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Episode #54 - Your First Real Budget – Managing A Paycheck, Rent, And Real-World Expenses · Military Broadcast Radio | MBR Talk

• 1:16
  Welcome to Hot Takes the Murph Man coming to you live from
• 1:19
  Porter Studios here in El Paso, TX.
• 1:21
  I am the Murph Man with my Co host Connor.
• 1:23
  How you doing today Connor? I'm doing good today.
• 1:26
  How you doing Mark man? Is that too much energy for you
• 1:28
  so early in the morning? A little bit.
• 1:29
  That's fine. I was like, that's a little
• 1:32
  extra. I'm like, OK, yeah.
• 1:34
  No, I just want to see what you. Can I switch it up a little bit
• 1:35
  or what? No, I just because I know we're
• 1:38
  tired and you're just like, oh God, I don't want to be here.
• 1:41
  Yeah, but you have a good work ethic and you're here, so.
• 1:43
  Props. Thank you.
• 1:45
  So what's going on in the world that you want to talk about
• 1:48
  today? Anything in particular?
• 1:49
  I don't know what's going on at all so.
• 1:52
  Well, UTEP is playing Oregon State Beavers.
• 1:55
  What do you think the chances are for Homecoming?
• 2:01
  A good 64 points, no chance to win. 64 Why not 63?
• 2:10
  Why not 62? Just, you know, 64.
• 2:15
  Percentage. I mean, I guess.
• 2:20
  That's funny. You know?
• 2:21
  You know why, right? No, no, it's because it's like a
• 2:25
  third of the chance is 33, then you have 66, but not even 2/3,
• 2:29
  you're like a little less than 2/3 of 64.
• 2:32
  I guess, yeah, that's. Why?
• 2:35
  I'm like, that's just a a weird percentage number to throw out
• 2:38
  there. It's just a percentage.
• 2:40
  I, I know, but so anyway, I think UTIP will beat the Beavers
• 2:46
  and I, I think it's like a 71 1/2, 71.2532415% chance.
• 2:54
  No, that's random, OK. 3.14 π. I know what that.
• 3:04
  Is, Yeah. How many numbers are in π
• 3:07
  infinite? Yeah, that's right.
• 3:09
  Isn't that crazy? No, no.
• 3:12
  You don't think that's crazy? No, Why not?
• 3:16
  We have infinite numbers, you know that, right?
• 3:19
  I know you have infinite numbers.
• 3:21
  So then did you know if you started counting to a million
• 3:26
  from the day Uncle Jesus was born, every second, one number,
• 3:30
  every second, you still wouldn't be at 1,000,000.
• 3:36
  It's a trip, huh? I guess.
• 3:40
  Yeah. Counting one number every second
• 3:43
  since Jesus was born, you still wouldn't reach me.
• 3:45
  When was that? The year of 0, so 1900.
• 3:51
  And I mean 2026 years ago. OK.
• 4:01
  You don't find that interesting? No, you suck.
• 4:05
  I don't think that's true though.
• 4:06
  But. You don't think that's true?
• 4:10
  I don't think that's true. I think it is.
• 4:13
  I think it is. I believe it is.
• 4:15
  Why wouldn't it be true? I don't lie.
• 4:18
  Why would you know that though? Have you counted to a million?
• 4:21
  Has anybody counted to 1,000,000?
• 4:24
  You physically can't. We just got through saying that.
• 4:27
  You can. If you count every second since
• 4:32
  you were born, you. How many seconds has it been
• 4:37
  since I've I've been born? You want to do that math?
• 4:40
  I'll do it later. I don't have my phone on.
• 4:42
  We're doing a show right now, so I'll do it after I know.
• 4:45
  Go on, break one of those. You'll do it on break.
• 4:50
  All right. Well, Speaking of break and one,
• 4:53
  before we go on into our show, I want to tell you a little bit
• 4:55
  about Conor and I are here. We're not experts on this
• 4:58
  subject where we talk from world, world experience, our
• 5:01
  lives, our experiences, our friends, family, whatever you
• 5:04
  want to call it. And whatever we say here is not
• 5:07
  about anything other than our opinions.
• 5:11
  Now, sometimes we do get a little heated and, you know, we
• 5:14
  discuss and we get off track because we don't rehearse the
• 5:17
  actual show itself. I do the slides and everything
• 5:21
  that we have and clips. And yeah, I do that, but we
• 5:24
  don't actually discuss. OK, here's what you're going to
• 5:26
  say. Here's what I'm going to say.
• 5:27
  We don't plan it that way. It's all spontaneous.
• 5:30
  So that's why I like that. All right?
• 5:34
  But I will tell you right now, let's go ahead and get the show
• 5:36
  started and let's go ahead and ignite that fuse.
• 5:49
  Welcome to Hot Takes with the Murph Man.
• 5:52
  Today we are talking about your first real budget, managing a
• 5:56
  paycheck, rent, and real world expenses.
• 5:59
  Your first paycheck feels amazing until rent, groceries,
• 6:03
  and bills show up in episode 54 of Hot Takes with the Murph Man.
• 6:08
  Murph, Man and Connor Breakdown How to build a real world budget
• 6:12
  that balances financial freedom with adult responsibility.
• 6:16
  Discover the power of the 5030 Twenty rule.
• 6:19
  Learn how 0 based budgeting apps keep your spending on track, and
• 6:23
  find out why the true priority in your 20s should be increasing
• 6:26
  your income earning potential rather than pinching every
• 6:29
  penny. TuneIn to master your cash flow,
• 6:33
  dodge common financial pitfalls and turn your budget from a cage
• 6:37
  into a financial compass. All right, we are back.
• 6:44
  So I got to tell you, budgeting to me is so important.
• 6:50
  This is something Connor can tell you I work on on a daily
• 6:54
  basis, right? I check my budget every day
• 6:57
  because things happen every day, unexpected expenses or I come up
• 7:02
  with an idea and like, oh, I want to do this.
• 7:04
  And I told you guys last week that my budget is planned, you
• 7:07
  know, till I retire basically, so I can figure out where I need
• 7:11
  to save and what I need to spend and so on so forth.
• 7:14
  And as I'm doing this, I am realizing that I can save money,
• 7:20
  all right? But instead of saving the money,
• 7:23
  I'm actually investigating into the pro, into our business,
• 7:26
  right? So it's not that I don't want to
• 7:29
  save money, just my goal right now is to get this business off
• 7:32
  the ground. And that's where my money's
• 7:33
  going. So I have to budget for it.
• 7:35
  And for example, this past week I wanted to buy a program that
• 7:41
  does avatars and I went and bought it and I didn't like it.
• 7:46
  So got my money back, you know what I mean?
• 7:48
  But I had to come up with that money to begin with on my budget
• 7:51
  if in case I had it. Also, programs are starting to
• 7:54
  renew because we've already been in this for over a year.
• 7:57
  And all the problems I had when I first started, you know,
• 7:58
  there's some I got rid of, but there's some that I still want
• 8:01
  to keep. So now I'm like, OK, I got to
• 8:03
  find the money for that, right? Because there was one I didn't
• 8:06
  want to keep, but I'm going to now, right?
• 8:10
  Or I might. We're going to still, we're
• 8:11
  still working on that. We have until the 4th of October
• 8:13
  to decide if we're going to keep it or not.
• 8:15
  But next October 4th is already in my budget to keep it just in
• 8:18
  case, you know what I mean. So I plan ahead like that.
• 8:23
  That's what I do for budgeting. I don't obsess over it like I
• 8:27
  used to because it's pretty good now.
• 8:30
  But every time I get new income, I decide, OK, what bills am I
• 8:33
  going to pay? And I start playing with my
• 8:34
  budget and everything. And it works, right?
• 8:38
  But what I want to do is help you understand what it means to
• 8:42
  budget. OK?
• 8:44
  Like the slide says, your first paycheck feels amazing until
• 8:46
  rent, groceries and bills show up.
• 8:49
  This episode helps you build a real world budget that balances
• 8:51
  a freedom with the responsibility and sets the
• 8:53
  stage for financial stability. What do you mean by financial
• 8:57
  stability, Connor? What do you think that means for
• 8:59
  you? To be stable.
• 9:02
  That's yeah. You're defining it with the
• 9:04
  definition so, but what does stable mean for you?
• 9:09
  To be balanced, to be equal, like not good, not bad or not
• 9:18
  left not. Right centered about talking
• 9:21
  financially, you said define stable and not.
• 9:24
  You don't. You don't want to get into
• 9:26
  places where you don't pay your bills and you lose your house.
• 9:28
  Card good or bad? OK.
• 9:30
  But it's one of those things that when you think about it,
• 9:33
  you don't realize how much it actually matters to budget,
• 9:37
  right? So I think one of the important
• 9:40
  things that we got to do is have a plan.
• 9:44
  So let's talk about that right now.
• 9:45
  Another burning question. Today's burning question is what
• 9:57
  is the 5030 Twenty rule of budgeting?
• 10:00
  A 50% wants, 30% needs 20% savings B 50% needs, 30% wants
• 10:08
  20% savings slash debt C 50% debt, 30% needs, 20% wants D 50%
• 10:17
  savings, 30% needs, 20% wants. All right, Connor, this is a
• 10:25
  little confusing, but let's let's first of all, let's define
• 10:27
  three things. Let's define wants, needs and
• 10:30
  savings before we get to the answer to the question.
• 10:32
  What are wants once are anything that is not a need.
• 10:39
  So anything extra, obviously. Well, does that make sense
• 10:42
  though? Yeah, but you defined it with
• 10:45
  the definition. Do you want pizza or do you need
• 10:50
  pizza? No, you need food.
• 10:54
  You want pizza? It's stuff you desire.
• 10:59
  Yeah, you can say that. OK, then you have the needs,
• 11:03
  everything you need for to succeed in life, to pass, to be
• 11:06
  healthy, all that good stuff. And putting in front of savings
• 11:08
  is savings is what you put aside so you don't touch it and you
• 11:12
  try to make some money down the road, right.
• 11:14
  OK. So 5030 or 20%, where do you
• 11:16
  think they fall? Well, let me think 20% would be
• 11:23
  for savings. That's what I would do. 30% I
• 11:30
  would say. I'd say 30% is stuff you want,
• 11:37
  not much on priority. I would say half your money you
• 11:40
  would spend on stuff you need. Half your money you want.
• 11:45
  On need, Sean. Oh, stuff you need.
• 11:47
  OK, that's. What I would say so I would
• 11:51
  think B would be the answer. 50 needs 30 wants 20 savings.
• 11:55
  OK, I think you're right on that one.
• 11:58
  That is 100% correct because having this set up, let me give
• 12:02
  you an example. Easy numbers, let's just say you
• 12:04
  get 1000 a month on paycheck, OK, Immediately $200 goes into
• 12:10
  your savings account, OK Now of course this is take home pay,
• 12:14
  not your net pay and gross pay are different.
• 12:19
  Gross pay is what you actually earn.
• 12:21
  Net pays which take home after all the taxes and fine and all
• 12:23
  your health benefits and all that are taken out.
• 12:26
  OK. So when we sit there and we look
• 12:35
  at this 20% is put into savings. Now we're going to talk about
• 12:39
  that a little later, 30% are your your wants and 50% are your
• 12:47
  needs. So the first thing you do out of
• 12:49
  that $1000, you put the 20 in savings and then you go through
• 12:53
  the 50% and you identify all the bills you have for the month,
• 12:56
  groceries, gas, all that has to be budgeted into your account.
• 13:00
  Why shouldn't you do that first, technically?
• 13:05
  Well, I'll explain why I'm saying it this way, OK?
• 13:10
  And then after that, whatever's left over, whether it's 30% or
• 13:14
  less or more, OK, you decide what you're going to do with it.
• 13:18
  And if it's more, you can put into savings.
• 13:19
  If it's less. And kind of brings up a good
• 13:21
  point, why would I do savings first?
• 13:24
  Well, the way I recommend you do this, and we're going to talk
• 13:27
  about this down the road, right? But you get your first paycheck,
• 13:33
  you do what you call is an ACH transfer or an allotment or
• 13:36
  whatever the case may be. So you can actually have money
• 13:39
  pulled out of your account and put into savings automatically.
• 13:43
  You don't even see it on your paycheck on the bank.
• 13:47
  That's what I mean, 20% gets taken away.
• 13:49
  Sorry, 20% gets put into your savings without you even
• 13:51
  realizing you're doing it. As your income goes up, that
• 13:56
  same amount keeps going into your bank every paycheck, right?
• 14:00
  Then you have more money for your ones and needs, and if you
• 14:03
  need to, you can pull money out of the savings if you don't.
• 14:05
  Have money or something? If your money goes up, wouldn't
• 14:08
  the wouldn't you put more into savings?
• 14:10
  Yeah, you would want to do that exactly.
• 14:12
  But I'm saying if you don't ever touch your paycheck again, your
• 14:17
  money goes up, more money goes into your bank account, but that
• 14:19
  same 20% from the beginning always goes in there, whether
• 14:21
  it's $100.10 dollars, $15, whatever the amount is.
• 14:25
  You can change that, obviously, But that money has gone into
• 14:30
  your bank account, into your savings, and you haven't looked
• 14:32
  at it on your paycheck at all. So you don't even think about
• 14:34
  that money anymore. Does that make sense?
