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More Money and Budgets · I Hate Talking

• 0:30
  I Hate Talking: Can you hear me?
• 0:32
  I Hate Talking: I can hear you.
• 0:33
  I Hate Talking: What am I doing?
• 0:35
  I Hate Talking: Well, we could do a word or phrase of the episode.
• 0:39
  I Hate Talking: What word or phrase of the episode are you thinking of?
• 0:42
  I Hate Talking: I have no idea and I have no idea who I'm talking to.
• 0:46
  I Hate Talking: Are we recording or not recording?
• 0:48
  I Hate Talking: We are recording.
• 0:49
  I Hate Talking: Oh, then who am I talking to?
• 0:52
  I Hate Talking: You are talking to all of the audience that listens to our podcast.
• 0:56
  I Hate Talking: At least.
• 0:58
  I Hate Talking: 6 people.
• 1:01
  I Hate Talking: I know a phrase for.
• 1:04
  I Hate Talking: The thing.
• 1:06
  I Hate Talking: You know, a phrase for the thing.
• 1:07
  I Hate Talking: What phrase for the podcast would you like to share?
• 1:10
  I Hate Talking: Chicken wing chicken wing.
• 1:12
  I Hate Talking: So our word or phrase of this episode is chicken wing.
• 1:18
  I Hate Talking: So would you care to tell our audience what the phrase chicken wing means?
• 1:23
  I Hate Talking: I don't know.
• 1:24
  I Hate Talking: I just, I just came up with it.
• 1:27
  I Hate Talking: So is it a particular food or is it a name of an animal that we possess?
• 1:34
  I Hate Talking: It's our pet chicken and a food.
• 1:37
  I Hate Talking: So it is both, both a food that you could eat, a chicken wing, as well as a pet that we have, chicken wing.
• 1:46
  I Hate Talking: Why are we doing it this in their clothes closet?
• 1:50
  I Hate Talking: This is our studio.
• 1:52
  I Hate Talking: Why are you in the clothes closet and I'm in your room?
• 1:57
  I Hate Talking: Well, there's not very much room in the clod closet, so we have to spread out a bit.
• 2:01
  I Hate Talking: So why do you call this a studio?
• 2:03
  I Hate Talking: Cause this is where we do all our podcast recording.
• 2:06
  I Hate Talking: Why don't you just call it a closed closet?
• 2:10
  I Hate Talking: Well, that doesn't sound very professional.
• 2:12
  I Hate Talking: A studio is not exactly telling the truth of what you're doing it in.
• 2:18
  I Hate Talking: It's a very astute observation.
• 2:21
  I Hate Talking: So now we know and all of our audience knows that our studio, quote unquote is actually a clothing closet.
• 2:28
  I Hate Talking: So why don't you just call it clothing.
• 2:31
  I Hate Talking: Well, I guess we will from now on.
• 2:33
  I Hate Talking: If there's anything else that you would like to share about the word or phrase chicken wing, I don't know what chicken means.
• 2:41
  I Hate Talking: The first thing that popped into my head.
• 2:43
  I Hate Talking: Well then there you have it.
• 2:45
  I Hate Talking: So we have chicken wing as either the food that we eat, which is the wing of a chicken, which is cooked.
• 2:50
  I Hate Talking: And then we also have chicken wing as the name of our pet, which is very appropriate because that pet is actually a chicken.
• 2:59
  I Hate Talking: Chicken wings, chicken wing, hot dog and a doughnut, chicken wing chicken wing hot on down a donut.
• 3:07
  I Hate Talking: There we go.
• 3:09
  I Hate Talking: All right.
• 3:09
  I Hate Talking: Anything else you would like to say before we end this recording?
• 3:13
  I Hate Talking: No, may I take off these headphones and leave.
• 3:15
  I Hate Talking: You may take off these headphones and leave.
• 3:17
  I Hate Talking: Thanks for being here.
• 3:18
  I Hate Talking: Alright, so after that short intro with our word or phrase of the episode, we are here with episode 16 of I Hate Talking.
• 3:31
  I Hate Talking: Hi everyone.
• 3:32
  I Hate Talking: So now considering that we've already engaged our word or phrase of the episode, we will move into our topic, which actually will be a continuation of our topic from last time on money and money dysmorphia.
• 3:50
  I Hate Talking: Inflation and perhaps we'll get into more concrete things that one could do to.
