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#HURDLEMOMENT: An Expert's Top Tips On Budgeting & Monitoring Your Financial Wellness · Hurdle with Emily Abbate

0:00
Speaker 1: Don't just like set numbers and just like walk away
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Speaker 1: you're done.
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Speaker 2: It's setting the numbers, going back to them and making
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Speaker 2: sure you're actually in the guidelines and you're coming up
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Speaker 2: with a plan if you're not.
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Speaker 3: Hey, everybody, Emily Abadi coming to you from the Age Studio.
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Speaker 3: You are listening to another installment of Hurdle. Moment from Hurdle,
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Speaker 3: a wellness focused podcast, reconnect with everyone from your favorite
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Speaker 3: athletes to top experts and industry CEOs about their highest hies,
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Speaker 3: toughest moments, and everything in between. We all go through
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Speaker 3: hurdles in life, and my goal through these discussions is
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Speaker 3: to empower you to better navigate yours and move with
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Speaker 3: intention so that you can stride towards your own big
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Speaker 3: potential and of course have some fun along the way. Today,
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Speaker 3: I am so excited to be bringing you my conversation
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Speaker 3: with Jamila Souffrant.
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Speaker 4: She is a money coach.
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Speaker 3: She's also host of the wildly successful Journey to Launch
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Speaker 3: podcast and we are getting into a conversation all about budgeting. Listen,
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Speaker 3: there are a lot of different aspects to health and wellness.
1:19
Speaker 4: I talk about this on the show all of the time.
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Speaker 3: I have addressed financial wellness in the past, and when
1:26
Speaker 3: I did so, I got a lot of different questions,
1:29
Speaker 3: DMS and emails about budgeting specifically. So that is where
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Speaker 3: my new friend Jamila comes into the clutch. Jamila has
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Speaker 3: a really unbelievable story when it comes to turning her
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Speaker 3: finances around and saving and she has made a name
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Speaker 3: for herself helping others to find the same amount of
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Speaker 3: financial freedom that she has found. We talk all about
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Speaker 3: that in today's episode. And she also gives so many
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Speaker 3: helpful tips and track when it comes to executing a budget,
2:02
Speaker 3: from how to plan your budget, how much money you
2:04
Speaker 3: should have saved for different things like an emergency fund,
2:08
Speaker 3: and how to home in on ways to possibly make
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Speaker 3: more money outside of your conventional perhaps nine to five job,
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Speaker 3: or make the money that you are already earning really
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Speaker 3: work for you. Loved the opportunity to connect with Jumila.
2:23
Speaker 3: We are both featured on the Today's show, which was
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Speaker 3: how her and I came to meet in the first place.
2:28
Speaker 3: And to be real, I love making friends that do
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Speaker 3: what I do that podcast. I love hearing their tips,
2:33
Speaker 3: their tricks. I always feel like, no matter how long
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Speaker 3: you've been doing the thing, there is never an opportunity
2:39
Speaker 3: to stop learning. So to learn from someone else who's
2:43
Speaker 3: doing it and doing it well, it's a no brainer
2:45
Speaker 3: for me. Make sure you're following along with Hurdle over
2:47
Speaker 3: on the socials It's at Hurdle podcast. Also, want to
2:50
Speaker 3: give some love to my ig. It's over at Emily
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Speaker 3: a body. Like I said in this intro, you know,
2:56
Speaker 3: I've been doing this for a long time and really
2:58
Speaker 3: do want to make an effort to focus on all
3:01
Speaker 3: different aspects of wellness in this feed. So if there
3:04
Speaker 3: is something specific that you want to hear about, a
3:06
Speaker 3: specific question you want answered, I am all ears. The
3:10
Speaker 3: best way to let me know is by leaving me
3:13
Speaker 3: a voice message. You can leave me one hear your
3:15
Speaker 3: voice on the show I know, really exciting opportunity by
3:19
Speaker 3: clicking on over to the show notes. It's super super
3:23
Speaker 3: simple from there. And with that, let's get to hurdling.
3:45
Speaker 4: Today.
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Speaker 5: I am sitting down with Jamila Suffrant. She is the
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Speaker 5: host of the Journey of the Launch podcast. She's also
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Speaker 5: a certified financial education instructor, a blogger, and a money coach.
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Speaker 1: How you doing today, Hi, Emily, It's so great to
3:59
Speaker 1: be here.
4:00
Speaker 4: I'm so happy to have you so fun.
4:02
Speaker 5: Fact, Jamila and I were both featured in the same
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Speaker 5: Today Show segment, which is how we have arrived here.