• 14:37
  Yeah. Yeah.
• 14:37
  So as you get paid more than yes, you could put more into
• 14:43
  savings, which you should put more into savings.
• 14:45
  And do you remember how many months you need to have in
• 14:47
  savings for emergencies? How many months?
• 14:53
  I don't know. Six months.
• 14:55
  Six months so that it it takes between 6 to 10 months to find
• 15:00
  the job. Sometimes if you get lose your
• 15:01
  job for whatever reason, business closed down, whatever
• 15:03
  the case may be, unemployment lasts for a few months, but it's
• 15:07
  nowhere near enough, believe me. And, and here's what really
• 15:09
  sucks, just so you know, if you don't notice about an
• 15:11
  unemployment when you have a, a, when you lose a job, let's just
• 15:20
  say I'm making $1000 a month at this job and I have a side
• 15:23
  hustle at Burger King making $200 a month.
• 15:25
  Easy numbers. OK, if I get $600.00 from
• 15:31
  unemployment because of my $1000 job that I lost, they subtract
• 15:34
  the 200 that I make. So it's actually this, this is
• 15:39
  where the system is so screwed up.
• 15:42
  It benefits people to not work and get all the benefits.
• 15:45
  Unemployment, housing, food stamps, right?
• 15:51
  It's actually better to get that than try to even make money and
• 15:53
  and get a job while you're receiving those benefits.
• 15:58
  You make more by not working. Damn, that's that's crazy.
• 16:05
  That's great. So when when you think about a
• 16:07
  lot of people who live in housing and whatnot and they
• 16:10
  look at and they say, OK, you know, why would I want to get a
• 16:13
  job? That's a mentality.
• 16:16
  The government takes care of me, OK, Why would I want to do it?
• 16:21
  And that's, that's the, the point that I make is you can
• 16:27
  stay at that level of low income for the rest of your life and
• 16:30
  never have to work and whatever, whatever disability, you know,
• 16:33
  whatever the case may be. But if you want to improve your
• 16:35
  life, you're going to have to find a job at some point and get
• 16:37
  off those benefits. And with this, with the life
• 16:39
  that I've had, with the situation we had, I've had to
• 16:42
  get on benefits to survive. But it was three months, four
• 16:48
  months, you know, and you talk about the six months of savings.
• 16:52
  If I had six months of savings, I would have been able to
• 16:55
  afford. That doesn't make sense.
• 16:57
  But I didn't have it because I just had to pay for Mom's
• 16:59
  funeral and all her medical costs and everything.
• 17:01
  Thousands and thousands of dollars all went out the door.
• 17:04
  So we struggled. We got the help, we need it and
• 17:09
  we got out of it. OK.
• 17:12
  Now I'm at a point where, like I said, instead of putting the
• 17:16
  money savings I'm putting into the business, so on and so
• 17:17
  forth, OK. But if you get that first
• 17:22
  paycheck and you put those statements in the bank account
• 17:25
  and don't touch it, you have two, You can have two bank
• 17:27
  accounts. You can have one that builds up
• 17:29
  for savings and one that builds up for emergency fund, OK.
• 17:34
  And that money gets together. Your paycheck, you never see it.
• 17:36
  Your paycheck goes to your bank and you say, oh, that's my money
• 17:38
  I can work with this month. So the money gets put in
• 17:41
  savings. You don't even remember you have
• 17:43
  it until you get the bank statement.
• 17:45
  You know what I mean? Yeah, if you even get a bank
• 17:47
  statement, we'll do it electronically.
• 17:48
  So that's that's those fifty 3020 rules.
• 17:51
  OK. And we'll talk about that more
• 17:53
  in a little bit, but let's go ahead and get to our hot takes
• 17:57
  of the day. Today's hot take is this.
• 18:09
  The financial priority in your 20s shouldn't be saving every
• 18:13
  penny, it should be increasing your income earning potential.
• 18:17
  A $5000 investment in a high ROI certification or skill building
• 18:22
  course will yield more lifetime wealth than having $5000 sitting
• 18:26
  in a low interest savings account.
• 18:30
  OK, think, think about that, Connor.
• 18:33
  It says you shouldn't be trying to save every penny.
• 18:35
  You should increase your income earning potential, IE get
• 18:41
  something, get some kind of training, go to college, because
• 18:44
  in the long run they'll give you more money, right?
• 18:48
  Yeah. A $5000 investment in the high
• 18:50
  return of investment, it's ROI certification or skill building,
• 18:54
  such as cybersecurity. If you were to get that, that
• 18:57
  license, you're making $45,000 a year immediately with that first
• 19:00
  course done. Spend a couple 100 bucks in the
• 19:03
  course and you become cybersecurity expert, you know,
• 19:08
  and that in turn will get you more money down the road as
• 19:10
  opposed to just going to work at McDonald's and starting your job
• 19:13
  career and working your way up, right.
• 19:16
  So when you look at this stuff, realize you're trying to invest
• 19:20
  in your future and yet ask yourself what's the best use of
• 19:24
  my money right now? Yes, put some into savings.
• 19:27
  Yes, have your living expenses, have your wants.
• 19:30
  But ask yourself, should I invest in property?
• 19:34
  Should I invest in business? Should I invest in myself?
• 19:39
  And you really can't go wrong if you invest in yourself, OK?
• 19:44
  Yeah. Now, what I think is also funny
• 19:47
  is when you look at investing in your 20s, if you start early,
• 19:54
  you can be a millionaire if you have good investments by the
• 19:57
  time you're 4045, if you do it right, you know, and we've
• 20:02
  talked about this before. When I die, my retirement from
• 20:05
  Texas Teachers Retirement System is going to be going to you.
• 20:09
  I'm getting half of it now and you're going to get half of it
• 20:11
  for the rest of your life. So and we thought it was like
• 20:13
  500 bucks. I think it's going to be closer
• 20:14
  to 1300 bucks. You know, imagine saving well,
• 20:20
  14,015 thousand a year without you having to spend depending on
• 20:25
  your actual income. That's pretty good right and
• 20:30
  over years that hopefully that that builds up.
• 20:33
  Hopefully I don't die early, right.
• 20:36
  I hope I get to live it out. But no matter when I die, you
• 20:39
  still get that amount. So you can always look at that,
• 20:44
  but start investing in yourself. That's that's my hot take for
• 20:48
  today. OK, how about we take a break,
• 20:51
  Hunter, Ready for a break? Yeah.
• 20:53
  All right, let's. Go ahead and take a quick break.
• 20:57
  It's time for a break. Hot takes with the Murph man.
• 20:59
  We'll be right back. The station where our veterans
• 21:07
  voices are heard. MBR.
• 21:09
  Talk. Find us.
• 21:12
  On the web at MB radio dot. According to the VA Suicide Data
• 21:19
  report, an average of 22 veterans die by suicide every
• 21:23
  single day. This figure is a sobering
• 21:25
  reality and a crisis that demands our immediate attention
• 21:28
  and compassion. We must recognize and address
• 21:31
  the fact that every 24 hours, 22 veterans are losing their lives
• 21:35
  to suicide. The war doesn't always end when
• 21:39
  our veterans come home. The invisible wounds they carry,
• 21:42
  wounds that are real and heavy, require continuous support.
• 21:46
  No veteran should have to carry this burden alone.
• 21:49
  Many veterans experience stress and disconnection as they
• 21:52
  navigate life after service. But there is hope, there is
• 21:56
  help, and you are not alone in this fight.
• 21:58
  There's a vibrant community ready to support you, offering
• 22:01
  friendship, understanding and shared experiences.
• 22:05
  You served your country. Now let us serve you.
• 22:07
  Don't fight the toughest battle in silence.
• 22:10
  Your mission now is to reach out.
• 22:13
  Dial 988, then press 1. Text them at 838255.
• 22:20
  The Veterans Crisis Line is available 24/7.
• 22:24
  Every day we save lives. Your life is invaluable and your
• 22:28
  service is honored. Let's work together to make 22
• 22:31
  zero again. No veteran should face their
• 22:33
  struggles alone. Together, we can ensure every
• 22:36
  veteran finds the support and hope they deserve.
• 24:02
  Before we get back to the show, we pause for something that
• 24:05
  matters to me deeply. I was inspired by Ryan Spencer's
• 24:08
  song Make 22 Zero. Again, I'd like to remind you
• 24:13
  that help is always available 24/7 365.
• 24:17
  If you ever feel you need support or are in crisis, call
• 24:22
  988 and press one or text 838255.
• 24:26
  There will always be someone ready to listen.
• 24:28
  Remember, you are not alone. You know that PSA there is not
• 24:36
  just for veterans, it's for anyone who's having thoughts of
• 24:38
  hurting themselves down 988 press 1 and you're able to get
• 24:44
  the help you need. Someone will always be there to
• 24:46
  talk to you, you know, but I, I think that people don't think
• 24:52
  that number just for veterans, it's not OK.
• 24:55
  So call, get some help and someone will be there for you.
• 25:00
  All right, now back to the show. We're going to talk about those
• 25:06
  terms and definitions that we need to know so that we can talk
• 25:09
  about things today. So here's laying down the goals.
• 25:20
  Before we dig in, let's clarify some of the key terms we'll be
• 25:24
  using today while laying down the coals. 0 based budgeting.
• 25:28
  A budgeting method where every dollar has a job.
• 25:31
  Income minus expenses equals 0. Fixed versus variable expenses.
• 25:37
  Fixed equals consistent rent subscriptions.
• 25:41
  Variable equals fluctuating food, gas, fun emergency fund a
• 25:46
  savings buffer for unexpected expenses.
• 25:49
  Aim for 500 to $1000 to start. This is your financial safety
• 25:54
  net. All right, that's something I
• 26:00
  want to mention here real quick. OK.
• 26:02
  Is these terms 0 based budgeting?
• 26:07
  Every in Penny has a place you can literally spend your money
• 26:12
  and know exactly where it's spent.
• 26:14
  One thing that I don't recommend is carrying cash, Right Connor?
• 26:22
  I say carry cash. How do you track it?
• 26:25
  Do you keep your receipts for everything?
• 26:28
  No. Well, I mean, yeah, if there's
• 26:30
  like a buy one, get 1 somewhere. OK.
• 26:33
  But most of the time we don't save our our our.
• 26:37
  What's it called? Receipts are receipts.
• 26:40
  Yeah. So carrying cash is a hard way
• 26:42
  to track your money if you're trying to do 0 based budgeting.
• 26:45
  Now can you set aside that money and say, all right, let's go and
• 26:50
  let's get a $100 I can spend for my wants that that week, right?
• 26:57
  That means you can spend it any way you want.
• 26:58
  Does it matter? No, because you already budgeted
• 27:00
  for it as long as all your needs are taken care of.
• 27:03
  But that's where we talk about the fixed and variable expenses,
• 27:06
  fixtures of consistent expenses such as rent, subscriptions, if
• 27:11
  you have bills you got to pay, you know, like if you're on a
• 27:15
  payment plan for the electricity, that kind of stuff,
• 27:18
  it all changes, OK. So it's one of those things that
• 27:24
  the the consistent stuff is consistent until like they raise
• 27:28
  your rent for something, then you got it becomes consistent
• 27:30
  again, OK. But those fluctuating are those
• 27:32
  variable expenses are like your food, your gas, your fun gas
• 27:36
  right now is one of those things that is killing everybody.
• 27:41
  What was the last time we checked the price on 4/30 or
• 27:46
  what gas? Yeah, try 450, dude.
• 27:50
  Yeah, OK. It was like we go to Sam's.
• 27:55
  It's like a little bit less than gas stations, but even that's
• 28:01
  expensive. Remember when it was like 4
• 28:05
  even? No.
• 28:06
  Thursday it was four O 4. And then you mean 4.4?
• 28:11
  No, that's 444 O 4. 4/4 I mean, OK.
• 28:16
  On Thursday of last week it was $4.04.
• 28:22
  Thursday this past week it was. We paid 432.
• 28:26
  It went up $0.28 in a week. OK.
• 28:30
  So if I have a, a budget that says OK this week, I, you know,
• 28:34
  if you drive to work back and forth every day and you do, you
• 28:36
  know, if you fill up once a week, you know, OK, about once a
• 28:39
  week, I'm going to have to spend X amount of dollars on gas.
• 28:42
  But imagine going from say $30.00 a month to let's see what
• 28:50
  would be $0.20 a $0.28 a gallon. So let's just say 30 for math
• 28:54
  and it's for 120. So I it's now 3320, so I raised
• 29:00
  $1.20 in a month, that's $10 in a year, that's $120.00 just.
• 29:04
  And that change alone. OK.
• 29:08
  So when you have variable expenses, that's why you want to
• 29:10
  have that savings, so you can pull from it if you need to.
• 29:12
  That's why you have the emergency fund, a savings buffer
• 29:15
  for unexpected expenses. Yeah.
• 29:17
  You know, when we think about that stuff, we think it's all if
• 29:22
  your water heater breaks, if your car breaks down.
• 29:27
  Yeah, those are the emergency funds, but it could also be, you
• 29:32
  know, either you take it out, same as or you lower your wants.
• 29:35
  That that's the important thing, right?