• 3:57
  I Hate Talking: Endure during this economic season with some personal budgets and personal consumption strategies uh with regards to inflation and perhaps even money dysmorphia.
• 4:12
  I Hate Talking: I think this topic is very important, but also it's probably my most hated topic.
• 4:18
  I Hate Talking: So why do you hate talking about money?
• 4:22
  I Hate Talking: I, oh yeah, we could go into a whole bunch of psychology probably.
• 4:28
  I Hate Talking: But overall, when we start talking about budgets and like our personal finance, I can definitely feel anxious and stressed, even if it's a positive net or anything like that, just actually sitting down and seeing real numbers just makes it very stressful and also shows me how out of control.
• 4:52
  I Hate Talking: I really am in this situation.
• 4:55
  I Hate Talking: Indeed, and in the modern day banking system, they are just numbers on a screen and that is something that we'll actually consider as one of the strategies in terms of actually handling real dollars, uh, to make it more real.
• 5:15
  I Hate Talking: Sounds great.
• 5:17
  I Hate Talking: The other thing that you mentioned is in terms of the control that you mentioned.
• 5:24
  I Hate Talking: So what is it in particular that is out of control?
• 5:28
  I Hate Talking: Right.
• 5:29
  I Hate Talking: After I said that, I realized like, oh, it doesn't, maybe it sounds like I'm out of control with my spending, and I don't think I am.
• 5:36
  I Hate Talking: Um, once in a while, I enjoy a little bit of retail therapy.
• 5:40
  I Hate Talking: But I do think I stick pretty well to our budgets.
• 5:45
  I Hate Talking: What's out of my control is just the cost of life.
• 5:50
  I Hate Talking: Like, I know we can cut back on things.
• 5:53
  I Hate Talking: But as a whole, when I compare a lot of what we do, And how we live compared to our peers, I don't think we're living an extravagant life, but that I see those numbers in our bank going away.
• 6:10
  I Hate Talking: So that's what's just stressful is just I don't like seeing those numbers go away, um, when I know we still have to pay our insurance and we still have to pay our groceries and our gas.
• 6:24
  I Hate Talking: Exactly, and the topic for this particular episode will be more focused on those things that we can attempt to control with regards to budgets and spending and maybe even income generation and not so much on the things that are outside of our control that we have touched on those things previously with regards to inflation and central banks and fiscal policy that does impact the everyday citizen.
• 6:53
  I Hate Talking: And perhaps that will be a topic for a future episode, nor will we really delve into a lot of specifics or strategies around investments, although that is a core part and critical part of Personal wealth management.
• 7:12
  I Hate Talking: We're going to be instead focusing more during this episode on budgets and personal consumption in terms of those things that perhaps we can control rather than those things that are technically outside of our control but still need to have.
• 7:30
  I Hate Talking: Consideration and make sure that we understand those things.
• 7:33
  I Hate Talking: Right, so a lot of maybe just down to the practical, what do we do and how do we budget or look at the money we have in our hands.
• 7:44
  I Hate Talking: Exactly, and the money going out of our hands because to your point earlier, our standard.
• 7:50
  I Hate Talking: of living has not changed, but the cost of living has increased, so we are seeing that outflow at a faster pace than the income generation that we alluded to last time in terms of cost of goods rising while real wages are not rising at the same rate.
• 8:10
  I Hate Talking: And that perhaps that could be, like we talked about, some people may be going into debt or living paycheck to paycheck or just uh not putting away as much into savings as they may desire.
• 8:23
  I Hate Talking: Yep, sounds great.
• 8:25
  I Hate Talking: So we did mention a few concrete things that one can do in our last episode.
• 8:33
  I Hate Talking: One of those things was the avoidance or at least awareness of the impact of social media.
• 8:39
  I Hate Talking: So not only from comparing oneself to the supposed wealth of those that you see within social media and those influencers, but also to avoid advertisements that may generate.
• 8:53
  I Hate Talking: Impulse buying habits for things that you don't necessarily need while you're on those social media sites.
• 9:01
  I Hate Talking: So that is number one and we did talk about that a little bit last time and I will share one particular specific strategy that I think has helped me with that, and that is app limits.
• 9:15
  I Hate Talking: So how much time I allow that application to be open on my phone.
• 9:21
  I Hate Talking: And for example, for most of these social media applications, uh, for example, Facebook is set to one minute per day.
