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Cost Tracking, Income Protection, and Giving · I Hate Talking

• 0:30
  I Hate Talking: Welcome to episode 17 of I Hate Talking.
• 0:34
  I Hate Talking: Here to talk about my most hated topic.
• 0:38
  I Hate Talking: And what is your most hated topic?
• 0:41
  I Hate Talking: Money Money.
• 0:44
  I Hate Talking: So part three of our little.
• 0:47
  I Hate Talking: Unplanned money miniseries, uh, where we started out with inflation and money dysmorphia, then moved into in our most recent episode, the some of the strategies around budgeting and making sure that we are managing our social media inputs appropriately.
• 1:08
  I Hate Talking: As well as making sure that uh perhaps sharing some resources that are out there with others.
• 1:15
  I Hate Talking: And now we are on to part three, but before we do that, we always have a word or phrase of the episode, and what is our word or phrase of the episode in this episode?
• 1:27
  I Hate Talking: Native.
• 1:29
  I Hate Talking: I said it so well the first time, no, nativity.
• 1:37
  I Hate Talking: Nativity?
• 1:39
  I Hate Talking: No, not like Christmas, not baby Jesus.
• 1:44
  I Hate Talking: N oh no, now you're in my head.
• 1:49
  I Hate Talking: So that would be the word naive.
• 1:53
  I Hate Talking: Naivetivity, nativity.
• 1:57
  I Hate Talking: No, -- I -- can't even say it properly.
• 2:00
  I Hate Talking: So what does the word nagativity mean?
• 2:05
  I Hate Talking: You have the dictionary in front, don't you?
• 2:08
  I Hate Talking: I like it?
• 2:10
  I Hate Talking: Oh no.
• 2:11
  I Hate Talking: Well.
• 2:12
  I Hate Talking: -- I don't even know how to spell -- it.
• 2:16
  I Hate Talking: We're laughing because I said the word.
• 2:20
  I Hate Talking: And Adam was very impressed that I um said it so clearly.
• 2:25
  I Hate Talking: Cause I don't think it's any surprise to anyone that I do not, I struggle to speak clearly sometimes.
• 2:31
  I Hate Talking: And that's a hard word to say.
• 2:34
  I Hate Talking: And now we're tripped up and neither of us can say it right.
• 2:36
  I Hate Talking: Indeed, so.
• 2:39
  I Hate Talking: Naivety.
• 2:41
  I Hate Talking: I can't say it properly either.
• 2:44
  I Hate Talking: Naivety, naivety.
• 2:49
  I Hate Talking: So, That particular word is from being naive, but it is the actual noun of having the lack of experience, wisdom or judgment.
• 3:06
  I Hate Talking: So this actually is from the French for naivete and uh comes from basically that status or state of being naive, again, that Apparent or actual lack of experience or sophistication.
• 3:22
  I Hate Talking: Sounds good.
• 3:23
  I Hate Talking: So now you no longer need be naive on the definition of naivety.
• 3:30
  I Hate Talking: Not to be mistaken with nativity.
• 3:34
  I Hate Talking: Exactly.
• 3:35
  I Hate Talking: So we are going to continue, as we said on this discussion on money and again move into perhaps some things that have either worked or not worked in our own personal experience with regards to strategies around budgeting and money management and just dealing with economic downturns or upturns when we find that we are within those things.
• 4:00
  I Hate Talking: And for this particular topic, we're going to continue with cost tracking.
• 4:09
  I Hate Talking: Oh yeah, that's one of the things that's most helpful for me.
• 4:14
  I Hate Talking: I go through phases.
• 4:16
  I Hate Talking: Right now I'm one in one of those phases where I'm trying to track all the money I'm spending makes me really think twice about making a purchase, because I have to go right down that number on my little spreadsheet.
• 4:30
  I Hate Talking: And it's also been interesting a coup I do separate up by weeks now.
• 4:34
  I Hate Talking: And like what I buy at Target versus Kroger or um.
• 4:39
  I Hate Talking: Chick fil A and that sort of thing.