• 29:37
  Eat from home, don't eat out. There's things you can do to
• 29:39
  lower your wants, OK, Go to a concert or or save the money and
• 29:44
  don't go to a concert, OK, You know, but unexpected expenses
• 29:49
  and like I tell you is it's if you plan for certain stuff,
• 29:52
  things happen. Like yesterday I made the
• 29:54
  reservation or the, Well, not yesterday.
• 29:57
  Last week, I made the reservation for a a family
• 29:59
  reunion we're having in El Paso, and I had to put a deposit on
• 30:04
  the room. If I'm not planning it, that's
• 30:08
  money that you're like, oh, man, I don't have that money.
• 30:11
  Or if I get it, I got to save it somewhere else, you know, figure
• 30:14
  out a way to get it right. Yeah.
• 30:16
  So you have unexpected stuff. And so you can have your
• 30:18
  emergency fund for emergencies. You can have your savings in
• 30:25
  case catastrophic something happens and you can't work for
• 30:27
  six months, OK, there's certain things you can do different
• 30:31
  savings accounts and when we have that right.
• 30:33
  Yeah. Yeah, well, yeah, we have mine,
• 30:36
  We have yours. We have ours.
• 30:38
  We have another bank account with another bank, right?
• 30:40
  I don't, I don't know about all that, but yeah.
• 30:42
  Well, USA and the Navy Federal, we each have a savings on each
• 30:47
  one. So that's four and then on this
• 30:50
  one we have. That's two week, 1 each. 1/2
• 30:55
  name Federal, 12 USA. That's 4.
• 31:00
  OK, I guess. Yeah, I don't really check it
• 31:03
  so. Well, I know because we don't
• 31:06
  check it. That's the whole point.
• 31:06
  That's the point of having savings.
• 31:07
  You don't like, you don't have savings?
• 31:10
  Well, unemployed. But when we get a little extra
• 31:16
  funds, we put it in there, yeah. And if we need it, we can spend
• 31:22
  it. OK.
• 31:23
  So keep that in mind. And you know, one thing I always
• 31:26
  tell people is we have a segment called the Story from the Fire.
• 31:30
  Why is so that we can talk about our topic from another person's
• 31:38
  point of view. So let's talk about today's
• 31:42
  Story from the Fire. OK, Sorry.
• 31:56
  In today's story from the fire, Brianna spent freely until her
• 32:01
  car broke down and she had no savings.
• 32:03
  She built a budget, started tracking expenses and created an
• 32:07
  emergency fund. Now she's in control, not in
• 32:11
  crisis. She learned that a budget isn't
• 32:14
  a cage, but a compass that tells your money where to go.
• 32:21
  All right. So Brianna spend money until her
• 32:24
  car broke down and she had no savings for it.
• 32:27
  Then she had a budget, started tracking expenses and created an
• 32:29
  emergency fund. And now she's in control, not in
• 32:31
  crisis. She learned that a budget isn't
• 32:34
  a cage, but a compass that tells your money where to go.
• 32:37
  That's interesting, right? Yeah.
• 32:39
  A compass that tells your money where to go.
• 32:42
  Yeah, if if you have that and you know where your your
• 32:45
  expenses are, then you can definitely plan ahead and you
• 32:49
  can do those kinds of things. OK, so now I want to get into
• 32:55
  the nitty gritty of our topic, OK?
• 32:58
  It's called the heat map, and it's our call to action.
• 33:01
  So you know what we want to do to save money.
• 33:06
  Here's our heat map. The heat map will show you where
• 33:17
  to focus your efforts for the most impact.
• 33:20
  Use the 5030 twenty rule. 50% needs, 30% wants 20% saving
• 33:26
  slash debt. This is a simple and effective
• 33:29
  framework for budgeting. Track every dollar for one month
• 33:33
  to find your spending patterns. You can't manage what you don't
• 33:36
  measure. Automate bill payments and
• 33:38
  savings transfers. This makes saving effortless and
• 33:42
  prevents late fees. All right, so we want to use the
• 33:47
  5030 rule. For 3020 rule, I should say.
• 33:51
  Track every dollar for one month to find out your spending
• 33:54
  patterns. If you do it for three months,
• 33:57
  you get a really good idea of where you're blowing your money.
• 34:00
  Right? Like, we know what's eating out
• 34:01
  for us. Oh yeah, More for me than you,
• 34:04
  but yeah. Oh, no, not really.
• 34:11
  A couple of weeks ago you made dinner for us.
• 34:15
  And what did you say after you made the dinner?
• 34:19
  What did I say? What did I even make?
• 34:22
  What was this? The chicken patties with gravy
• 34:25
  and vegetables and mashed potatoes and all that.
• 34:28
  It's a lot of work. And you said, what do you
• 34:31
  remember? No.
• 34:34
  I got to wash those dishes now. Oh, that's right.
• 34:37
  And then you said, now I get why you go and eat out.
• 34:43
  No, I get why, but it's because that day we didn't have any
• 34:48
  dishes so I had to wash them or make food.
• 34:51
  That's because my brother had to get together and he had paid
• 34:54
  their dollar dishes. I still had AI had to clean the
• 34:57
  dishes I used to make food to dirty them again.
• 35:01
  Yeah. And I'm like, I'm not cleaning
• 35:03
  that again. And and you said, you know, I
• 35:06
  can understand what you eat out. Yes, it's convenient, OK.
• 35:10
  And we're always out. But that's part of my wants
• 35:12
  budget. My 30%, my needs are taken care
• 35:14
  of. I don't have to worry about
• 35:16
  that. But my wants budget allows me to
• 35:18
  spend that money when I need to. Now, if I don't have the money
• 35:20
  to eat out, guess what? We're not eating out.
• 35:22
  We're eating at home. But I will tell you the best
• 35:25
  place to eat when you're broke, Hunter.
• 35:32
  Where? I don't know.
• 35:34
  But the cheapest place we could eat the cheapest?
• 35:41
  Circle K. That's where we can get drinks
• 35:43
  for $0.78 if you remember OK but.
• 35:51
  I don't know. Stamps $1.50.
• 35:54
  Gives me a hot dog and a soda. I don't want true, I guess,
• 35:59
  yeah. Right.
• 36:00
  Or a pizza slice for 2 bucks. 175 isn't it?
• 36:04
  No, it's too. Do you know how much we we pay
• 36:06
  when we go there? No, $10 and we get food and
• 36:10
  drink. Damn.
• 36:13
  All right. That has been my go to for the
• 36:17
  longest time. Whenever I want to do something,
• 36:19
  I just don't have a lot of money.
• 36:20
  I'll be like, let's just go to Sam's and let's get a a pizza or
• 36:23
  something. 10 bucks done and $0.89 for the sodas.
• 36:27
  If you know Circle K. But you you want to track every
• 36:35
  dollar for one month to find your spending patterns.
• 36:37
  I'm telling you right now, if you do it for three, three
• 36:39
  months, you're going to be like, wow, I spent money on that, OK,
• 36:44
  And super stuff. One thing, everyone thinks the
• 36:46
  Dollar Tree is cheaper and it is.
• 36:49
  But if you go in there and you spend $40, is it really cheaper?
• 36:52
  Well you get like 4035 items with that.
• 36:59
  Well, the company is a lot less now that they raised it to
• 37:01
  dollar 25 and. Oh yeah.
• 37:03
  And the taxes, you know. Which yes, but I guess I don't
• 37:10
  have an adult tree anymore. It's like a even.
• 37:15
  I don't even know fucking. 1/4 tree.
• 37:19
  Yeah. And now they have the segment of
• 37:22
  like $3 and $5 and they're becoming a regular store.
• 37:25
  They're becoming 5 below. Yeah.
• 37:28
  Yeah, exactly. And then the last part we have
• 37:32
  here is automate bill payments and savings transfers.
• 37:35
  Now let me give you one of these with caution, OK?
• 37:40
  I try not to do automatic payments whenever I can.
• 37:47
  It some places will actually give you a discount if you do it
• 37:50
  automatically. You know, you don't get have to
• 37:53
  pay the credit card fee to pay or anything like that.
• 37:57
  But what I, what I think is funny is that when you, when
• 38:01
  you're doing that, if you're expected to pay on the 15th,
• 38:07
  right, you have your automatic payment on the 15th.
• 38:09
  But what happens is I don't get paid till the 16th.
• 38:12
  It's like, whoa, I missed it. You know what I mean?
• 38:17
  And that happened to me recently where I had a bill that I
• 38:20
  thought was coming on the 25th and it came out on the 22nd.
• 38:23
  And it's because I read the number as a 5.
• 38:25
  I don't know why. But two and A5.
• 38:30
  Yeah, it's, it's not the same. I know that, Connor.
• 38:32
  I'm not stupid, OK? Maybe turn the two upside down.
• 38:36
  Yeah. But it was just a quick glance
• 38:37
  at it, OK. And I ended up, you know, I had
• 38:42
  the money in the bank, so it was good.
• 38:43
  No big deal. But having those automatic
• 38:47
  payments can throw you off sometimes.
• 38:49
  And also like, let's say if you get a tax refund and you want to
• 38:52
  pay off some bills and you pay some bills ahead of time,
• 38:56
  sometimes you still get charged the automatic payment.
• 38:59
  So you know, what it does is if you have a regular paycheck like
• 39:04
  every Friday, then you want to have automatic payments every
• 39:09
  Friday because you know that money's going to be there on
• 39:12
  Friday. And that's the thing when you
• 39:13
  get paid every two weeks, those dates fluctuate a few days every
• 39:18
  now and then. And if you say on the 1st I'm
• 39:21
  going to get paid and you get paid on the third because that's
• 39:24
  your two weeks, then you can have some trouble.
• 39:27
  So automatic payments are good to keep you on track, but you
• 39:31
  also want to be very careful what you do with your budget,
• 39:35
  OK? Because if you have automatic
• 39:38
  payments, it can actually like, cause problems.
• 39:40
  Pretty. Do we agree on that?
• 39:42
  Yeah. You know, and one thing that I
• 39:48
  like is the statement that we said was pay yourself first.
• 39:54
  Remember, we talked about that. If you have money going into
• 39:56
  your savings, great. You know, I have an allotment of
• 40:00
  $600.00 of what an allotment like it gets taken on my being
• 40:05
  help us into a checking account. And every month I take out like
• 40:10
  300, four, $100 out of it because it's my paycheck, right?
• 40:14
  And instead of changing it to 200, I leave it at 600.
• 40:17
  It's just a matter of doing a sale.
• 40:18
  And I'm it's, you know, it's in my account.
• 40:20
  No big deal. Yeah, but there was one month
• 40:23
  that I forgot to take the money out and I struggled.
• 40:27
  I, I really, I struggle that month a little bit.
• 40:29
  I'm like, why am I so bad? I, you know, I keep track of my
• 40:32
  budget and everything. The next month when I went to go
• 40:35
  take my $600.00 out or next paycheck, I saw $600.00 extra.
• 40:40
  I'm like what? Oh damn, you know.
• 40:44
  Yeah. All of a sudden I had an extra
• 40:48
  $600.00, you know, so, but then it seems all right, we fixed the
• 40:51
  car and one year, do you remember how much we paid in car
• 40:57
  repairs with a new engine on the car and everything the whole
• 41:01
  year like. Well, OK, what was the issue
• 41:06
  with the? We need a new engine and then
• 41:09
  the sub need the wreck and pinion.
• 41:11
  That's right, Was it? We didn't switch the battery
• 41:14
  right? It's not the battery we're
• 41:15
  talking about like we're talking about major expenses here.
• 41:17
  Why not? But like wasn't the issue the
• 41:19
  battery also? Yeah, we got new battery done,
• 41:22
  but we've got a new engine. We got a new engine and wreck
• 41:26
  and pinion. 2300. I wish the new engine was 6000
• 41:34
  and the Reckon Pinion was 1800. OK, OK.
• 41:38
  And then because I didn't have a car for three months, because we
• 41:40
  had to wait for the engine to come in, I had to rent a car.
• 41:42
  For three months I remember that and that.
• 41:44
  Was the 2300 give or take? Oh wow.
• 41:48
  Just on renting a car that. That I how much do you rent a
• 41:50
  car like per day? I don't know but it was 90 days
• 41:55
  or 105 actually. I ended up renting it so that's
• 41:59
  20. No one does that, so I don't
• 42:01
  expect to spend thousands on just.
• 42:04
  Right. But we we were able to do that
• 42:06
  and that was good. But.
• 42:07
  It was a nice car though, so it does a lot of gas.
• 42:10
  Well, actually, yeah. I think that was a little upside
• 42:13
  to. It the The thing is, I had to do
• 42:15
  it every month because I was hoping to get my car back and I
• 42:18
  didn't want to have it. I get the car today and still be
• 42:20
  stuck for 29 weeks or 29 days, you know what I mean?
• 42:23
  You you could drive. That well, yeah, but I'm saying
• 42:25
  that would be wasted money. They don't need it.
• 42:27
  So I would get the car every month.
• 42:28
  And there's one time I went in and I, I, you know, I parked the
• 42:31
  car and I go and I'm like, hey, I'm turning the car in, but I'm
• 42:34
  also taking it out again. And they're like, well, we have
• 42:37
  this car for you. I'm like, Nope, I want that car.