• 9:29
  I Hate Talking: So do you think that you really only spend one minute?
• 9:33
  I Hate Talking: So I can override it and it does allow me to override it to 15 minutes if I so choose to do that.
• 9:40
  I Hate Talking: But if I do strictly adhere to the 1 minute, which I often do, but not always, that will give me enough time to look at my notifications, perhaps scroll a little bit to see what is on the top of my feed or if there's any particular.
• 9:57
  I Hate Talking: Important posts that are related to people that I actually know rather than these ads or influencers that seem to have inundated our social media feeds as of late.
• 10:08
  I Hate Talking: Right, um, you had that on my phone for a while.
• 10:12
  I Hate Talking: Uh, you, I think I had 15 minutes a day, but you, like you said, you can override it.
• 10:18
  I Hate Talking: So I would just override it, but then I would have guilt.
• 10:24
  I Hate Talking: So not only Am I doing something unhealthy by spending a lot of time on Facebook?
• 10:29
  I Hate Talking: I'm also now having the guilt of the fact they overrode my time.
• 10:36
  I Hate Talking: And you can make that, I believe so that it is a hard limit or uh would require a password to be entered so that there is a little bit more of a barrier to overriding that limit.
• 10:49
  I Hate Talking: The other thing that I think that you've had more success with is uninstalling the actual application and instead having to go through a browser to get to the social media sites.
• 11:00
  I Hate Talking: Yeah, that's um what I do, that has worked because that little pop-up window.
• 11:06
  I Hate Talking: Offering an extended time is easy to click on.
• 11:10
  I Hate Talking: But I don't, when I uninstall the apps, and then I don't save the password in my browser.
• 11:17
  I Hate Talking: It takes a lot longer cause I have to type in my email, I have to type in my passwords to log into anything.
• 11:25
  I Hate Talking: And then within that amount of time, I'm like, oh.
• 11:28
  I Hate Talking: I don't really need to go on here anyways.
• 11:30
  I Hate Talking: And so similar to you, like, I'm able to set up in the morning, go in, check my notifications, and be done.
• 11:37
  I Hate Talking: Precisely.
• 11:38
  I Hate Talking: So perhaps some strategies that our listeners can adopt if that is something that you find helpful in terms of one, not only avoiding Undo comparisons to others through what you see on social media from social influencers or even your own peers in terms of what they might be doing uh for a short period of time, but again, not knowing all the ins and outs of their financial situation, as well as avoiding those.
• 12:08
  I Hate Talking: Opportunities where you're going to be faced with an impulse purchase from various ads that you will receive within those social media sites.
• 12:17
  I Hate Talking: Mhm.
• 12:19
  I Hate Talking: The other thing that we talked about and really only briefly touched on is a budget.
• 12:26
  I Hate Talking: So the importance of having a budget and as you've already stated, sticking to that budget and being aware when we are under budget or over budget and making the necessary adjustments to that.
• 12:39
  I Hate Talking: is a critical part of making sure that one can endure the economic woes that seem to be before us, as well as just in general.
• 12:51
  I Hate Talking: Do well with money from the perspective of.
• 12:56
  I Hate Talking: Avoiding overconsumption and managing savings and your own personal wealth.
• 13:02
  I Hate Talking: I don't like budgets, but I also think that they're a necessary evil.
• 13:08
  I Hate Talking: And for me, I do well when I have a budget.
• 13:12
  I Hate Talking: If I have a limited amount of money, obviously we don't, but like, if I don't have a cap.
• 13:18
  I Hate Talking: Then I'm much more likely like, oh, treat yourself, let's go to Starbucks.
• 13:23
  I Hate Talking: Let's go, oh, this is on sale, let's pick it up, and that kind of thing, where when I have a strict budget, I know that even if that's on sale, it's not in the budget, so I can't get it.
• 13:37
  I Hate Talking: Exactly, so having those flexibilities within the budget is a good thing as well, which I think is a good segue into some resources that we want to recommend to our listeners.
• 13:50
  I Hate Talking: So there's two particular books that I think have been formative in my understanding and of budgets and financial management, uh, within probably more of my later adult years as of recently, uh, and that is.
• 14:07
  I Hate Talking: A book called The Barefoot Investor, which is by Scott Pape and uh in the audible version, which, uh, like we've talked about in previous episodes, uh, that has been one of the ways that I've consumed books as of more recently within the last decade or so rather than reading the physical book, it's actually narrated by the author.