• 4:42
  I Hate Talking: I have like, so I can see how often I patron all those places.
• 4:48
  I Hate Talking: Um, one month or one week.
• 4:50
  I Hate Talking: I was $1 off.
• 4:53
  I Hate Talking: Um, now I just round up.
• 4:55
  I Hate Talking: I don't do scents.
• 4:57
  I Hate Talking: But with each purchase, I just round to the nearest $1 higher, and I was only $1 off two weeks in a row.
• 5:04
  I Hate Talking: So I thought that was pretty good that I'm sticking.
• 5:07
  I Hate Talking: At least for those 2 weeks, pretty consistent on my purchases.
• 5:11
  I Hate Talking: That is very good.
• 5:12
  I Hate Talking: And uh yeah, when we're doing our budgets again, maybe perhaps a call back to our last episode in budgets, but uh for our budget, we balance that down to the penny.
• 5:23
  I Hate Talking: You do.
• 5:25
  I Hate Talking: I do and I.
• 5:27
  I Hate Talking: I think that is only because my mom was an accountant and drilled that into me.
• 5:32
  I Hate Talking: So shout out to my mom for the accuracy down to the dollars and cents.
• 5:40
  I Hate Talking: So for my particular cost tracking, I also do something similar, uh, but I will actually get an alert for every expense on any sort of electronic transaction that happens for any of our accounts.
• 5:59
  I Hate Talking: Years ago, I was with a friend and we went through the McDonald's drive-through to get a soda.
• 6:05
  I Hate Talking: And so you text and you're like, enjoying your soda?
• 6:08
  I Hate Talking: And she was so impressed that you knew what I was doing, or so shocked.
• 6:13
  I Hate Talking: Uh maybe a little freaked out that you were tracking me so much.
• 6:17
  I Hate Talking: But I was like, no, he's, he gets notifications on his phone.
• 6:21
  I Hate Talking: He knows that if I spent $1.10 at McDonald's.
• 6:24
  I Hate Talking: It's um a soda I bought.
• 6:27
  I Hate Talking: Exactly, so those are things that typically most financial institutions with either a credit card or a debit card will allow you to set alerts uh that can also have the benefit of notifying you of any potentially fraudulent expenditures.
• 6:45
  I Hate Talking: So if your credit card happens to fall into wrong hands that and they start spending money that you'll see these alerts and be able to put a stop to that.
• 6:53
  I Hate Talking: Uh, but it also, I think, again, going back to maybe perhaps one of the Ramsey solutions in terms of the envelopes and the actual physical money, these alerts do make it a little bit more tactile in terms of what you're actually spending.
• 7:09
  I Hate Talking: That you'll have a record of it, that you'll get the alert that it's not just you scan all the groceries at the checkout and swipe the card and move on with your life, but that there is a small amount of additional attention brought to your mind in terms of your expenditure, uh, for in our case, any expense, one penny or more.
• 7:34
  I Hate Talking: I think that's super practical to have, cause also what if somebody steals.
• 7:40
  I Hate Talking: are hard.
• 7:43
  I Hate Talking: Like you can get your fraud checked quickly.
• 7:46
  I Hate Talking: If we know that we aren't buying anything.
• 7:50
  I Hate Talking: Or maybe something was ran twice on accident.
• 7:54
  I Hate Talking: You can uh notice that quicker than waiting for your statement.
• 7:57
  I Hate Talking: Also, one year you challenged me.
• 8:01
  I Hate Talking: It wasn't for your credit cards or bank cards.
• 8:05
  I Hate Talking: That's what we're talking about right now is the practical use for that.
• 8:09
  I Hate Talking: But when December, Um, I got cash and I could, I did not use my card.
• 8:16
  I Hate Talking: Now, you paid our stuff, you paid our water bill and stuff like that using cards.
• 8:21
  I Hate Talking: Uh, for food, gas, any extra purchases, um, I had to use cash and it was very Difficult to budget because I knew I needed this money to last.