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Speaker 2: I know what an awesome connection, which, by the way,
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Speaker 2: I don't know if you knew about it in advance.
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Speaker 1: I didn't.
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Speaker 2: I just saw someone else who was tagged and got
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Speaker 2: profile tag meet and I was like, wait a second,
4:18
Speaker 2: that happened.
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Speaker 1: So that was pretty cool.
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Speaker 4: Oh yeah, No.
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Speaker 5: I was one hundred percent standing in line at a
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Speaker 5: Zara in Soho and all of a sudden my phone
4:27
Speaker 5: started to go crazy and I was like, what's going on?
4:29
Speaker 5: It's like Thursday at god knows what time? And then yeah,
4:32
Speaker 5: same thing. But not a bad way to start off
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Speaker 5: Friday morning. It was Friday Friday.
4:40
Speaker 4: So now we have this in comment.
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Speaker 5: You know what, why don't we kick start here by
4:43
Speaker 5: you telling us a little bit about yourself. Obviously we
4:46
Speaker 5: know that you're good with money, but let's hear a
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Speaker 5: little bit about you aside from what we're going to.
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Speaker 4: Get into today when we get to talk about budgeting.
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Speaker 2: Sure, so I'm Jamia Las we already established, and I'm
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Speaker 2: actually in New York City. Also, I live in Brooklyn,
5:00
Speaker 2: but I was actually born in Jamaica, like not queens,
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Speaker 2: like the island, visit off island in Jamaica. Okay, so
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Speaker 2: you know, I am just someone. It's funny when people say, oh,
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Speaker 2: you're so good with money, and I'm like, you know,
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Speaker 2: I'm okay, Like I don't think it takes extraordinary skill
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Speaker 2: to do what I've been doing in terms of like financially,
5:20
Speaker 2: which is why I wanted to talk more about it,
5:22
Speaker 2: because I felt like more people could access the whole
5:24
Speaker 2: freedom and happiness and the options in their lives if
5:27
Speaker 2: they could get it together. And that's basically what I've
5:30
Speaker 2: been doing for the past few years that I've been doing.
5:33
Speaker 2: Journey to Launch, which is my podcast and my company
5:35
Speaker 2: full time is I quit my corporate job.
5:38
Speaker 1: I had this crazy community from Brooklyn to New Jersey, and.
5:41
Speaker 2: I was making decent money, but I wasn't happy, and
5:43
Speaker 2: I've been starting to have kids and I knew that
5:45
Speaker 2: that wasn't and that couldn't be my life. And the
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Speaker 2: only way that I can think to get out of
5:50
Speaker 2: it was what I need money, Like, how am I
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Speaker 2: gonna support the kids that I want?
5:54
Speaker 1: You know, I have a.
5:55
Speaker 2: Husband, but his income is not like he's rich, so
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Speaker 2: his income is not going to be able to support us.
6:00
Speaker 1: So what do I do?
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Speaker 2: And that's when I started to go down this rabbit
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Speaker 2: hole of Google and say and type in how do
6:06
Speaker 2: I quit my job?
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Speaker 1: How do I retire early? All these things. I didn't
6:09
Speaker 1: really know what they meant, but I was like, how
6:10
Speaker 1: do I get out of this?
6:12
Speaker 2: And I found out about this thing called the financial
6:15
Speaker 2: independence retire Early movement, so the fire movement.
6:18
Speaker 1: That's the academy.
6:19
Speaker 2: And before I never really heard about this thing. And
6:22
Speaker 2: I started to read blog listen to podcasts now in
6:25
Speaker 2: this long commute, and discovered there was this world where
6:28
Speaker 2: people were taking their income from their corporate jobs or
6:32
Speaker 2: regular jobs as teachers, saving, investing, paying off debt, and
6:36
Speaker 2: in a few years, ten fifteen years, they'd be able
6:40
Speaker 2: to quit their job or retire early, travel the world
6:43
Speaker 2: and do what they wanted. And I was hooked once
6:45
Speaker 2: I found out about that, because I said, well, okay,
6:47
Speaker 2: so I don't have to win the lottery. Maybe this
6:51
Speaker 2: will take a longer time, right because you're too save
6:53
Speaker 2: and invest. But there is a way that I don't
6:55
Speaker 2: have to say stuff in this commute, in this job.
6:58
Speaker 2: And that's when I started to plot out how I
7:00
Speaker 2: could one day retire early or quit my corporate job.
7:04
Speaker 2: And I did, you know, It's funny because I have
7:08
Speaker 2: not reached complete financial independence, and we can talk about
7:10
Speaker 2: what that means yet, but I'm well on my way.