• 14:30
  I Hate Talking: So this is one of the cases where I had to slow down the author, not only because I think authors read their own books a little bit more quickly.
• 14:39
  I Hate Talking: They're not also trained to be narrators, as well as the fact that he is not from the US.
• 14:48
  I Hate Talking: Oh, where's he from?
• 14:49
  I Hate Talking: So he is, I believe, from Australia.
• 14:52
  I Hate Talking: So you will get the enjoyment or disenjoyment depending on if you listen to this, uh, of having the author read it in his Australian accent.
• 15:03
  I Hate Talking: And because he is from Australia, a lot of this is very applicable to how we manage money in the United States, but not 100%.
• 15:13
  I Hate Talking: Uh, so that is something to keep in mind if you do, uh, read this book.
• 15:19
  I Hate Talking: And one of the things that I think I've come to the conclusion on, uh, within the, even the last year or so is that Part of being successful in life is boiling things down to heuristics and having your own heuristics.
• 15:37
  I Hate Talking: Basically, how do you behave in a certain situation or how do you behave if a particular thing is true or not true.
• 15:45
  I Hate Talking: So having the heuristic of what you do with your money to boil this down to a personal heuristic from this book is Having buckets within your budget.
• 15:59
  I Hate Talking: That you put like, um, Dave Ramsey has like a similar idea, I'm assuming, right?
• 16:06
  I Hate Talking: He does the envelopes where you put like, you separate out your money, right?
• 16:11
  I Hate Talking: Is that what you're, is that what his buckets are?
• 16:13
  I Hate Talking: You put your money in different buckets?
• 16:15
  I Hate Talking: It is to some degree similar to Dave Ramsey, which um I think Dave Ramsey has some good ideas on.
• 16:23
  I Hate Talking: Money management, um, I think intrinsically he and I will differ greatly on the use of debt and the leveraging of debt where, uh, that's something that he supposedly never does, but I think there are certain situations where you can leverage debt for your own benefit, uh, but nonetheless, on the money thing, I think that is similar.
• 16:47
  I Hate Talking: Uh, and again that I think from the Ramsey perspective, they actually encourage people to have that physical money within the envelope so that you can handle it, see it, and have a more tactile interaction with the money rather than just numbers on the screen or swiping a credit card, uh, or even swiping a debit card.
• 17:08
  I Hate Talking: Uh, but I think Ramsey gets down into a little bit more detail in terms of rent and groceries and very specific items within those envelopes, which I think you would probably need to do with the physical money.
• 17:24
  I Hate Talking: The idea from Scott Pape is more of generalized buckets.
• 17:29
  I Hate Talking: So here are your Uh, buckets for perhaps a bucket for.
• 17:35
  I Hate Talking: Just daily living expenses, a bucket for vacations, a bucket for savings, and maybe you'll have within some of those buckets, sub buckets where you're doing investments or you're doing things that are just in a cash account, in a savings account and things of that nature, but very much more generalized buckets in terms of where you are directing your money and how you're budgeting it accordingly.
• 18:02
  I Hate Talking: OK.
• 18:03
  I Hate Talking: So he doesn't have actual like 6 buckets in his closet that he's putting money in.
• 18:10
  I Hate Talking: It's more like if he has a spreadsheet, he has a column for that.
• 18:14
  I Hate Talking: Yes, they're not buckets.
• 18:16
  I Hate Talking: It's just a euphemism for having separate categories of the funds.
• 18:21
  I Hate Talking: How do you figure out what categories you have?
• 18:25
  I Hate Talking: So he gives you the specific categories, I guess you could choose to follow them or not follow them um with regards to actually doing those buckets.
• 18:36
  I Hate Talking: Um, but basically a lot of his uh strategies are around making sure that you're sticking to those things, um, basically how you manage your Uh, house debt, if you have a mortgage, um, how impacting your financial situation is, uh, impacted by kids or other family members that are interacting with you.
• 19:00
  I Hate Talking: Um, so lots of different, um.
• 19:02
  I Hate Talking: Scenarios are addressed in this book as well in terms of way maybe wherever you are within your lifespan with just starting out or kids or empty nesters or even retirees that uh can all apply some of these generalized steps.
• 19:18
  I Hate Talking: And you said there was a second book?
• 19:20
  I Hate Talking: So the second book is Tony Robbins' book which is called Money Master the Game.