• 8:36
  I Hate Talking: It was also shocking when I was buying with people, how many employees would be shocked they had cash and were struggling themselves to count out change.
• 8:47
  I Hate Talking: So it's so quick, just to swipe, and now you just tap.
• 8:51
  I Hate Talking: You don't even have to.
• 8:53
  I Hate Talking: Really pull out your card.
• 8:55
  I Hate Talking: Yeah, and in today's day and age, you don't even have to go to the store.
• 8:59
  I Hate Talking: You can just buy it online, process the thing electronically and have it delivered right to you.
• 9:04
  I Hate Talking: OK, but also, can that also um you can tell me if you disagree, that I feel like also helps me with my budget.
• 9:12
  I Hate Talking: Um, we use Kroger, sounds bougie, but we use Kroger delivery now for our groceries.
• 9:20
  I Hate Talking: It is so nice because you get the gas points and so the To fill up my minivan, it's a lot cheaper.
• 9:28
  I Hate Talking: But when I'm sitting down, I can meal plan, I can see what's on sale.
• 9:34
  I Hate Talking: And plan what we have and very strategically buy stuff, versus if I'm at the store and impulse buy, like, oh, that's on sale, oh, that looks delicious.
• 9:45
  I Hate Talking: Um, this way, I feel like I stick easier with the budget.
• 9:50
  I Hate Talking: Uh, when I'm looking.
• 9:52
  I Hate Talking: In my car on my phone.
• 9:55
  I Hate Talking: Versus just in my cart physically shopping.
• 9:59
  I Hate Talking: I think I save more money and stick with the budget when I'm shopping from home, versus if I'm in the store impulse buying.
• 10:07
  I Hate Talking: Exactly.
• 10:09
  I Hate Talking: And also within those apps, you already mentioned that you're getting some points and can identify perhaps more quickly what you are buying that's on sale at one store versus the other, rather than looking at the particular quote unquote circular as it used to be called for different grocery store advertisements.
• 10:30
  I Hate Talking: Uh, and as well, you also have a history of your purchases that you could see what you are frequently purchasing and perhaps what is being consumed most often and potentially perhaps finding a cheaper substitute for those items if it's uh a highly expensive item or uh seeing how the costs have changed over time, which is actually an interesting anecdote that relates to some of our discussion on inflation.
• 11:00
  I Hate Talking: There was actually a Redditor that went back and looked at their Walmart purchasing history and they had a store purchase from January of 2020 for 30 items, and that cost them $70.29.
• 11:15
  I Hate Talking: And they did a little experiment where they added those same exact 30 items to their store for uh this was.
• 11:25
  I Hate Talking: Back in June of 2024, so about 4.5 years later, that.
• 11:34
  I Hate Talking: Order for the exact same 30 items.
• 11:37
  I Hate Talking: Supposedly because we know that quality also has decreased to some degree, but the dollar amount for those same 30 items was $165.42 which represents a 135% increase in the cost of goods over those 4.5 years.
• 11:57
  I Hate Talking: Wow.
• 11:58
  I Hate Talking: That's insane.
• 12:00
  I Hate Talking: But also, I guess it shows that my thinking.
• 12:04
  I Hate Talking: is developing along with purchasing.
• 12:09
  I Hate Talking: Like, I'm used to these prices.
• 12:11
  I Hate Talking: Because when you said that, I was like, wait, is that tax, the $70 is that tax included or not?
• 12:17
  I Hate Talking: Because 30 items for $70 that's just a little over $2 an item.
• 12:22
  I Hate Talking: What is he buying that's all these items that are just $2 each.
• 12:26
  I Hate Talking: So they had on the screenshot that they shared, uh, a granola bar, single serve, uh, two boxes of cereals, a bag of tortilla chips and some popcorn.
• 12:38
  I Hate Talking: So, uh, that's the only thing that is visible in the screenshot.
• 12:42
  I Hate Talking: So perhaps some items that, uh, Or maybe $1 or $2 all the way up to maybe a few dollars and then maybe some larger items.