• 42:39
  And they're like, all right. And they did the paperwork and
• 42:42
  they gave me the same car. I got back in the car and I
• 42:44
  drove away. You know, that's so funny.
• 42:47
  Like the one time they're like, no, we it actually is due for
• 42:51
  maintenance, we're going to give you another car.
• 42:53
  And I said, do you have that car again?
• 42:57
  And she says, yeah, we do. I said, OK, give me that one.
• 43:00
  And they did, you know, so I got to know the people that are in
• 43:02
  everything. And when I rent for trips and
• 43:04
  everything, they still Remember Me because a lot of people don't
• 43:06
  rent from them for three months, you know?
• 43:08
  Yeah. But anyway, The thing is I spent
• 43:13
  the engine, the wreck and pinion, the rental of the car,
• 43:16
  you know, $10,000 and. Yeah.
• 43:21
  Thank God I had an emergency fund, you know what I mean?
• 43:25
  I was able to pay that. Now.
• 43:26
  At the same time, I was going to throw Connor a big graduation
• 43:29
  party and I told him I can't do that now.
• 43:32
  Yeah, you know, right. I was like, either that or no
• 43:36
  car. And I'm like, we need the car.
• 43:40
  So. Both cars, actually.
• 43:42
  That's right. Well, and then three with the
• 43:44
  rental. Yeah, yeah, Three cars or a
• 43:47
  graduation party. What would you guys choose?
• 43:49
  So it was funny because again, we talk about savings.
• 43:55
  I took Connor to go to a restaurant where he could invite
• 44:01
  all his friends and everything right?
• 44:03
  What? Peter Piper.
• 44:05
  That's where you graduate. You don't remember what we did
• 44:07
  for your graduation. Oh yeah.
• 44:10
  Yeah, OK. Trust.
• 44:12
  Me, I remember that. Why reasons?
• 44:16
  Bad memories, kinda. It was good, but there's some
• 44:21
  bad. OK, Yeah.
• 44:22
  Looking nothing bad at the party.
• 44:24
  No. OK, got it.
• 44:26
  OK, yeah, I thought the party was bad.
• 44:27
  I'm like, I'll kiss my ass. Man, Oh no.
• 44:29
  We were like the only ones in the restaurant.
• 44:31
  It was cool. Yeah, our party was the only one
• 44:33
  in the restaurant and it's funny because we could take beer in,
• 44:36
  right? So I gave beer to the staff and
• 44:39
  drinking and did we say they're God?
• 44:42
  I think it was 6 hours. Let's see, I graduated why he
• 44:49
  got got in at 7. Graduation started at 9:00.
• 44:51
  No, it wasn't the same day. Oh, it wasn't the same day.
• 44:55
  We went to Applebee's but I had the party then for the weekend.
• 45:01
  Really. Yeah.
• 45:01
  Oh, that's right. Do you remember in 7th grade
• 45:05
  when you guys went undefeated in football?
• 45:06
  Yeah. How we did your birthday.
• 45:09
  Peter Piper, yeah. Now that one was funny too,
• 45:11
  because Connor's team had a undefeated season and it was
• 45:17
  going to end. I want to say why would it end
• 45:21
  in October? So we don't have 10 weeks.
• 45:27
  But does middle school end in October on your birthday?
• 45:29
  Like end of the month? Look up.
• 45:32
  He pays the athletics real quick.
• 45:35
  Anyway, I told Connor, look, we can celebrate your birthday on
• 45:38
  your birthday, or we can wait until the end of the season and
• 45:43
  do a combination birthday and undefeated season, right?
• 45:49
  Yeah, it was mostly for US winning undefeated, but it was
• 45:57
  also kind of for my birthday, so. 9th grade.
• 46:02
  They don't do 9th grade, it's only high school.
• 46:05
  Go back when sorry you guys. Will that be scheduled?
• 46:08
  Then it would be in football, then it would show here.
• 46:12
  But it's not. Then look up.
• 46:14
  I'll, I'll look, yeah. I'm by school.
• 46:19
  Well, it doesn't matter. It's still.
• 46:20
  No, no, no. Like type in the schedule for
• 46:23
  Wally Hartley. OK, OK.
• 46:25
  I'll do that, yeah. So I took her.
• 46:28
  You want to wait till your till your team gets undefeated.
• 46:31
  And I said if they don't, we'll we'll still have your party.
• 46:33
  It's your birthday if it's undefeated.
• 46:36
  Well, I planned ahead and the team, they were going to play
• 46:41
  last night, I had, I was pretty sure they were going to to win
• 46:45
  the last game. So I ordered the party.
• 46:48
  I I reserved it and I ordered 4 long tables at Peter Piper and I
• 46:52
  ended up getting a cake that says happy birthday being
• 46:56
  undefeated or something like that, right?
• 46:59
  Yeah. Is that middle school?
• 47:02
  Yeah, 8th grade or this year it ends in December.
• 47:08
  Yeah. Yeah, see I don't know why we
• 47:10
  had the birthday in in November. I know we don't went to December
• 47:14
  for your birthday anyway. So I told him we need to save
• 47:20
  money. We got to get this party
• 47:21
  together. I invited the entire football
• 47:24
  team, JV and varsity and I I went up to the coach.
• 47:28
  I said, hey, you know, celebrate my kids birthday and I invite
• 47:31
  the teams with their families to Peter Piper.
• 47:35
  And of course it's like, are you serious?
• 47:36
  I'm like, yeah, you know, it's not going to be that expensive.
• 47:41
  And, you know, the families started ordering their own
• 47:44
  pizzas. I'm like, no, no, I got the
• 47:45
  pizzas and they're like, no, we're going to help you out.
• 47:46
  It's OK. That so it was even cheaper than
• 47:48
  I was hoping. I was planning to spend.
• 47:51
  But how long did we stay at Peter Piper?
• 47:53
  They actually kicked us off our tables because they need them
• 47:55
  for another party. Do you remember?
• 47:57
  That yeah, we had like what? Just one table, one full.
• 48:01
  On no, we kept one. Yeah, we kept one table.
• 48:03
  Yeah, I mean, I don't think they kicked us out, but I kept
• 48:06
  because they needed it. Tokens and everything.
• 48:08
  Yeah. And you know, and The thing is,
• 48:11
  having those emergency funds, it's not always about
• 48:13
  emergencies. It's about saving for events.
• 48:17
  OK, Yeah, it's for emergency, like the cars for emergency.
• 48:22
  Yeah. There you go.
• 48:24
  Five to six weeks, yeah. So we played.
• 48:27
  Oh, this is not mid-october. Yeah, I was right.
• 48:30
  Yeah. OK.
• 48:32
  Anyway, so when you think about emergency fund, yeah, you have
• 48:37
  emergency funds for emergencies, then you have the fund for
• 48:40
  savings, for things that might come up, little things here and
• 48:44
  there. You know, you want to have one
• 48:45
  for savings, for investing, all of that.
• 48:49
  And I, I think it's very important to keep that in mind.
• 48:54
  You know, you have wants, but if you're planning an event, like I
• 48:57
  say, a graduation party, out of those wants, you want to put
• 49:00
  money aside for the graduation party.
• 49:02
  Does that make sense? It's not part of your savings.
• 49:05
  It's taken out of your wants to put into an account to save for
• 49:08
  something you want. And when you do that, you're
• 49:11
  able to do things, you know? Yeah.
• 49:19
  But I'll tell you what, let's go ahead and take a quick break.
• 49:22
  My voice is getting a little dry here.
• 49:25
  And we'll come back and we'll talk about those places you'll
• 49:28
  get burned, those pitfalls to avoid.
• 49:32
  It's time for a break. Hot takes with the Murph man.
• 49:34
  We'll be right back. That's right, Badlands Trivia
• 53:17
  and Blazing Bingo is officially launching.
• 53:19
  We're teaming up with Military Broadcast Radio to bring you a
• 53:22
  high energy interactive game night every Wednesday at 9:00 PM
• 53:25
  Eastern. You can join the action live on
• 53:27
  Twitch or YouTube at Trivia and Bingo Live or catch us on TikTok
• 53:31
  at MBR Talk Roku. It's all about building that
• 53:35
  community. Let us help you find your voice.
• 53:38
  You can also find us on Roku TV by searching for MBR Channel.
• 53:44
  All right, real quick. Yeah, every Wednesday night,
• 53:47
  9:00 PM Eastern, 7:00 PM Mountain, we do a trivia night
• 53:53
  with military broadcast radio right here on these channels
• 53:56
  that you're watching us on right now.
• 53:58
  So if you're interested in playing some trivia, it is free
• 54:00
  to play. There are no prizes, but we do
• 54:03
  play trivia and we have some fun while we're doing that.
• 54:06
  Now I will tell you this, if you want to check out more
• 54:08
  information about our business and what we're doing, check out
• 54:10
  Borderland success.com. And that's my holding company
• 54:13
  that has all the different segments under it or divisions
• 54:17
  as you say, and you can check that out, You know, which I
• 54:21
  think was just coming out pretty good.
• 54:24
  I mentioned last weekend it's getting better and better
• 54:26
  because I'm adding more pages to it so.
• 54:28
  Yeah, you actually getting the links like to your sub pages?
• 54:34
  Yeah, and well. The thing is just saying it, I'm
• 54:37
  actually doing the pages once I set them up, then I can just
• 54:39
  link them. Yeah, you know, but yeah, it's,
• 54:42
  it's getting there. So check it out.
• 54:43
  Borderlands success.com. Now let's get to those pitfalls
• 54:47
  in the segment we call where you'll get burned.
• 55:00
  Let's talk about where you'll get burned.
• 55:02
  These are some common pitfalls. Budgeting once and forgetting
• 55:06
  it. A budget is a living document.
• 55:09
  Review and adjust monthly. Underestimating small expenses.
• 55:14
  They add up. Track them.
• 55:16
  Your daily coffee is a bigger expense than you think.
• 55:19
  Skipping savings. Pay yourself first, even if it's
• 55:23
  $10. Your future self will thank you
• 55:25
  all. Right, that's right.
• 55:28
  These are the pitfalls that we talked about.
• 55:30
  OK, you have the budgeting once and forgetting a budget is a
• 55:35
  living document. Review it and adjust monthly
• 55:38
  because expenses change. Like we were talking about gas,
• 55:41
  food, everything's going up in price.
• 55:43
  So my budget of two years ago would not be viable right now.
• 55:48
  I can tell you that. OK, Don't underestimate small
• 55:52
  expenses. Like I told you, the cash in
• 55:55
  your hands gets burned right away, right out.
• 55:58
  Done. Yeah.
• 55:59
  So let me ask you a question, Connor.
• 56:00
  If I could give you $75.00 a month, right?
• 56:03
  Maybe up to 150 depending, would that be a good thing?
• 56:07
  I. Mean, yeah.
• 56:11
  Stop spending your money on monster drinks.
• 56:13
  That's $75.00 a month. Depends if I buy it like every
• 56:21
  day or. Like every week if you buy it
• 56:22
  like 3 or 8, that's a specialist right now, right?
• 56:25
  Or the big ones, yeah. OK, so 8 times, three days for
• 56:31
  8:00. 4.5 so they'll be. What do you 4.5?
• 56:35
  How much they cost? OK, no no 4.5 is is not even
• 56:40
  half of 8, so 3 for 8:00. Meant the price of a monster
• 56:44
  shot. OK, no this this to the math 3
• 56:46
  for 8:00. It's 3.89 for a monster and if
• 56:48
  it's. OK but right now 38 listen
• 56:52
  please, there is 3 for 8 special on monsters.
• 56:56
  On the big ones, yes. OK, if you not always there.
• 57:01
  If you buy every three days, that's 30 days worth times 10.
• 57:06
  So that's $80 on Monster drinks. You buy one every day or buy
• 57:11
  three at a time. But I'm just trying to see if I
• 57:12
  get one every day. OK, that's what I'm trying to
• 57:15
  figure out, not about the deal. So $3 you say 3 dollars, 4
• 57:18
  bucks, 4 bucks is 120. Ish.
• 57:24
  The those little nickel and dime stuff, you guys, you don't
• 57:26
  realize how much it actually takes out of your budget if you
• 57:28
  don't keep track of them. Never thought of that right?
• 57:32
  People get Starbucks every morning. 5 bucks a month,
• 57:34
  $150.00. Each.
• 57:35
  Yeah, try. More coffee is more expensive
• 57:38
  than gas. Coffee is more expensive than
• 57:41
  energy drinks. Yeah, well, you know, it's funny
• 57:44
  though. If you get a gallon of coffee,
• 57:49
  you'd pay almost 35 or $40 a gallon.
• 57:53
  There's no way it's 35 for a gallon.
• 57:56
  OK, 20 oz cup and how many ounces in a gallon?
• 58:00
  120, so that's 6. I don't know.
• 58:03
  So I guess, OK, it'd be $30 a gallon, not 40.
• 58:05
  My bad. Yeah, I don't really do what's
• 58:09
  Oh yeah, 16 cups to a gallon. OK, well, that's cups.
• 58:15
  You did say cups. OK, one gallon is 16 cups, yes.
• 58:20
  OK so 16 * 580 dollars Yeah. Translate math, dude.