• 19:28
  I Hate Talking: And this one, you do have to read with a grain of salt or 2 or 3 or 4 or 5 maybe, because about half of the book is an advertisement for his additional tools and money management, uh, things that he has online and additional books and seminars and things of that nature, but he does, I think, uh, do a lot of Important.
• 19:56
  I Hate Talking: He's the guy who does the cole walks, right?
• 20:00
  I Hate Talking: I think he is the guy that does the cole walks.
• 20:03
  I Hate Talking: Yeah.
• 20:03
  I Hate Talking: So that would be the content of one of his seminars if you were to attend.
• 20:07
  I Hate Talking: But nonetheless, within this book, uh, I think he actually does address a lot of things about confidence with money.
• 20:15
  I Hate Talking: So not only necessarily maybe some specific tactics or strategies in terms of how to manage your money, but also some of the just the Conceptual and psychological things with confidence around money as well as not being anxious with money and budgeting.
• 20:32
  I Hate Talking: Oh, interesting.
• 20:33
  I Hate Talking: And then there also have been a number of books that I again have also read over the last few years that have been formative, but those are more in the vein of fiscal policy, monetary investing.
• 20:47
  I Hate Talking: And things of that nature, so probably not applicable to this podcast in general, but again, understanding how money works, I think does bring greater insight in terms of how you manage your own household budget and consumption.
• 21:04
  I Hate Talking: In your opinion then, obviously, We can't give financial advice, that's not either of our jobs.
• 21:12
  I Hate Talking: But in your opinion, Would you hold off investing then until you have your monthly household budget under control?
• 21:23
  I Hate Talking: So I think you would want to not go full tilt on investing.
• 21:29
  I Hate Talking: Uh, what I mean by that is that you wouldn't want to necessarily have your own brokerage account or do your own stock picking or Uh, do option trading until you are well established within your own budget.
• 21:46
  I Hate Talking: Uh, but I think the caveat to that is that there are certain things that can maximize your income potential based on Like, for example, an employer match 401k, so those are things that I would personally take advantage of and would recommend our listeners to take advantage of is that if your employer has something like that, it is essentially free money because they are matching uh what you are putting in to a certain point.
• 22:16
  I Hate Talking: Um, a lot of those things do have vestment.
• 22:19
  I Hate Talking: Uh, timeline, so you do have to be at that company for a certain amount of period of time to realize all those gains that uh they are helping you achieve by inputting additional money beyond just your own.
• 22:31
  I Hate Talking: Uh, and I think you can do those basic investments while you're still figuring out your own personal budget and financial monetary plan.
• 22:42
  I Hate Talking: OK.
• 22:42
  I Hate Talking: But if your company doesn't offer that, you're not saying run out and start putting into into a 401k right now.
• 22:49
  I Hate Talking: It would depend exactly on perhaps how much money you have in those different buckets.
• 22:55
  I Hate Talking: So if your personal expenses are taken care of, I would say that it probably would be better to either donate some of that money or invest some of that money or save some of that money rather than just blowing all of your disposable income on unnecessary items.
• 23:12
  I Hate Talking: There's, I don't know what movie this is.
• 23:14
  I Hate Talking: I just saw a clip from it recently and it cracked me up.
• 23:18
  I Hate Talking: There are uh this couple's talking to a professional, and she's telling him like, you're broke.
• 23:24
  I Hate Talking: They're like, no, look right here, we have $4,0001.
• 23:28
  I Hate Talking: And he's like, that's a 401k.
• 23:31
  I Hate Talking: That's not your money you have in your bank.
• 23:33
  I Hate Talking: Yup, definitely not $4,001,000.
• 23:39
  I Hate Talking: So an interesting thing that personally I do that uh is maybe a non-standard way of budgeting uh that I think may be insightful is that I will create our budget based on pay periods rather than a monthly budget.
• 24:00
  I Hate Talking: Mhm.
• 24:01
  I Hate Talking: So it is a little bit different.
• 24:04
  I Hate Talking: Most people have a monthly budget.
• 24:06
  I Hate Talking: They will budget accordingly to typically their costs which are going to be rent or mortgage, uh, is gonna be car insurance or other things that are usually on a monthly basis like utilities, gas, electric, water, etc.
• 24:23
  I Hate Talking: and budget accordingly for those particular costs when uh What I do is actually budget based on income, so based on a 2 week pay period, budgeting costs associated within those 2 weeks.