• 12:52
  I Hate Talking: OK, and maybe like apples, are they counting apples individual because apples now are over $1 a piece usually.
• 12:58
  I Hate Talking: Yes, this would be in whatever grouping the Walmart app does it.
• 13:03
  I Hate Talking: I think these would be probably.
• 13:04
  I Hate Talking: Line items, the actual individual skew, but um, hard to say, but yes, nonetheless, 30 items, $70 the same 30 items.
• 13:14
  I Hate Talking: Up to 165 dollars.
• 13:17
  I Hate Talking: But obviously, 4 years later.
• 13:19
  I Hate Talking: His salary, like we're talking about before with inflation, it is not.
• 13:24
  I Hate Talking: Unless he is some big mogul for whatever, his salary hasn't increased that much.
• 13:31
  I Hate Talking: Highly unlikely and I think the normal experience is that uh during those COVID times, people were either getting very minute increases or no increases at all or even some people being furloughed or laid off and uh that there's no way that they had a 135% wage increase over those 4.5 years.
• 13:53
  I Hate Talking: It was probably more somewhere in the neighborhood of I would guess 7 to 8% over that 4.5 year period.
• 14:00
  I Hate Talking: OK, so call back to our word of the day.
• 14:03
  I Hate Talking: But like, I just feel like I'm super naive.
• 14:07
  I Hate Talking: What did we do with all that money 4 years ago?
• 14:10
  I Hate Talking: Or are we as a society just in debt more than we were 4 years ago?
• 14:17
  I Hate Talking: So, as a nation, and some of the things that we talked about as well in terms of the comparative nature of how we're doing financially being appropriate or not appropriate, but one thing that we can determine is that this is a period of time that The American citizen has the most amount of debt that they have ever had within our lifetime.
• 14:43
  I Hate Talking: So not Cause boomers, right, like baby boomers, um, their generation had quite a bit of debt.
• 14:52
  I Hate Talking: So, and then they all, not all, many of them got out of it and reworked their finances.
• 14:59
  I Hate Talking: So since that generation, so basically since baby boomers were our age, was that the last time.
• 15:06
  I Hate Talking: That was seen like this?
• 15:08
  I Hate Talking: Is that what you're saying?
• 15:09
  I Hate Talking: No, I'm just indicating that for Our lifetime, so the last uh You know, 30 to 40 years that this is the highest per capita.
• 15:24
  I Hate Talking: Debt load that has existed in, OK, so you can't blame it on just credit cards, cause that's what I think the generation.
• 15:35
  I Hate Talking: Or so or two before I.
• 15:37
  I Hate Talking: Got into troubles with the creation of credit.
• 15:41
  I Hate Talking: Credit cards.
• 15:43
  I Hate Talking: Yes, and that is the theory on a number of people that I follow that this.
• 15:50
  I Hate Talking: Credit card debt remains at record levels because Americans are relying on those credit cards due to inflation.
• 15:59
  I Hate Talking: So, to answer your question in terms of what we're doing with the money that was left over from purchasing the 30 items for $70 it was either going into savings or that is the money that we had.
• 16:12
  I Hate Talking: And now perhaps in this theoretical scenario, we only have $80 to $90 to spend on those 30 items.
• 16:20
  I Hate Talking: So the remainder of the 75 to $85 is going onto a credit card to be dealt with later.
• 16:29
  I Hate Talking: Wow.
• 16:30
  I Hate Talking: So In my scenario, I'm thinking, oh well, in his scenario, he bought the granola bars.
• 16:37
  I Hate Talking: I said apples earlier, but he had a granola bar.
• 16:40
  I Hate Talking: So he's paying a ton of money for that granola bar if he's paying interest on it then.
• 16:47
  I Hate Talking: Exactly.
• 16:48
  I Hate Talking: So the estimates say that about on average 9.8% of the household income goes to managing debt payments.
• 16:59
  I Hate Talking: Just for credit cards.
• 17:01
  I Hate Talking: OK, that's what I'm saying, like, is that including school debts or anything?