• 58:33
  I'm not saying I don't trust it. But yeah, so you know, you're
• 58:39
  paying $80 a gallon, OK? Just think about that.
• 58:44
  And last but not least, keep your savings.
• 58:45
  Pay yourself first, even if it's $10.
• 58:47
  Your future self will thank you, OK, When you sit there and you
• 58:53
  know, you take care of yourself, emergencies take care of
• 58:57
  themselves. Does that make sense?
• 58:58
  So when something comes up, you don't have to worry about it.
• 59:01
  But let's let's talk about, I want to digress a little bit
• 59:05
  here, OK? And I want to talk about
• 59:08
  savings. Now we have the 50% needs, 30%
• 59:13
  wants, 20% savings. But if you're going to invest in
• 59:16
  stocks and bonds, how do you think that should be divided,
• 59:18
  Connor, any idea? I'm just curious if you have any
• 59:21
  idea about that. No, let me see stocks and bonds
• 59:26
  20% stocks, OK. And.
• 59:31
  The other 80. That's your I don't know.
• 59:37
  No, I'm saying once 50% needs, I mean needs 50%, once 30% and
• 59:43
  then savings 20%, whatever that amount is, OK, if it's $10,
• 59:49
  break that down into 100%. What percentage would that $10
• 59:54
  be put into savings or whatever? How would you break that down if
• 59:57
  you're investing in stocks and bonds?
• 59:59
  I don't know, I would do just half of it.
• 1:00:02
  And the other half would go. Savings.
• 1:00:05
  Just basic savings, OK, If you're going to try investing in
• 1:00:09
  stocks and bonds, all right, there's low, medium and high
• 1:00:13
  risk, All right? High risk has the greatest
• 1:00:17
  return, yeah. OK.
• 1:00:19
  High risk, high reward. Exactly.
• 1:00:25
  If you're going to invest in stocks and bonds, 20% of your
• 1:00:28
  savings that you put in savings can go into high risk, 30% can
• 1:00:32
  go into medium and 50% go into stable low, low risk.
• 1:00:35
  You know, and if you're going to buy specific stocks and those
• 1:00:39
  are like funds, like they invest for you, you give them the
• 1:00:42
  money. But if you're going to invest in
• 1:00:45
  directly into stocks and bonds, my cousin gave me the best
• 1:00:48
  advice ever and it says he said give me, I mean, buy me anything
• 1:00:56
  that I use on a daily basis. OK.
• 1:01:00
  So like for example, when you when you think of products that
• 1:01:03
  will never go away, what do you think is one of them?
• 1:01:07
  Toothbrushes. OK, what brand of toothbrush?
• 1:01:15
  Colgate. Colgate's one.
• 1:01:16
  Everyone knows, right? Because they sell toothpaste
• 1:01:18
  also. Yeah.
• 1:01:19
  So it's like both. Right.
• 1:01:21
  OK. So invest in Colgate because you
• 1:01:24
  know they're going to be around. Yeah, Do they even have a stock
• 1:01:27
  for Colgate? Yeah, they do.
• 1:01:29
  Everything has a stock, Everything's publicly traded.
• 1:01:32
  Most things. There's some things that are not
• 1:01:34
  OK. Say, what would like?
• 1:01:36
  What would one not be? Chick-fil-A.
• 1:01:41
  Really. Invest in, go ahead, type in,
• 1:01:43
  invest in, invest in stocks and bonds for Chick-fil-A.
• 1:01:47
  I just, I want to, oh, by the way, we were doing the math on
• 1:01:49
  the break about the million seconds that was wrong.
• 1:01:52
  It's 31 years, see. It was a private family owned
• 1:01:58
  company. Yeah.
• 1:01:59
  Oh wow. Chick-fil-A is owned by a
• 1:02:01
  company, I mean by a family, I should say, not a corporation
• 1:02:05
  that you can invest in. OK.
• 1:02:09
  But mostly everything has stocks and right now like a stock of
• 1:02:12
  Colgate is probably around 85 bucks.
• 1:02:17
  About. OK.
• 1:02:20
  Now there's different kinds of stocks and bonds you can invest
• 1:02:22
  and we're going to talk about this on our next show, OK?
• 1:02:24
  But when you're investing, invest in the things that you
• 1:02:30
  know are going to be around the wild that you use, OK?
• 1:02:34
  Yeah. What's something else that is
• 1:02:37
  never going to go away? I'm just curious, like, what do
• 1:02:40
  you think? What's a big thing that you know
• 1:02:44
  that's never going to leave? Water well, like no, OK, I
• 1:02:48
  don't. Want products?
• 1:02:52
  Water Company. OK.
• 1:02:53
  But that's I'm thinking, what's a big company that everyone
• 1:02:56
  knows that you know is going to be around like Walmart, Amazon,
• 1:02:59
  OK. They can go away.
• 1:03:01
  Yeah, right. That's my point.
• 1:03:04
  That's exactly my point. At in when I was in high school,
• 1:03:07
  I worked at Kmart and Kmart was everywhere.
• 1:03:09
  That's before Walmart came in. Kmart was everywhere and it was
• 1:03:13
  tied into Sears. Both of those companies are gone
• 1:03:16
  now. Had I invested in them when I
• 1:03:19
  was in high in high school, there'll be nothing.
• 1:03:23
  Like look up how much does Kmart stock even even if it's I'm just
• 1:03:27
  curious. Kmart stock, yeah, it's not
• 1:03:32
  traded right now, it's just it's gone 0.
• 1:03:35
  I mean, yeah. So if I invested in that, I
• 1:03:37
  would have lost all my money if I didn't take it out.
• 1:03:41
  OK. So yeah, you want to buy stocks
• 1:03:45
  in the products, you know, they're going to be around that
• 1:03:47
  you use, OK Amazon, Walmart, you know, they're getting so big.
• 1:03:52
  Amazon and Walmart almost now competitors with each other
• 1:03:54
  because you can buy in almost anything on Walmart, you know?
• 1:03:59
  Yeah. So it's one of those things that
• 1:04:01
  you have to ask yourself like do I do this, do I not?
• 1:04:05
  Or whatever the case may be, you know, keep that in mind as you
• 1:04:12
  invest, OK? But if you invest in funds, the
• 1:04:16
  stock market that they invest for you, 20% high risk, 30%
• 1:04:22
  medium and 50% low, OK? Does that make sense?
• 1:04:28
  And hopefully the, the big, the high risk stuff pays off, you
• 1:04:31
  know, and then you have these people that do day trading where
• 1:04:34
  they actually like trade, they buy something in the morning,
• 1:04:37
  let go of it at night or they let go of it in the morning and
• 1:04:39
  buy it at night. So it's cheaper.
• 1:04:41
  You know, there's, there's things like that Forex exchange.
• 1:04:44
  Ever heard of Forex foreign exchange?
• 1:04:47
  You can say the dollar is going to go up or down or the yen or
• 1:04:50
  the one or the peso or whatever. And you're betting on foreign
• 1:04:53
  stocks on foreign foreign currencies.
• 1:04:55
  Thing, OK. And then of course, you have
• 1:04:58
  everyone's favorite now what's the what's the investment
• 1:05:00
  everyone talks about getting right now?
• 1:05:03
  Investment. Yeah, crypto, buy crypto, OK.
• 1:05:08
  Crypto's going down. It was or is.
• 1:05:13
  I haven't tracked it because I gave up on it.
• 1:05:15
  OK, But that's the thing. If you invest in something all
• 1:05:19
  right, and you keep it in, take it out when it gets high because
• 1:05:23
  you could lose it again. But Bitcoin I could have bought
• 1:05:26
  for pennies when it first came out and it's now worth 83,000 a
• 1:05:30
  share. That's why people have their
• 1:05:34
  wallets and they lost them. You know, I had a game that was
• 1:05:38
  a bit miner and I lost it and they thought it was important.
• 1:05:42
  You know, there's there's wallets like look up lost
• 1:05:48
  wallets value crypto or Bitcoin, and I'm this this is an ideal to
• 1:05:56
  tell you like there was people that invested in this because
• 1:05:59
  it's electronic and no like. Or like what do you mean?
• 1:06:06
  Let's see List of old Bitcoin wallets 1,000,000 Bitcoin
• 1:06:14
  1,000,000 Bitcoin. That's $83 million or 800 or
• 1:06:21
  830, 83,000 do well, I I don't have anyway.
• 1:06:32
  There's another one that has 75,000 Bitcoin.
• 1:06:36
  There's another one with 53. These are lost wallets that
• 1:06:39
  people can't recover. They don't have their twelve
• 1:06:41
  word passcode. Isn't that crazy?
• 1:06:45
  Yeah, you know, I'm like, is it because they lost their Yeah, or
• 1:06:50
  is it that's. What those are?
• 1:06:55
  Dang, and. You know, people that had that
• 1:06:57
  they could have died. They.
• 1:06:59
  Could have died. They could have destroyed
• 1:07:01
  something like a hard drive, right?
• 1:07:04
  It's for the computer. Computer got crashed.
• 1:07:07
  So is investing in crypto a good idea?
• 1:07:10
  Yeah, you can, but you could lose it too.
• 1:07:15
  And I mean literally lose it. All right, So keep that in mind
• 1:07:21
  when they're trying to to save and trying to invest and put
• 1:07:27
  your money where you know it's safe.
• 1:07:28
  If you put into a bank, even banks can fail.
• 1:07:31
  You know you're warranted up to I think 250,000 insurance on the
• 1:07:34
  banks. So if you have an account that
• 1:07:37
  has 1,000,000 in it and they go bankrupt, you only get 250 back.
• 1:07:42
  You'd be lucky if you get 250. Well, right, But I'm saying, but
• 1:07:45
  it's insured by the federal government for 250 per account.
• 1:07:48
  Yeah, yeah, no, an account for every 250,000 year old.
• 1:07:52
  Yeah, back in the 19 what, 20s when the Great Depression
• 1:07:55
  happened, when all the Bings got shut down. 1920s yeah, During
• 1:08:01
  the depression, yeah, you're not wrong.
• 1:08:03
  OK. Look this up.
• 1:08:06
  OK, literally, I had the keyboard in my lap.
• 1:08:10
  I put it down. I thought you don't need the
• 1:08:12
  keyboard, just leave it on the floor.
• 1:08:14
  Yeah, I don't need it. I'm asking them all these
• 1:08:15
  questions today. Look up savings and loans
• 1:08:19
  failing. What do you think that was?
• 1:08:23
  I don't know, 1980s, Nineteen 90s.
• 1:08:26
  That's right, we had a second one.
• 1:08:29
  And then you have the the housing market bubble crash.
• 1:08:32
  Oh yeah. There's a, there's a movie
• 1:08:35
  called Margin Call that talks about that and how they were
• 1:08:42
  overextended on it. And it's just, it's crazy.
• 1:08:44
  You know, one thing I will tell you that I I agree with politics
• 1:08:50
  right now is they're stopping investment from from buying
• 1:08:53
  houses. So it's going to let the little
• 1:08:57
  people own houses that are available now.
• 1:09:00
  They're going to get set about our organizations and get
• 1:09:01
  charged an arm in the league. What are you looking at?
• 1:09:04
  No, just the nice monies. Just like yeah, 1/3 of the banks
• 1:09:08
  failed. Thousand home foreclosures
• 1:09:12
  happen per day. Damn, that's a lot dude.
• 1:09:15
  All right, do me a favor, look up what was worse, did the
• 1:09:19
  depression bank closing or savings and loans and then so
• 1:09:28
  investing is what? Was the second part.
• 1:09:32
  Savings and loans? Which was worse?
• 1:09:37
  Loan scandal? Oh yeah.
• 1:09:39
  Oh. Yeah.
• 1:09:44
  So the Great Depression was worse because it took us into
• 1:09:46
  the depression, OK, over 9000 banks versus 1000 savings and
• 1:09:52
  loans, OK. I know there was a lot.
• 1:09:54
  I just didn't think the disparage was that much.
• 1:09:57
  Yeah, the gross mess. Yeah, dude, the GDP nearly
• 1:10:02
  plummeted 30%. Oh, look at Black Monday.
• 1:10:07
  Oh do. You know what that is?
• 1:10:12
  Part of it. It was what, a week after
• 1:10:22
  depression? No.
• 1:10:24
  Oh yeah, no, never mind. That was the second part I was
• 1:10:27
  thinking of. Yeah, like Monday.
• 1:10:30
  We lost 22% of our GDP in one day.
• 1:10:34
  One day I want to think about that.
• 1:10:38
  Our value of the stock market dropped 22% in one day.
• 1:10:46
  That number is just staggering. Our value dropped 22% in one
• 1:10:51
  day. That's why it's called Black
• 1:10:53
  Monday. Well, I mean, Great Depression
• 1:10:58
  was still worse. Yeah, but but again, you know,
• 1:11:01
  in one day you lose 30% of your value.
• 1:11:03
  So yeah, people that were planning on retiring that had
• 1:11:05
  $1,000,000 in their bank account and then all of a sudden they
• 1:11:08
  only had a 700. Ish.
• 1:11:12
  That's crazy, right? You know, So, yeah, be careful
• 1:11:17
  with that. If you're investing, make sure
• 1:11:18
  it's stable, make sure you take care of it.