• 24:41
  I Hate Talking: So do you pay the mortgage every 2 weeks or are you setting some money aside in our account for the mortgage to be paid monthly?
• 24:50
  I Hate Talking: So, we will set aside the money either in savings if the mortgage payment is, you know, a little ways out or just let it sit within our checking account if that particular expense is coming up, so that that money is held in Liquid cash For those upcoming expenses.
• 25:13
  I Hate Talking: Um, do you think the way that you do it maybe helps, um, Like the stereotype, right is that it's the end of the month and everyone's out of money.
• 25:24
  I Hate Talking: They have to wait.
• 25:26
  I Hate Talking: Till the beginning of the month again, right?
• 25:29
  I Hate Talking: To get the money?
• 25:30
  I Hate Talking: It could be, um, this was actually something that I learned from a co-worker many, many years ago, uh, that did the same thing, and I think that is a fringe benefit of what this particular style of budgeting does is it forces you to look at upcoming expenses and generate actually that cushion so that you have the money to pay for those upcoming expenses.
• 25:55
  I Hate Talking: And uh you know, none of those are necessarily going to be exact dollar amounts, right?
• 26:01
  I Hate Talking: Your utilities will change from month to month or uh but your rent and mortgage should be relatively stable until the redo of the escrow comes around and you see that your property taxes went up.
• 26:13
  I Hate Talking: uh, but nonetheless, uh, it does, I think, give you maybe a little bit longer time range to see what your upcoming expenses are beyond.
• 26:23
  I Hate Talking: Just staying within the current month that you're in and not really considering where you're at by the end of the month, uh, or where you are, be at for the next month, as well as trying to determine when those Expenses are going to be due, which in the modern day and age, you actually can move those around, so that probably is not as much of a difficulty, but it does make a difference in terms of when the pay periods hit, uh, because those will change month to month based on A typical two week pay period.
• 26:58
  I Hate Talking: Right, I mean, there was something uh bigger one-off purchase we needed to make recently.
• 27:04
  I Hate Talking: And so I uh checked with you first, like, are we good?
• 27:08
  I Hate Talking: Should I buy it?
• 27:09
  I Hate Talking: And um, You did ask, like, well, can it wait till next week?
• 27:17
  I Hate Talking: I was like, well, no, it's due before that, and you're like, OK, then buy it now.
• 27:20
  I Hate Talking: Cause we had the cushion, we had, we knew we needed to buy this, like, pay for this item.
• 27:25
  I Hate Talking: Um, But I think you would have preferred if we pushed it back a week because we would have had that next paycheck, right?
• 27:34
  I Hate Talking: We would either had that next paycheck in that specific example, we were a few days away from closing our credit card.
• 27:44
  I Hate Talking: Uh, statement, our monthly time period for our credit card statement.
• 27:50
  I Hate Talking: So in that particular scenario, if we were, had been able to wait just a few more days, it would have rolled into the next.
• 27:58
  I Hate Talking: Monthly statement period for that particular credit card and would have given us actually another 30 days to pay that particular expense.
• 28:07
  I Hate Talking: Oh, I see.
• 28:08
  I Hate Talking: OK.
• 28:09
  I Hate Talking: The other thing that doing this budgeting method does is that for At least 2 months out of the year, you will typically end up with a quote unquote extra paycheck, which I guess this probably happens for those that do the monthly budgeting as well.
• 28:26
  I Hate Talking: But because you're tracking expenses on a every other week period, that money is actually not really allocated to a particular expense.
• 28:36
  I Hate Talking: So that can go into savings or can be an extra cushion if you need to catch up on things.
• 28:42
  I Hate Talking: As well as maybe just another opportunity to pay off debt, uh, what the particular person that I'm thinking of that introduced me to this concept, they would take that extra paycheck and put that directly and entirely to their mortgage statement.
• 28:59
  I Hate Talking: OK, uh, forgive my negativity, but how are you having 2 extra paychecks a year?
• 29:07
  I Hate Talking: So there are 12 months in the year and 26 pay periods in the year.
• 29:14
  I Hate Talking: So on average, you will have 2 pay periods per month.
• 29:19
  I Hate Talking: But if you'll notice, that does not come out evenly and you'll have 2 extra checks in that 26 pay period.
• 29:29
  I Hate Talking: Method with the, the 12 months of the year.