• 17:06
  I Hate Talking: Because there's some debts, I mean, unless you are.
• 17:09
  I Hate Talking: come from a family that um is able to help a lot financially or you win the lottery or whatnot.
• 17:17
  I Hate Talking: That is It is a big part of our society because you have a house, if you buy a house, if you buy a car.
• 17:24
  I Hate Talking: Most people do not, aren't able to save up for that stuff.
• 17:29
  I Hate Talking: At least very easily to get it.
• 17:32
  I Hate Talking: To pay in cash or whatnot.
• 17:35
  I Hate Talking: So you do have debt.
• 17:36
  I Hate Talking: As a society, um, culturally here, right?
• 17:41
  I Hate Talking: Yes, I think so.
• 17:42
  I Hate Talking: I think, you know, some of those things are in terms of having debt on a physical asset like a home or a car, um, are Less of a liability, right, because you have that physical asset against the, the asset, whereas revolving debt with like credit cards and things of that nature are less so.
• 18:02
  I Hate Talking: I think that again, if you're responsible with it, you actually can benefit from it because there's a number of things that offer points or cash back or Uh, some of the things that we talked about last month with deferred payments depending on when expenses and incomes are hitting in terms of time and that you actually have some.
• 18:23
  I Hate Talking: Time to value on that cash, uh, that you can make interest rate and actually uh make a little bit of interest versus paying the interest.
• 18:33
  I Hate Talking: Um, but nonetheless, you have to be responsible with those things.
• 18:36
  I Hate Talking: And again, if you're in a point where you don't have a cushion and you're in debt, you don't really have any physical asset in order to liquidate to be able to overcome that particular debt.
• 18:48
  I Hate Talking: Right.
• 18:49
  I Hate Talking: And I mean, there are ways you can use.
• 18:51
  I Hate Talking: Again, like you said earlier, how you would, um, how you differ with Ramsey since he's um very against that.
• 18:59
  I Hate Talking: Is there are ways you can use it for your benefits, like, Um, getting the points, getting paying cash back, all that sort of thing.
• 19:10
  I Hate Talking: Um.
• 19:10
  I Hate Talking: But also as a society, we need credit cards in a way, right?
• 19:17
  I Hate Talking: Cause that's how you're gonna build your credit score to buy a car or to buy a house.
• 19:22
  I Hate Talking: It does have an input into your credit score uh with regards to how you're managing revolving debt through a credit card, uh, as well as building up your credit history and uh the Most important thing on that is on time payments of at least the minimum payment for anything, mortgage, a auto loan note or your credit card and that's uh one of the things that will be important as well as your Debt limit to income ratio being important in terms of how much debt you have versus how much income that you have, um, from my experiences are, I think two critical things that impact your uh credit score, um.
• 20:06
  I Hate Talking: It's interesting to note that if you do have a credit card and are paying off the full balance every time that actually may not benefit your credit history that much, you actually need a little bit of balance to remain on there, uh, because then you're actually in debt, quote unquote, and uh that will have a more positive acceleration on a good credit score as long as you're again managing that debt to income ratio and making all your payments on time.
• 20:34
  I Hate Talking: And then how do you find out?
• 20:37
  I Hate Talking: Is that based on all, is that just a general rule of thumb, or is that based on certain credit card companies, that's what they like to see?
• 20:46
  I Hate Talking: That is typically based on the 3 credit.
• 20:50
  I Hate Talking: Score companies that do this as a living uh that go into that particular calculation.
• 20:59
  I Hate Talking: OK.
• 21:01
  I Hate Talking: So, all in all, right, the thing that we're getting at in terms of the concrete strategy for this particular episode is tracking every cost, balancing the budget, uh, in our case down to the penny, and making sure that we understand where all our money is coming from, which is going to be for most people quite a bit easier in terms of having a job that is where you're getting your income.
• 21:28
  I Hate Talking: As well as more in more complex fashion where all your money is going with regards to reviewing credit card statements or getting credit card alerts and reviewing where all your debit card transactions are coming from and everything that is going out of your checking and savings account.