• 1:11:20
  Keep an eye on it. You know, don't just put the
• 1:11:22
  money in and let someone else manage it for you because you
• 1:11:24
  never know. I had a hundred, a $120 in my
• 1:11:35
  account when I left, OK? And I put it all in high risk.
• 1:11:40
  It was $120.00. I'm like, who cares, right?
• 1:11:43
  So I left my job and I put the last 120 I put in there, you
• 1:11:45
  know, just high risk, took everything else out.
• 1:11:49
  And I put the last payment that went in there.
• 1:11:50
  I didn't touch it. Eight years later I had 4000.
• 1:11:56
  I think this was 120, you know, because I had in high risk four
• 1:12:02
  years or eight years, you know, 4000.
• 1:12:06
  That's a, that's, that's a pretty good return on
• 1:12:08
  investment. I'll tell you that.
• 1:12:09
  Had I done that with all the money that I didn't, you know, I
• 1:12:12
  didn't need? Is it your mom?
• 1:12:14
  Yeah. Yeah, I took all that out.
• 1:12:17
  I hate it anyway. But like I've told you, Connor,
• 1:12:22
  when you get your first paychecks and you start working,
• 1:12:25
  yeah, you're going to want to spend it.
• 1:12:28
  But I told you, the first thing you do is invest, right?
• 1:12:31
  Put into savings and don't ever touch it again, right?
• 1:12:35
  Had that money go into your account no matter what?
• 1:12:38
  Yeah. And then invest in Roth Iras,
• 1:12:42
  investing in four O 1K vested matching.
• 1:12:44
  I'll talk about all this next week.
• 1:12:46
  But you can really maximize your your benefits because you can
• 1:12:49
  only put so much money into a savings account, and I mean into
• 1:12:53
  a IRA account. I don't know what the actual
• 1:12:55
  amount is. I'll worry about that next week.
• 1:12:58
  But if you're making a job in cybersecurity and making 80,000
• 1:13:03
  a year, going from zero to 80,000, how easy would it be for
• 1:13:08
  you to invest 20,000 of that? Easy, right?
• 1:13:11
  Because you don't, you're not using it right.
• 1:13:15
  And if you can do that for the first couple years, you're,
• 1:13:17
  you're doing well. You know, if you can keep doing
• 1:13:21
  that throughout the years, great.
• 1:13:23
  Even even better. Imagine 20,000 a year in
• 1:13:26
  savings. In five years, you have 100,000.
• 1:13:30
  In 10 years you have 200,000 right?
• 1:13:35
  But with interest it adds up, you know?
• 1:13:40
  So when you get that first real job that pays you good money,
• 1:13:44
  put the money in savings and don't ever look at it again.
• 1:13:47
  Just this easy thing to do. Invest 100% in your investments
• 1:13:51
  in your 4O1K, invest in Roth Iras, Do all of that.
• 1:13:55
  If you get a really good paying job like 80,000, or in your case
• 1:13:59
  might be even higher depending on what job you get.
• 1:14:01
  Right, But you don't. Yeah, If you don't, if I tell
• 1:14:08
  you right now you're going to make 20,000 in savings.
• 1:14:13
  In your last job you were making maybe 15 a year.
• 1:14:18
  Imagine being able to put 20,000 in savings. 15 Wait, hold on.
• 1:14:22
  15,000 a year. None.
• 1:14:29
  Yeah, trust me, I know the math. It made 500 a month.
• 1:14:35
  That's what you would give me. No, I made 500 a month.
• 1:14:40
  A paycheck. Biweekly I made like 2 something
• 1:14:45
  and then in five in a month I made 500.
• 1:14:52
  I'd have to show you, but no. OK, you were making money, you
• 1:14:55
  just didn't realize it. But yeah, so put that money into
• 1:15:01
  a bank account as fast as you can and let it build interest,
• 1:15:06
  compounded interest. What are you looking at now?
• 1:15:08
  Don't worry. Oh, OK.
• 1:15:11
  Times 40 actually you want to do times 20802080?
• 1:15:15
  Yeah, that's that's how many year hours you have in a year.
• 1:15:27
  Then. I want to hear see it.
• 1:15:29
  Oh, shut up. See it?
• 1:15:30
  You were right. All right, so you know, when you
• 1:15:38
  get to the point where you can actually say get a real, real
• 1:15:40
  job and if you've been wise with your money, you know, you can do
• 1:15:47
  a lot. Like I'll tell you what, I
• 1:15:48
  bought my first house at 23, my second house at 28, that
• 1:15:53
  divorced and lost it at 30. Damn right.
• 1:15:56
  But how many people can say they bought a house at 23 years old,
• 1:16:01
  right? Can you imagine owning the house
• 1:16:02
  in three years? No.
• 1:16:07
  Well, you could if you get that job right.
• 1:16:10
  Yeah. Yeah, but I wasn't making that
• 1:16:12
  kind of money. I was in the Army, but it was
• 1:16:16
  the same as paying rent in the town I was in.
• 1:16:17
  So I was buying a house. And so I did.
• 1:16:20
  But keep that in mind. All right.
• 1:16:23
  But I want to talk about those things you can do to prevent you
• 1:16:28
  from going into those pitfalls in our segment called the heat
• 1:16:31
  Shields. Here are your heat Shields for
• 1:16:43
  this episode's topic. The heat shield is the
• 1:16:46
  intentional prep. Deploy the shield by dedicating
• 1:16:49
  focused time to research and self-assessment, ensuring you
• 1:16:53
  are protected from the negative impact of unpreparedness or
• 1:16:57
  external pressure when moving to the next stage.
• 1:17:02
  So we'll coverage financial snapshot, run a monthly 15
• 1:17:06
  minute check on your credit score and debt to savings
• 1:17:09
  ratios. I don't know if you need to do
• 1:17:12
  it 15 minutes a month. OK, but I would do it every
• 1:17:18
  paycheck. You know, I'll do it more often
• 1:17:20
  than that every paycheck. Make sure your budget is good
• 1:17:23
  for the next until the next paycheck and try not to live
• 1:17:25
  paycheck to paycheck again. Always have a little extra
• 1:17:27
  leftover for the following pay period.
• 1:17:31
  Proactive monitoring. Track your financial metrics to
• 1:17:33
  catch all small problems early. One of the problems I have with
• 1:17:36
  my budget is I have these this budget.
• 1:17:39
  It's an associate and just like all the months down, every bill
• 1:17:42
  for every month, month are separated and the balance
• 1:17:45
  continues. If I go in there and
• 1:17:48
  accidentally hit delete without even realizing I had to leave on
• 1:17:50
  one of the numbers, right? And then it comes time to pay it
• 1:17:54
  and I'm like, Oh my God, it's I'm not budgeted for that.
• 1:17:58
  It happens, right? So I've learned over time to
• 1:18:01
  make sure I'm careful with that. But yeah, you, you want to
• 1:18:08
  monitor it constantly, OK. If you're really trying to save
• 1:18:14
  and invest and do things with it, like I am with the business,
• 1:18:17
  you know, like if if I have a business expense, I'm going to
• 1:18:23
  expand and try and, you know, do something with it, right.
• 1:18:30
  So that's what I'm monitoring it for.
• 1:18:32
  OK, last but not least is dead boundary setting.
• 1:18:35
  Keep strict limits on borrowing to prevent high interest
• 1:18:37
  burdens. Yeah, loans can come with high
• 1:18:40
  interest, but if you have a high interest loan that say your your
• 1:18:42
  credit card is 35%, which is ridiculous and loan 15%, you're
• 1:18:49
  saving money by getting the loan and paying off the first loan.
• 1:18:52
  Does that make sense? If you get a credit card with
• 1:18:56
  35% interest and then you get a loan for 15% interest.
• 1:19:01
  You use a loan to pay off the credit card and you're saving
• 1:19:05
  money on interest because you're only paying 15, you're almost
• 1:19:07
  saving 20 but. You got to pay for the 30.
• 1:19:09
  Five, yeah, no, no, you pay it off with the loan.
• 1:19:14
  It's called this consolidation. Let's just say 5 credit cards,
• 1:19:17
  $100 each, OK, You're paying $25.00 a month.
• 1:19:21
  So how much is that? Five credit cards, then it's
• 1:19:23
  25125. 5 * 25. OK, $125.00 a month, 35%
• 1:19:30
  interest. Now I get a loan and I pay off
• 1:19:33
  that amount, $500 credit cards. My payment over here is only
• 1:19:39
  $80.00 a month. So I've saved $45 on the
• 1:19:42
  payments. Plus in the long run I've saved
• 1:19:45
  money on the interest. Now you wouldn't do it for 500.
• 1:19:48
  I'm talking about like 10/15/20 thousand, you know.
• 1:19:51
  But yeah, you don't think of that, right?
• 1:19:55
  But it's a big difference. It's a very big difference.
• 1:19:59
  And when you're able to do that and save and look at that, if
• 1:20:05
  you do a debt consolidation loan, one of the biggest
• 1:20:08
  pitfalls, OK, is you get a loan, you pay it off, right, Pay off
• 1:20:16
  all your credit cards. And yeah, there's one payment.
• 1:20:17
  And then you start building up your credit cards again.
• 1:20:21
  And you're like, damn, I did that for nothing, you know?
• 1:20:26
  Put your credit cards away, don't touch them, and when you
• 1:20:28
  need them, they'll be there. That's the most important thing
• 1:20:30
  right now, right? Plus it have extra credit score
• 1:20:33
  and you get more money and everything.
• 1:20:35
  I mean more, more points, higher credit score and you can get
• 1:20:37
  more money if you need it. But when you're doing loans and
• 1:20:42
  debt consolidation, you want to consolidate as much as you can.
• 1:20:48
  It's like, for example, if you get a home equity loan and you
• 1:20:51
  get $50,000 and you can pay off all your debt and that payment,
• 1:20:55
  if you were paying say 1500 a month and now your payment is
• 1:20:58
  only 700, you're saving 800 a month, right?
• 1:21:01
  That's a big, big, big amount. When we talk about the larger
• 1:21:04
  amounts, right? Do me a favor, Connor, can you
• 1:21:07
  check? No, I'm kidding.
• 1:21:09
  He's putting it down. I'm.
• 1:21:11
  Like I'm putting the keyboard down because I'm like, I want to
• 1:21:13
  switch my legs. So yeah, it's, you know, the
• 1:21:19
  consolidation is good. Now, one thing I will tell you,
• 1:21:22
  if you get into financial troubles and you can't pay your
• 1:21:26
  credit cards and you get to a point where you have to file
• 1:21:29
  bankruptcy, OK, do not charge on them, OK, If you decide to a
• 1:21:40
  point where you're like I can't make these payments, just cut
• 1:21:42
  them and don't ever use them again at.
• 1:21:45
  Least you got paid off. Well, you can't pay.
• 1:21:48
  But The thing is you're not increasing your loan.
• 1:21:50
  And one of the things that's important is if I call the
• 1:21:53
  company up and they say, hey, I cannot pay you anymore, I can't
• 1:21:58
  afford the $300 payment a month. So either you lower it to 50,
• 1:22:05
  that's what I can afford, or nothing.
• 1:22:08
  OK, You choose. What do you think they're going
• 1:22:11
  to do? I don't know.
• 1:22:13
  They might tell you, oh, we'll take 75, whatever, right?
• 1:22:16
  But they close your card, it's not used anymore and your
• 1:22:19
  credits closed and the special credit score because your
• 1:22:21
  payments are behind now, OK. And and you get the loan.
• 1:22:26
  Well, yeah, but I'm saying, but you have to pay off that credit
• 1:22:29
  card. A lot of people do something
• 1:22:33
  called debt, debt run a blink or what the debt consolidation
• 1:22:41
  companies it it's not a debt consolidation loan.
• 1:22:46
  They go and they contact all your credit card companies and
• 1:22:50
  say he cannot pay anymore, negotiate a lower rate for you,
• 1:22:54
  right? They cut your credit cards off
• 1:22:56
  and they lower your payment. But if your credit's good and
• 1:23:00
  you're just trying to lower your payment, that's the worst thing
• 1:23:02
  you can do because now all those credit card companies report
• 1:23:04
  just closed and behind on payments.
• 1:23:08
  If you get a loan that's different than those debt
• 1:23:11
  consolidation companies, like credit counseling and everything
• 1:23:16
  like that, OK, those companies are great if you're trying to
• 1:23:22
  pay your debt back. But if you're at some point that
• 1:23:24
  you don't, you know, you could get sued, Yeah.
• 1:23:28
  And all that stuff. But another thing that companies
• 1:23:30
  are doing nowadays are sending out 1090 nines as income.
• 1:23:34
  So they charge off your debt, meaning they take a loss on it,
• 1:23:36
  right? They say, oh, Connor doesn't owe
• 1:23:38
  me $5000 anymore. Then they send you a 1099.
• 1:23:40
  Now you have to file that on taxes.
• 1:23:45
  And now you have to pay taxes on those $5000.
• 1:23:47
  And you have to because you, you can't avoid the IRS, right?
• 1:23:50
  So I saw a TikTok that says, you know, if you lend money to a
• 1:23:54
  friend or family member, they don't pay you.
• 1:23:57
  Don't worry about it. Don't stress it.
• 1:23:58
  Just send them a 1099 and tell them I gave you this money.
