
    it’s not hard it’s probably not worth doing.

Oct 15 2019

56mins

Play

SMS 155 – You’re Not Poor You’re Broke

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SMS155 – You’re Not Poor You’re Broke

Poverty – is not about a lack of wealth it is about a lack of
opportunity.

Broke – is about an insufficient amount of wealth for a chosen
lifestyle.

The problem with not knowing the difference is you either try to
solve the wrong problem or worse you become powerless to solving it.

You don’t have to be born into poverty to be poor, circumstances can
be your undoing.

Relative poverty vs absolute poverty – relative poverty can be
solved much easier than absolute poverty.

Canada’s poverty rate was 9.5% in 2017 (35,000,000 * 0.95=
3,325,000) defined as a family’s ability to afford a “basket of goods”.

Factors that would indicate poverty:

  1. Access to
    education
  2. Access to housing
  3. Access to savings/investing
  4. Access to the free market

Four simple factors can determine future poverty risk:

  1. Race –
    visible minority
  2. Education – no access or
    limited access
  3. Martial Status – single with
    no support system
  4. Age – a bad start leads to
    bad places

Factors that would indicate
artificial poverty (broke not poor):

  1. Your
    situation is temporary with a known solution
  2. You have a safety net –
    family or debt
  3. You have options – choice
    could solve or improve your situation
  4. You have something to lose

Reasons you might be broke but think you are poor:

  1. You’re
    consumed with first world problems
  2. Compare yourself to others
  3. Don’t take ownership
  4. Don’t understand the Maslow
    Hierarchy of needs

Oct 08 2019

52mins

Play

SMS 154 – Your Emotional Brain is in Control

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Personal finance is 90% behavior and 10% math – this is a spectrum

We have two brain – the logical brain and the emotional brain

Your emotional brain is in charge and your logical brain is just
there for support.

You can gather all the knowledge in the world but if your emotional
brain is not onboard it just won’t happen.

If our emotional brain is in charge what is the problem? – We often
evaluate our decisions using logic

How to you know you are making an emotional financial decision with
bad logic:

  1. Justification
    mode – “It’s an investment”
  2. Excitement is your emotion –
    the logic is usually flawed
  3. No decision is an emotional
    decision – fear is a dangerous emotion
  4. The sacrifice is not obvious
    – monetary sacrifice followed by the opportunity cost
  5. Your decision reduces the
    control in your life

If you find yourself making bad or regretful decisions you may need
a new approach to keep your emotions from getting the best of you.

10 Tips to help you take control of your emotions (from
Psychologytoday.com):

  1. Power Up –
    be aware of your emotions
  2. Rewind – step back, how did I
    get here
  3. Fast Forward – play our
    scenarios to see where it will lead
  4. Zoom in – peel back the
    layers
  5. Monitor the volume – listen
    to your inner voice or support system
  6. Adjust the brightness – look
    at both the positive and negatives
  7. Press Pause – sleep on it
  8. Stop – it’s never too late to
    stop a bad decision to mitigate the damage
  9. Turn off – time to collect
    your thoughts
  10. Recharge – make sure you are
    in good mental state for decision making

Strategies for managing your emotional brain for personal finances:

  1. Acknowledge
    your emotion – know which emotions are in play, there is always at least
    one
  2. Put the problem in front of
    the solution – we often have a solution where no problem exists
  3. Use your support system –
    people that care about, but are not emotionally in your decision
  4. Write it down or say it out
    loud – does it still make sense
  5. Have a value system – avoid
    decisions altogether

Oct 01 2019

1hr 6mins

Play

SMS 153 – Financial Vulnerability

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Financial Vulnerability Evolves Through Stages of Your Life

Vulnerability: capable of being physically or emotionally wounded.

Signs you might be feeling financially vulnerable:

  1. Anxiety
  2. Fear
  3. Uncertainty about the future
  4. Lack of knowledge

We all seek financial security, however we are all susceptible to financial vulnerability
Real vs. perceived vulnerability throughout our lives.

Financial vulnerability or the elution of it will go up and down but will tend to settle where it always has been, unless you surrender to the delusion of control.

The delusion of control is the believe that we think we can control the outcome of many or even every situation we find ourselves in.

The financial vulnerability cycle
1. Identify financial vulnerably feeling
2. Put safe guard in place
3. Identify new, less damaging vulnerability, but treat it the same as the first one
4. Put safe guard in place
5. Identify new, less damaging vulnerability, but treat it the same as the previous one
6. Put safe guard in place

As you put into place measures and safe guards to minimize the feeling of vulnerability you will then focus on smaller issues seeing them as threats where they were not a threat before and the feeling of vulnerability returns.