• 21:46
  I Hate Talking: And to that end, one of the things that I think is a legitimate thing to check on.
• 21:51
  I Hate Talking: Uh, although I think it has become somewhat of a overused trope is looking at your monthly expenses as it relates to subscription services.
• 22:03
  I Hate Talking: So that is one thing that you can look at in terms of what you're paying for a TV subscription or a music subscription.
• 22:12
  I Hate Talking: Don't cancel Spotify so that you can continue to listen to us.
• 22:16
  I Hate Talking: But those are things that again are things that you can evaluate and determine if you are really getting the necessary benefit out of it for the cost or where you could cut those costs again if you're dealing with the rise of the cost with things that you need in terms of food or basic necessities that uh these are things that maybe you have to make the hard decision that you hit pause on or cancel outright.
• 22:43
  I Hate Talking: Uh, for that time being, so that you can manage your budget accordingly.
• 22:48
  I Hate Talking: Yeah, it's so hard nowadays because You know, I like to watch The Office, so that's the peacock, and so that's a certain amount.
• 22:59
  I Hate Talking: And then the kids like Netflix and Disney Plus and Apple TV and Again, I was saying, yeah, I feel like I keep going back to like, it's just a couple dollars.
• 23:11
  I Hate Talking: But then when you're adding all those up.
• 23:13
  I Hate Talking: It really um can start taking a big chunk of the money away.
• 23:20
  I Hate Talking: And how often are we really watching so and so, you know, like, is it worth?
• 23:25
  I Hate Talking: $5 an episode if we only watch two shows a month on it.
• 23:30
  I Hate Talking: Exactly.
• 23:32
  I Hate Talking: All things that must be considered with regards to your expenses.
• 23:35
  I Hate Talking: And the other thing that we've touched on as well in our episode two episodes ago was not only the cost side, but also the income side.
• 23:45
  I Hate Talking: So anything else on the cost side before we talk on a few things related to the income side?
• 23:51
  I Hate Talking: Yeah, we'll just real quick on what you were saying about the subscriptions.
• 23:55
  I Hate Talking: I will own that I fall for this constantly and it makes me so frustrated.
• 24:01
  I Hate Talking: But they'll have a sale, like, 06 months for $2 or something.
• 24:07
  I Hate Talking: So, I sign up.
• 24:08
  I Hate Talking: And then I do not cancel it before that subscription ends and then you get charged.
• 24:15
  I Hate Talking: We do that with a couple of meal services, they'll send me a coupon.
• 24:19
  I Hate Talking: I'm like, oh, this is awesome.
• 24:20
  I Hate Talking: I can't even pay this at the grocery store.
• 24:23
  I Hate Talking: And then I'll be really consistent about skipping meals for a while, uh, deliveries, they let you do that, um, but you have to go in and manually skip them, and then I'll miss one, and then we get a full price delivery.
• 24:39
  I Hate Talking: I forgot to skip that week, and it's so frustrating.
• 24:44
  I Hate Talking: Yep, and I'll find out about it as soon as I see the charge on the credit card with that alert and know that uh you forgot to skip that one.
• 24:52
  I Hate Talking: And uh And then that's how I know we have groceries coming.
• 24:57
  I Hate Talking: It's when I text you and say, I see we got another every plate.
• 25:01
  I Hate Talking: Yeah.
• 25:01
  I Hate Talking: Indeed, so, uh, on the income side, like we talked about before, one of the most important things, uh, that is your particular asset is your own intrinsic ability, your health and ability to do a job and generate income.
• 25:20
  I Hate Talking: So that is also something that you need to consider on how to protect and develop in terms of your own abilities to generate income.
• 25:31
  I Hate Talking: Whether that be through career development or just healthy living, so that you can continue to be a productive member within your job place and continue to receive a paycheck, uh, because again, when we are Living pay check to paycheck or uh are in a particular debt scenario if we do have a particular accident or unhealthy thing that we encounter and are unable to generate income, that cushion does become so much more important and uh there's even opportunities with uh particular insurances that If you are living a more dangerous lifestyle and doing uh sports or martial arts or things of that nature that you can even buy accident insurance and those are all costs and benefits that one must determine how they pursue or not pursue, uh, but nonetheless, the, the bottom line making sure that you protect your own health and ability in order to generate that income.