• 1:24:03
  You haven't paid me back. I'm writing enough, don't worry
• 1:24:05
  about it. But now you got to pay money
• 1:24:06
  taxes. So yeah, there's ways to do that
• 1:24:10
  right if you want to be a jerk. Oh yeah.
• 1:24:14
  Would you ever do that to someone?
• 1:24:15
  No, no, I, I, I I've thought of it.
• 1:24:19
  Does that count? Nah, all right, if if you don't
• 1:24:25
  do it, it's fine. It sounds so bad but.
• 1:24:30
  Well, yeah, but you know, don't lend money unless you have it to
• 1:24:33
  lend. OK, that makes sense.
• 1:24:38
  If if you ever lend anyone money, you can't say, you know
• 1:24:44
  you owe me the money. Just don't even worry about it,
• 1:24:47
  you know? Because if you don't get it back
• 1:24:48
  then it doesn't ruin the friendship, OK?
• 1:24:51
  And if you do give them, give your friends money they could
• 1:24:55
  pay back in another way, like bring your food pay back where
• 1:25:00
  you lent him or. No, if you lend someone money,
• 1:25:04
  you want money back, right? Depends.
• 1:25:11
  Just think about it like what would you rather do get get your
• 1:25:16
  money back or next time you guys hang out he paid like they paid
• 1:25:19
  for everything. Since you you know, let's say
• 1:25:24
  like I take my friends out, I take a friend out, me and him
• 1:25:29
  spend whatever and I paid for it.
• 1:25:31
  So next time we hang out, he pays for however much.
• 1:25:36
  Well, if you're buying each other meals, that's different.
• 1:25:38
  I'm talking about if you lend someone $1000, they can go.
• 1:25:40
  I'll take you to Chili's 20 times.
• 1:25:43
  You're like, no, I want my $1000, I'll take that.
• 1:25:46
  I'll take chilies, chilies. Anyway, let's let's get to our
• 1:25:54
  next segment called the Afterburn, where we're going to
• 1:25:56
  reflect on what we're talking about today and the questions
• 1:26:00
  you need to ask yourself. In today's Afterburn, here are
• 1:26:12
  some questions for you to reflect on.
• 1:26:14
  What are my top three financial priorities right now?
• 1:26:18
  Where can I cut back without feeling deprived?
• 1:26:21
  What's 1 habit I can build to stay on track?
• 1:26:26
  All right, so think about this. What are my top three financial
• 1:26:30
  priorities right now? If I ask you, Connor, if you get
• 1:26:33
  financial aid, what are your top three priorities?
• 1:26:38
  Paying off whatever I need for school.
• 1:26:41
  I mean, that's all I can do with my money, right?
• 1:26:48
  Well, I'm like use for transportation and living costs.
• 1:26:52
  Well, yeah, but I'm not doing that then.
• 1:26:53
  But if you know you're spending $20 a week on gas and you're
• 1:26:59
  going to be going 16 weeks, put aside 320 for gas or more is
• 1:27:05
  going up. Yeah.
• 1:27:07
  Right. If you know you're eating out
• 1:27:09
  once a week at the school because you go to school late,
• 1:27:12
  put that into savings. So when you get a windfall,
• 1:27:16
  meaning a lump sum payment, figure out what you need for the
• 1:27:19
  next months and put it in savings, right?
• 1:27:25
  And like that you can use as you need it.
• 1:27:26
  OK, where can I cut back without feeling deprived?
• 1:27:30
  That's one of the things that you really got to ask yourself.
• 1:27:34
  For me, it's eating out. OK, I can eat at home.
• 1:27:40
  I just don't. Yeah, right.
• 1:27:44
  We're like never at home. Like during the daytime we
• 1:27:47
  always come home at like 5 or 6. Well, that's dinner time.
• 1:27:50
  But we don't. Yeah, but when the sun goes
• 1:27:51
  down, almost. OK, what do we stay out till the
• 1:27:54
  sun goes down? So ask yourself, what can you
• 1:27:56
  cut back without feeling deprived?
• 1:27:57
  And last but not least is what's 1 habit I can build to stay on
• 1:28:00
  track. And that's for me.
• 1:28:03
  Make a budget, identify everything and use it.
• 1:28:07
  For me, just don't check my balances on my phone.
• 1:28:13
  That's why I like cash better because I would have to take my
• 1:28:16
  wallet out and see instead of just pulling my phone out.
• 1:28:19
  OK, So what? What do you do, Connor?
• 1:28:21
  Is because you don't really have any bills, right?
• 1:28:25
  Your money is all for once because you don't help me with
• 1:28:28
  anything, right? Yeah, and.
• 1:28:30
  I'm not throwing that in the face.
• 1:28:31
  I'm just saying, OK, so he looks into his bank account and says,
• 1:28:36
  oh, I got $10, I can spend $10. OK, Sometimes that's not a good
• 1:28:42
  thing because let's say you go eat at Chili's and your meal was
• 1:28:45
  $30 and you look OK, good. But then the tip comes in later
• 1:28:50
  and takes away that money. And it's not part of your budget
• 1:28:52
  if you don't have it written down.
• 1:28:54
  So you always want to make sure you write it down.
• 1:28:55
  Or you just don't give them a tip.
• 1:28:57
  Oh, don't do that. You're not one of those.
• 1:29:01
  No I'm not. I give like 20% minimum.
• 1:29:04
  You know. Around there 1515 for short
• 1:29:08
  minimum 20. So what you should give them?
• 1:29:12
  Or if it was like a low check and they don't even make a
• 1:29:17
  dollar on 20%, I had to give them more.
• 1:29:21
  Well, let's talk about taping culture real quick, OK, tipping
• 1:29:25
  A waitress, we sell, we, we fund their hourly pay.
• 1:29:29
  OK, Yes, that's 100% true. I mean, that's that money.
• 1:29:32
  If the company were to pay them a a living wage, we wouldn't
• 1:29:35
  have to tip them. I understand all that.
• 1:29:37
  OK. But if they start paying them a
• 1:29:40
  regular amount, guess what happens to the price of your
• 1:29:43
  food? It goes up by that much anyway.
• 1:29:47
  So you're not really saving money to start paying them a
• 1:29:49
  living wage. But you know, if you don't get
• 1:29:53
  good service, you don't have to tip a lot.
• 1:29:56
  Always tip something OK, but but, but, but, but there's
• 1:30:02
  always that. But OK.
• 1:30:05
  Ask yourself, did I get the service I needed?
• 1:30:09
  Did I get more than and should I give them more?
• 1:30:14
  But that's. Where I'll draw the line.
• 1:30:16
  Well, there's one thing you and I do a lot, and we tip more for
• 1:30:22
  it. Can you think what that is?
• 1:30:23
  Because people don't realize it. I.
• 1:30:26
  Don't know. When we go to restaurant where
• 1:30:28
  they're watching the football game or we're they're doing God
• 1:30:32
  knows what right talking or whatever the case may be, we're
• 1:30:35
  taking up that table. So they can't do a turn around.
• 1:30:38
  They cannot put a new a new table in there and make more
• 1:30:41
  money. They're losing tips.
• 1:30:43
  And when we go to like Dave and Buster's to watch football on on
• 1:30:47
  a certain day, we literally. Stay there.
• 1:30:52
  Stay there from like 2:30 till 6:00.
• 1:30:56
  By 8. Well, no.
• 1:30:57
  Well, if we watch the end of the game, yeah, we we're just
• 1:31:00
  watching the second game. Not even the not even the night
• 1:31:03
  game. The night game inside like 1010
• 1:31:05
  or 4. Hours.
• 1:31:06
  There's been times we sit there for six or eight hours at Dave
• 1:31:09
  and Buster's. But it's not like we're making
• 1:31:11
  them lose money. Dave and Buster's really doesn't
• 1:31:14
  have that much people during football.
• 1:31:17
  We sometimes you'd be the only people there with like two other
• 1:31:19
  families. Yeah, you're, you're 100% right.
• 1:31:22
  But again, if they're doing the rotation, like they'll say Billy
• 1:31:25
  gets it, Kathy gets it, Manny gets it, you know, but your
• 1:31:28
  table still has us on it. They skip you and they go to the
• 1:31:31
  next person. I mean, you know, so you're
• 1:31:35
  losing out on that. OK, So if you're sitting there
• 1:31:41
  watching games, tip extra. OK, tip extra.
• 1:31:45
  Now, what's funny is we've gone to Dave and Buster's.
• 1:31:47
  I used to host games there and I used to do do a lot of stuff
• 1:31:51
  with them. So they got to know me and
• 1:31:54
  Connor and we walk in most of the time.
• 1:31:59
  They bring us our drinks automatically.
• 1:32:02
  We don't even have to, like, tell them what we want, right?
• 1:32:06
  Yeah. Most of the time.
• 1:32:08
  They may not remember our drinks, but they're like, I know
• 1:32:10
  it's water and two Cokes. No, it's at one side.
• 1:32:13
  Oh, yeah. OK.
• 1:32:14
  You know, but then when you're like, oh, you're here for the
• 1:32:17
  wings, like, yes, I'm here for the wings.
• 1:32:19
  You know, every waiter knows that about me.
• 1:32:21
  I'm there for the wings. If you ever.
• 1:32:23
  Now, I will tell you a lot of people think Dave and Buster's
• 1:32:26
  little expensive. I think it's on par with
• 1:32:30
  everything else. But the food is really good.
• 1:32:34
  I will say that. Yeah, it's just the portions.
• 1:32:36
  That's it. I would say based on it like.
• 1:32:40
  OK, well your burger is a good size burger, Yeah.
• 1:32:43
  What's the portion you're referring to?
• 1:32:45
  Chili's. Let's just say that.
• 1:32:46
  What time are Dave and Buster's? Oh yeah, but I meant like
• 1:32:49
  comparing those for that price. That's why it's expensive.
• 1:32:52
  It's expensive only because of the portion.
• 1:32:55
  OK, when you're comparing the the meals, $11.00 at Chili's,
• 1:33:01
  $18.00 at Dave and Buster's plus drink, right, that's what you're
• 1:33:06
  saying. Oh yeah.
• 1:33:07
  OK. So it's almost half or 50% less
• 1:33:11
  eating at Chili's. If you want a burger, they're
• 1:33:12
  both good. And it's a bigger portion also
• 1:33:15
  you. Think it's a bigger burger?
• 1:33:16
  And chili, Chili's, yes, OK, it's a little bit.
• 1:33:19
  Yes, it's a little bit bigger. A little bit bigger, but you're
• 1:33:22
  you're saving 50% of Technically you get 2 meals at Chili's for
• 1:33:25
  the price you get at Dave and Buster's.
• 1:33:26
  That's why people say it's expensive there, not because of
• 1:33:29
  the money. But when you come in,
• 1:33:31
  comparatively, yes, But when you get to watch all the games,
• 1:33:37
  literally. Well, then it makes up for it,
• 1:33:38
  yeah. It makes up for it.
• 1:33:39
  OK. Or you could just get Hulu Live
• 1:33:41
  and pay for that, or YouTube TV or Sunday Ticket or whatever.
• 1:33:45
  It's not the same. It's not.
• 1:33:46
  I mean, it is, but it's not. Dave and Buster's.
• 1:33:49
  They have the big screens. It's like a theater.
• 1:33:52
  Yeah. We walk in and get a big screen,
• 1:33:55
  just watch one game. Well, three big screens to watch
• 1:33:59
  three games or the same game or whatever.
• 1:34:03
  On the sides, there's like 6 TV's.
• 1:34:05
  Yeah, so we see every game for Sunday.
• 1:34:09
  Yeah. And then the night game or
• 1:34:12
  Thursday night or whatever, right?
• 1:34:14
  It'd be on all the TV's. Yeah, mostly.
• 1:34:17
  Now, there was one time we went for the Paul Logan fight and a
• 1:34:22
  UFC fight and they had both on the TV's.
• 1:34:28
  So what's funny was you could tell who was there for the Logan
• 1:34:30
  fight and who was there for the UFC fight, right?
• 1:34:34
  You're watching two different TV's, so someone would cheer and
• 1:34:37
  someone and you're like, what's happening?
• 1:34:38
  And oh, it's not my TV that that that's happening.
• 1:34:40
  Really. I thought it was no because that
• 1:34:43
  was Logan Paul was the main event, no.
• 1:34:46
  No, but there was a UFC the same night.
• 1:34:49
  The women, right? No, no, no. 2 events, two
• 1:34:52
  complete different events. I remember that.
• 1:34:54
  We went to the but we sat in the back because they had no room.
• 1:34:59
  Here. Yeah, I'll tell you meant.
• 1:35:01
  Like no, no. No, San Antonio.
• 1:35:02
  No, I'm talking about here, San. It wasn't San Antonio, it was
• 1:35:05
  Dallas. I don't know, But yeah, we went
• 1:35:08
  to Dallas and we got there at 7:00 because that's when we did
• 1:35:13
  said the fights would start. Well, that was just the
• 1:35:14
  preliminary card. He didn't start fighting until
• 1:35:16
  10. So we were there 5 or 6 hours,
• 1:35:19
  right? Watching every fight.
• 1:35:20
  Yeah. And yeah.