• 29:33
  I Hate Talking: Is that because, say I think you typically get paid on Fridays, right?
• 29:37
  I Hate Talking: Like that's the average here in the states for every other Friday or so.
• 29:42
  I Hate Talking: So because occasionally there's a 5th Friday in the month.
• 29:45
  I Hate Talking: Is that How we get um extra week, extra paychecks.
• 29:52
  I Hate Talking: Yup, exactly.
• 29:53
  I Hate Talking: So I guess uh it doesn't happen every 5th Friday, but 2 out of the 45th Fridays would be your extra paycheck.
• 30:02
  I Hate Talking: OK.
• 30:02
  I Hate Talking: So, and, but you have to be smart when you're thinking this way because Conversely, you could be like, woohoo, I get this extra money, I'm gonna go on vacation, or I'm gonna buy that couch I want.
• 30:19
  I Hate Talking: Right?
• 30:20
  I Hate Talking: Like, it's not free money.
• 30:22
  I Hate Talking: This is Money you worked for, and this is money that you need to use wisely, right?
• 30:28
  I Hate Talking: Exactly.
• 30:29
  I Hate Talking: So that does bring us perhaps to the final point that we'll make for this particular episode and there's actually an entire section that we didn't get to.
• 30:40
  I Hate Talking: So this actually two-part series may have just turned into 3 part series.
• 30:45
  I Hate Talking: The most hated topic, it just continues on and on and on.
• 30:50
  I Hate Talking: It does.
• 30:50
  I Hate Talking: And uh this is actually at the request of uh a couple of different listeners as well that we uh.
• 30:56
  I Hate Talking: That had requested additional information on this, so it's not just you that is dealing with perhaps this heated topic, but those that uh either hate it or are enjoying it and maybe are seeking to learn more about it.
• 31:08
  I Hate Talking: But our last thing that we'll mention on this one is going back to that anxiety issue in terms of how we deal with money and when you establish those buckets and those budgets, hopefully that is one of the ways that can reduce that anxiety because You cannot be 100% concerned all the time with your income and expenses because that will be very anxious filled, but you do want to enjoy the fruits of your labor to some degree in terms of taking that vacation or spending money on something that you do want.
• 31:47
  I Hate Talking: And have thought about and it is not a frivolous expense, but you've thought about it and have waited and you still desire to purchase this particular item that there needs to not be guilt associated with that, but by having these budgets in these buckets that you can do your best in terms of actually enjoying that particular thing that you're purchasing and not feeling guilty about it.
• 32:11
  I Hate Talking: Yeah, I think that's something that's really been helpful for us is um using this.
• 32:18
  I Hate Talking: Bucket, um.
• 32:21
  I Hate Talking: Loosely like we do.
• 32:23
  I Hate Talking: We have one for holidays and for birthdays, I love birthdays.
• 32:29
  I Hate Talking: I love making everyone's birthday special if I can.
• 32:32
  I Hate Talking: Um, I like even giving family and friends gifts or treating them to something.
• 32:37
  I Hate Talking: So since we have this like money and it just goes to it, it's helpful versus um when we didn't have that before, Christmas would come around.
• 32:50
  I Hate Talking: And we didn't have much money saved, and it was super stressful to, like, do all these activities and give gifts and stuff like that.
• 33:00
  I Hate Talking: And then, on a selfish note, my birthday is right a little bit after Christmas, and then everyone's poor in January and doesn't have money to go out and do stuff.
• 33:11
  I Hate Talking: So I had to tell you one day, like, this is actually important to me.
• 33:15
  I Hate Talking: On my birthday, I want to go to dinner, or I want something like that.
• 33:20
  I Hate Talking: I, it's not like I have to get a gift, but like, bring me flowers or let's get a babysitter and go to dinner.
• 33:27
  I Hate Talking: So, um, Allotting, like putting that money aside and knowing that we have this, that we can give to other people, or find stuff for ourselves has been nice versus just coming up and feeling that stress when it shows up.
• 33:44
  I Hate Talking: Exactly.
• 33:45
  I Hate Talking: So, a number of potentially concrete things that one could implement as well as different strategies that we've touched on.
• 33:51
  I Hate Talking: And so that hopefully, our listeners find that insightful.
• 33:57
  I Hate Talking: So from your friends that I hate talking until next time, remember, it is only through talking that we begin the journey to understanding.