• 26:35
  I Hate Talking: As well as just develop skills that can make you more of an asset within the job place, uh, which hopefully will lead to raises and promotions um beyond the, the average.
• 26:47
  I Hate Talking: Yeah, I like that um you can bring it back to money.
• 26:52
  I Hate Talking: I think one of the reasons I hate talking about money.
• 26:56
  I Hate Talking: So much is that it just seems cold.
• 27:00
  I Hate Talking: It's this bottom line number.
• 27:03
  I Hate Talking: Uh, just saying that like we're all people and We all have our intrinsic.
• 27:10
  I Hate Talking: Worth And uh so what can we do to Help ourselves, help society, help our families.
• 27:20
  I Hate Talking: Like right now, I do not make any income.
• 27:23
  I Hate Talking: I stay home and uh.
• 27:26
  I Hate Talking: Take care of the kids and the family and stuff.
• 27:29
  I Hate Talking: But you are so much more than just the person who brings a paycheck home so I can go buy stuff.
• 27:36
  I Hate Talking: Indeed, and that brings us to our final point for this episode is when you are managing your costs and you are doing things to pursue additional income generation or at least stabilizing that is what you can do with your potential excess money.
• 27:57
  I Hate Talking: Uh, we've mentioned some of the things around saving or investing, but one of the other critical things is donations, charity, and giving.
• 28:06
  I Hate Talking: Yeah, I think that's excellent.
• 28:09
  I Hate Talking: So, When you do have those things and you have the ability to again recognize the intrinsic value of others, you can donate that money to causes as you see fit, as well as support your local community, your local church or whatever particular.
• 28:30
  I Hate Talking: Nonprofit Entities that uh you most subscribe to, uh, those are things that benefit the community as well as ensure that we have a healthy outlook on money and consumption and helping others.
• 28:48
  I Hate Talking: Yeah, I love that.
• 28:49
  I Hate Talking: Um, Because many times in our lives, we've had times where people have helped us.
• 28:55
  I Hate Talking: Having the joy to be able to help people is a real blessing.
• 28:59
  I Hate Talking: And if I can just share like a quick anecdote.
• 29:02
  I Hate Talking: Uh, every time I get stressed about money, uh, my dad was always really quick to remind me about, um, because you're talking about giving the importance of it.
• 29:11
  I Hate Talking: My parents had an older child, a child before I was born who was very ill.
• 29:16
  I Hate Talking: And um they couldn't pay their hospital bills.
• 29:20
  I Hate Talking: They wanted to, they were trying to, but they just physically did not have the money.
• 29:25
  I Hate Talking: Doctors and the nurses took up a fund for him.
• 29:28
  I Hate Talking: Help pay those bills and still to this day, my dad talks about that all the time as a how good people can be and how generous that when they were at their saddest and their hardest part of their life, that hopefully they never have to do anything that hard again.
• 29:44
  I Hate Talking: With this um sick child who ultimately passed away.
• 29:48
  I Hate Talking: They didn't have the weight of paying all those bills for essentially the rest of their life on them.
• 29:55
  I Hate Talking: Um, the doctors and nurses were so generous and really took the one really difficult part away from them at their hardest part of their life.
• 30:04
  I Hate Talking: Indeed, so we've talked about a number of concrete things that one can do to manage their expenses, budget accordingly, perhaps, uh, further income generation, but at the end of the day, these things in terms of helping others are critical to keep in the forefront of our mind in terms of what we can do with our wealth when we have it.
• 30:29
  I Hate Talking: And those are things that we want to encourage our listeners to consider as well.
• 30:35
  I Hate Talking: So, from your friends at I Hate Talking, until next time, remember, it is only through talking that we begin the journey to understanding.