• 1:35:22
  So it can get expensive, yes. But again, you're sitting there
• 1:35:26
  for six hours, tip a little extra for that.
• 1:35:28
  Just that's just my little PSA for today, OK?
• 1:35:31
  Yeah, at least tip 20%. If they did good tip a little
• 1:35:35
  bit more. If not, I said 20% would be
• 1:35:38
  minimum. And, and here's a piece of
• 1:35:40
  advice I'm going to give you right now.
• 1:35:42
  The weighted waitresses at Hooters and Twin Peaks are not
• 1:35:45
  in love with you. They're not flirting with you.
• 1:35:50
  They're not interested in you. They're just doing their job,
• 1:35:54
  OK? So don't fall for it.
• 1:35:58
  And the stripper does not love you either.
• 1:36:00
  You felt hurt or what? No, I'm learning from
• 1:36:02
  experience. Not like you.
• 1:36:03
  Like when you when you go to a restaurant like that, you know
• 1:36:05
  they flirt with you. I've never had that happen to me
• 1:36:09
  so. OK, have have we got to look
• 1:36:11
  locos, locos. Yeah.
• 1:36:13
  OK, what were they wearing? Bikinis.
• 1:36:17
  Or lingerie, right? Twin Peaks does that.
• 1:36:20
  And, you know, they start talking to the guys and they
• 1:36:23
  get, you know, a little flirtatious and all the guys are
• 1:36:25
  like, oh, she likes me. No, she's trying to get a good
• 1:36:27
  tip. The name of the strippers.
• 1:36:29
  Don't don't fall for that. OK my my PSA for today.
• 1:36:34
  Yeah. All right, so now we get to my
• 1:36:38
  favorite part of the show is always the Digital Inferno.
• 1:36:40
  We need to talk about technology and what we can use.
• 1:36:43
  So stay tuned for our Digital Inferno.
• 1:36:50
  OK. Your budget should be automated,
• 1:37:00
  not manual. Use 0 based budgeting apps like
• 1:37:04
  Wine app. You need a budget or Mint to
• 1:37:07
  automatically categorize every transaction and assign every
• 1:37:10
  dollar a job. Set up automatic savings
• 1:37:13
  transfers within your bank's app immediately after payday,
• 1:37:17
  ensuring you pay yourself 1st and adhere to the 5030 Twenty
• 1:37:21
  rule without relying on willpower.
• 1:37:25
  All right, so use 0 based budgeting apps like YNAB.
• 1:37:30
  You know what YNAB stands for, Connor?
• 1:37:32
  You need a budget. You need a budget OK or men to
• 1:37:35
  automatically categorize every transaction and assign every
• 1:37:37
  dollar a job and. What does men stand for?
• 1:37:40
  Men's the name of the program? Oh.
• 1:37:43
  I was like, I can be like, man, I need that.
• 1:37:48
  Oh, let me give you props on that.
• 1:37:50
  That. Yeah, every now and then he
• 1:37:52
  impresses me with saying something just like off the top
• 1:37:56
  of his head. And man, I need that.
• 1:38:00
  That's funny. Dude, and I need that.
• 1:38:02
  That's that that. So Mint is.
• 1:38:05
  Like a program like Mint Mobile, you know?
• 1:38:09
  Wow. Yeah.
• 1:38:10
  This is brand name. Man, I need that.
• 1:38:14
  That's funny. That is really funny.
• 1:38:16
  I don't. Laurent.
• 1:38:22
  Sorry, stop. So you want to be able to track
• 1:38:33
  every spinning. So if you go into your bank
• 1:38:34
  account, you can actually make a category for each one of your
• 1:38:38
  expenses or note. Doesn't already do that?
• 1:38:41
  No, it might put it as a dining. Yeah, you're, well, ours do, but
• 1:38:45
  there's some that don't. But you can go in there and you
• 1:38:47
  can actually put it specifically that this was a dining expense,
• 1:38:51
  this was a business expense, this was emergency, whatever.
• 1:38:54
  And then at the end of the month, you can see your budget,
• 1:38:56
  do a pie chart and see what's up.
• 1:38:58
  Or you can set up some automatic savings transfers within your
• 1:39:00
  bank's app immediately after payday, ensuring your pay goes
• 1:39:03
  to yourself 1st. And you can give the 5030 twenty
• 1:39:06
  rule, which is what I've talked about the whole show right now,
• 1:39:13
  when you're keeping track of your finances, if you're going
• 1:39:16
  to use an app like I use Excel, you need to keep it up.
• 1:39:23
  If like my business expense, every time I spend money, I go
• 1:39:26
  straight into my account and I add it to my books, my notes,
• 1:39:29
  whatever, you know, So when it comes down to finances, I know
• 1:39:35
  exactly where my money went, right, or where it's going to
• 1:39:39
  go. Because again, like for the
• 1:39:42
  business here, I have my monthly expenses and one of them I'm
• 1:39:46
  getting is my insurance. That's another $40 a month.
• 1:39:51
  And then I'm going to get that app I was showing you the one
• 1:39:54
  that has all the finance stuff that's $40 a month, you know, So
• 1:39:58
  I have to budget for that and I have to plan ahead for that.
• 1:40:01
  And I have to ask myself, what do I want to spend my money on?
• 1:40:04
  Another thing is the video production software we're
• 1:40:06
  buying, right? I was, I was telling my brother
• 1:40:09
  this last night, he was here hanging out and I said, come,
• 1:40:11
  let me show you something in the studio.
• 1:40:14
  And I said I've made an investment into this right here
• 1:40:18
  in front of us, Connor. How much do you think is here,
• 1:40:22
  just here that we've invested in?
• 1:40:24
  3000. Higher. 5000.
• 1:40:29
  A year 10,000 closer. Yeah, a little over 3000 on the
• 1:40:34
  laptop. God damn. 800 on the Mackey. 12.
• 1:40:40
  100 on the cameras. That's 5700 for the program we
• 1:40:46
  buy. That's almost $6000 with
• 1:40:50
  everything just and then microphones, 200 arms 50.
• 1:40:56
  So that's $500 between both microphones and we have four of
• 1:40:59
  them. We have 4 headphones that's
• 1:41:01
  $100. Crazy.
• 1:41:04
  And then we had other cameras. Well, yeah, those weren't, they
• 1:41:07
  weren't that expensive, but you see the thing with that, OK?
• 1:41:12
  So be aware of that, OK? Know where your money goes.
• 1:41:22
  You can spend it and not even realize where your money's
• 1:41:24
  going. OK.
• 1:41:26
  So just be very, very careful with that.
• 1:41:29
  And I think we can take a quick break and we can come back for
• 1:41:33
  the final burn. What do you think, Hunter?
• 1:41:35
  Yeah, this sounds good. All right, we'll be back after
• 1:41:37
  the break. It's time for a break.
• 1:41:40
  Hot takes with the Murph man. We'll be right back.
• 1:41:48
  That's right, Badlands Trivia and Blazing Bingo is officially
• 1:41:51
  launching. We're teaming up with Military
• 1:41:53
  Broadcast Radio to bring you a high energy interactive game
• 1:41:56
  night every Wednesday at 9:00 PM Eastern.
• 1:41:58
  You can join the action live on Twitch or YouTube at Trivia and
• 1:42:02
  Bingo Live or catch us on TikTok at MBR Talk Roku.
• 1:42:06
  It's all about building that community.
• 1:42:08
  Let us help you find your voice. You can also find us on Roku TV
• 1:42:13
  by searching for MBR Channel. All right, that was open Hearts
• 1:45:52
  club. I died tired.
• 1:45:54
  So before we we give our final burn, I want to tell you
• 1:45:57
  something. We've been talking about
• 1:45:59
  budgeting and this is something near and dear in my heart.
• 1:46:02
  Next year we're going to talk about investing and I hope you
• 1:46:07
  pay attention to that one because that's one that we
• 1:46:12
  talked about a little bit today, but we get into a little more
• 1:46:14
  detailed certain terms and everything.
• 1:46:16
  So I'm not going to really tell you how to do it just so you
• 1:46:19
  know, but I'm going to explain it to you, OK, So you can
• 1:46:23
  understand what they mean. Like Treasury bonds, what are
• 1:46:26
  those? You know, if you hear something,
• 1:46:27
  you're like, OK, I've never heard these terms before, so I
• 1:46:32
  will talk about how to invest in them a little bit, but I will
• 1:46:35
  tell you more about the terms because you don't realize how
• 1:46:37
  much is out there that you can put your money into.
• 1:46:39
  OK. And for our final take, as
• 1:46:45
  before our final burn, we're going to go ahead and get that
• 1:46:49
  started and give me a SEC. Welcome back, Hunter.
• 1:46:56
  Thank you, thank you, thank you. The final take from today's
• 1:47:07
  discussion is your budget isn't a cage, it's a compass.
• 1:47:11
  Tell your money where to go or it'll disappear without asking.
• 1:47:17
  All right, tell your money where to go or it'll disappear without
• 1:47:21
  asking. Yeah.
• 1:47:24
  You like that? I do like that.
• 1:47:26
  I do like that. Yeah, tell your money where to
• 1:47:28
  go or it's going to disappear without asking.
• 1:47:29
  You make sure you keep track of everything and understand that
• 1:47:34
  when you do that and you know where your money goes, you're
• 1:47:37
  more conscious of where to spend it.
• 1:47:39
  Would you agree with me on that, Connor?
• 1:47:40
  Yeah. If I were to sit here and tell
• 1:47:42
  you where's your money going and you have to sit there and tell
• 1:47:44
  me at some point, you you're like, wait a minute.
• 1:47:46
  Wow, that's a lot. I didn't know it was that much
• 1:47:48
  or you know what I mean? So keeping track of just the
• 1:47:51
  fact that you're keeping track of it reminds you don't spend
• 1:47:54
  the money. OK.
• 1:47:55
  That's how I like carrying cash. There's just instinctively like
• 1:48:00
  I will pay or the card or something and you could check
• 1:48:04
  it, but in cash you have to pull out your wallet and count how
• 1:48:06
  much. I'm pure lazy to not do that.
• 1:48:11
  I'm lazy and I don't do that so but I know how much like cash I
• 1:48:16
  have, I just don't use it. Yeah, but you don't.
• 1:48:18
  But again, that's much you don't budget.
• 1:48:21
  Oh, yeah. OK.
• 1:48:23
  So keep that in mind. All right.
• 1:48:25
  And as we talk about this and where you were going, I was
• 1:48:29
  saying next week we're going to talk about investing, but I'm
• 1:48:32
  not really going to talk about how to invest.
• 1:48:34
  It's. Going to be like what is
• 1:48:35
  investing? Yeah, like the different types
• 1:48:38
  of ways you can invest money, like for example, Treasury bonds
• 1:48:41
  or, you know, T-bills and all that, whatever.
• 1:48:44
  You hear all these terms, but you don't know what they have
• 1:48:45
  Forex and you know, so it's it's going to be a lot of
• 1:48:48
  definitions. I'm not going to lie, you know,
• 1:48:51
  but I think people need to be aware of that before they stop
• 1:48:58
  and give their money into something that's not worth it.
• 1:49:02
  OK, true. All right, so anything you want
• 1:49:06
  to add for today, Connor? No, I'm just.
• 1:49:11
  Well, I liked it, yeah. No issues with the slides or
• 1:49:15
  anything. What about the topic?
• 1:49:18
  I don't know what do you think because I looked at these topics
• 1:49:22
  months ago and decided on them. Something new to learn I guess
• 1:49:26
  you could. Say it is because it's people,
• 1:49:28
  something people won't talk about.
• 1:49:29
  Yeah. You know, but I think that's it
• 1:49:32
  for today here in Border Studios.
• 1:49:36
  Yeah. And what?
• 1:49:38
  Why do you laugh? Aztec Aztec animations.
• 1:49:41
  Also and. Phoenix Post house yeah and
• 1:49:45
  we're fan live and born entertainment and and periodics
• 1:49:49
  15 Dbas Connor. We're we're multi divisional
• 1:49:55
  company. That's what we call Borderlands
• 1:49:57
  Success Holdings because we hold a lot of companies and it's
• 1:50:01
  going places, I think. What do you think?
• 1:50:04
  Well. If you have 15, I would hope so.
• 1:50:07
  Well, I'm hoping in that contest I entered to be ranked one of
• 1:50:14
  the higher podcasts. I hope.
• 1:50:17
  Let's see. OK, we'll see.
• 1:50:20
  We will see. Not by followers, but by content
• 1:50:22
  and everything we do. All right.
• 1:50:24
  So if you don't have any questions, Connor, I think
• 1:50:26
  that's it for today. All right, think so too.
• 1:50:30
  Yes. Thank you for listening.
• 1:50:32
  Appreciate you. And we'll see you here next
• 1:50:34
  week. 12:00 PM Eastern ten, 8:00 AM Mountain.
• 1:50:39
  Yes. Thank you for watching today's
• 1:50:42
  episode. Check us out on all social
• 1:50:44
  medias at Pure Hot Takes or go to purehottakes.com For more
• 1:50:49
  information. That's a wrap on this episode.
• 1:51:00
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• 1:51:03
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• 1:51:05
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• 1:51:07
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• 1:51:09
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• 1:51:16
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• 1:52:08
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• 1:52:12
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