Ask yourself this question: Would you have loved to be in the position you are now 5 years ago?

Vulnerability Through Stages of Your Life
Beginning of working career
– education
– Job experience
– workplace skill
– networking connections

Middle years
– additional financial responsibilities
– dependants
– the stakes are higher

End of working career
– higher wage you are less likely to replace
– reduced productivity
– job transition is more difficult

Retirement Years
– Health
– Investment returns

How vulnerability serves you
1. Its not something you should try to defeat, you should embrace it — it’s a built in protection
2. Exposing your vulnerability will show the world who you really are
3. Exposing your vulnerability will show you who you really are
4. If you don’t feel vulnerability you are also shutting down your positive emotions

Sep 24 2019

1hr 17mins

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SMS 152 – Comparing Yourself to Others Financially

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Comparing yourself to others Financially

Life is so much simpler when you stop explaining yourself to people and just do what works for you.

Why we tend to compare ourselves to others:
1. Easy (lazy)
2. Societal pressure
3. Envy
4. Our Social Circles
5. Inspiration
6. Predictable outcome
7. Lack of confidence

Why you shouldn’t compare yourself to others:
1. Different resources
2. Different values
3. Different goals
4. Different support system

Sep 17 2019

1hr

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SMS Thirfting Edition – 001

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Sep 14 2019

1hr 1min

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SMS 151 – A Financial Crutch is Your Enemy

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A Crutch is Your Enemy

How and why financial crutches happen

Its ok to reach for help but when rely on it it become a crutch

Toxic Charity: Lessons from Bob Lupton
1. Appreciation
2. Anticipation
3. Expectation
4. Entitlement
5. Dependancy

What is a crutch:
1. Traditional: something to lean on because of an unanticipated event
2. Handout rather than and hand up
3. Limiting believe
4. Doing vs showing – look for teachers in your life
5. Decision making vs philosophies – decisions making is a developed skill

The problem with a crutch:
1. Don’t develop a resourceful toolbox
2. Have to live your life under somebody else rules
3. Guilt – financial and emotional
4. Life direction is limited
5. Limited by the limitations of your crutch – situation/career
6. Enables a false unsustainable reality

Sep 10 2019

1hr 13mins

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SMS 150 – A New Beginning

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Build on top of something you have already started or get back to there basics

Our lives tend to be a contagious never ending cycle with a re-sets you need to find a time of year for a fresh start.

New years resolutions are not quite the same because you go from winter to winter where with September brings a change of season and all of your senses are engaged.

Why September represents a new beginning
1. Move from relaxation mode to productive mode
2. End of vacation season – re-start routine
3. Change of seasons – environmental and physical
4. School starts – traditional and continued learning

Areas of life for a new beginning:
1. Relationships
2. Health – physical and mental
3. Finance

How to leverage a new beginning:
1. Enrol in continuing education
2. Remember the frugalness of the student lifestyle
3. Read a self help book (audiobook)
4. Subscribe to a youtube channel
5. Subscribe to a podcast
6. Join a group of like-minded people

Sep 02 2019

52mins

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SMS 149 – Financial Literacy

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Why financial literacy is important
1. Personal finance touches all aspects of your life
2. It will serve you for your entire life
3. Builds self-confidence
4. Develops big picture thinking

Possible target groups – secondary school or post secondary school

Why financial literacy might not work in High School
1. Maturity is not ready (no urgency)
2. Peer pressure
3. Mandatory vs optional
4. Parent are too strong of a role model
5. The stakes are too low

Financial Literacy Topics:
1. 90% behaviour 10% math – develop life long habits and self-discipline
2. Spend less than you earn – a documented budget is a requirement
3. Credit does not solve problems – it makes them worse
4. Life does not always go as planned – and that’s ok
5. Develop the self discipline to save money – and not spend it
6. Document your goals and dreams
7. Develop a value system – this will evolve as your grow

Aug 26 2019

1hr 1min

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iTunes Ratings

17 Ratings
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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.

Great Podcast and I listen to a lot of them

By Financepodcastaddict - Mar 28 2017
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This was a recommendation from Radical Personal Finance. Even as an American listener, the content is great and I get to see a different perspective from our friends above the border. Keep the content coming, listened to the 1st 27 episodes in a couple of days, I like your style.