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Speaker 2: Because I started to dive into this journey, I started
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Speaker 2: to take the step to get better with my finances,
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Speaker 2: to be more intentional. I was able to put myself
7:20
Speaker 2: in a position to quit that corporate job, to quit
7:23
Speaker 2: that commute, and now I'm making more money than I
7:25
Speaker 2: did in my corporate job. I have three kids now
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Speaker 2: and I live a life of more freedom. So that's
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Speaker 2: like what I'm trying to tell everyone is possible for
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Speaker 2: them if they just start this journey.
7:35
Speaker 5: Okay, so then you've got to tell us about what
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Speaker 5: complete financial independence means.
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Speaker 2: Yes, So, in the technical sense, it means you have
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Speaker 2: all the money saved and invested that you don't have
7:47
Speaker 2: to work actively worked again for income because your portfolio
7:51
Speaker 2: of an investment or passive income gives you money in
7:54
Speaker 2: which you can survive and live, so it pays for
7:57
Speaker 2: your expenses. And I like to say that that is
8:00
Speaker 2: a glorious goal when you think about it, like Wow,
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Speaker 2: I don't have to work ever again.
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Speaker 1: And I have investments that support my lifestyle.
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Speaker 2: It's amazing, right, But I find that while that vision
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Speaker 2: is cool for some people, depending on where they are
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Speaker 2: in their life, they're just like, no way, there's no
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Speaker 2: way based on where I am, with how much that
8:18
Speaker 2: I have or how.
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Speaker 1: Much money I want to spend, that I can reach that.
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Speaker 2: And so I like to break it down a bit
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Speaker 2: in that is the complete definition and it's a big goal,
8:27
Speaker 2: but there are ways that we can break that down
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Speaker 2: to make it more attainable. And which is really important
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Speaker 2: is that we find freedom and more options on our
8:36
Speaker 2: way there, Like we don't have to wait until we
8:38
Speaker 2: have a million dollars invested to enjoy our lives. We
8:41
Speaker 2: can find that balance today by making intentional decisions.
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Speaker 5: Yeah, and I mean I would assume and obviously everybody's different,
8:49
Speaker 5: but I feel as though a lot of people would
8:52
Speaker 5: want to work in some way or find something that
8:56
Speaker 5: they could spend their time doing. It's probable that that
9:00
Speaker 5: thing like brings them income.
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Speaker 4: But just this idea, I don't know.
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Speaker 5: I'm I guess I'm just like projecting how I feel
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Speaker 5: about this, Like I can't imagine not working for the
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Speaker 5: rest of my life just because like I did so
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Speaker 5: well for a little bit of time that I'm like,
9:13
Speaker 5: all set, But to each their own.
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Speaker 1: No, but this is the thing.
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Speaker 2: I think that's an important, valid thing to discuss here,
9:19
Speaker 2: because I know that a lot of people when they
9:20
Speaker 2: first hear it, they're just like, well, I want to work.
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Speaker 2: And the thing is most people want to work. And
9:26
Speaker 2: everyone that I've interviewed on my show who have reached
9:28
Speaker 2: complete financial independence, they're still working, but they're doing something different.
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Speaker 2: They do what they're doing, what they love. It's something
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Speaker 2: like it's a choice. So I like to they don't
9:37
Speaker 2: get stuck on the retired early part. I think it's
9:39
Speaker 2: more important to talk about financial independence in the sense
9:42
Speaker 2: that you have options, you have choices. So let's just
9:45
Speaker 2: say in a few years you want to travel the world,
9:47
Speaker 2: take time off.
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Speaker 1: You don't have to say stuff.
9:49
Speaker 2: In a situation that's not serving you because you have
9:52
Speaker 2: the resources to make a choice that's different.
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Speaker 4: Hey that I mean that sounds amazing to me.
9:58
Speaker 5: And obviously to get this place, we need to talk
10:02
Speaker 5: about budgeting, which is what we're here to talk about now.
10:05
Speaker 5: I think I read in a Forbes article that you
10:07
Speaker 5: went from being able to increase your family's savings rate
10:11
Speaker 5: from fifteen percent to forty four percent, saving over one
10:15
Speaker 5: hundred and sixty thousand dollars in two years.
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Speaker 4: Is this correct?
10:19
Speaker 1: This is correct?
10:20
Speaker 4: Okay, So that's some budgeting work right there.
10:23
Speaker 2: That's budgeting. And I want to say this because I'm
10:25
Speaker 2: just like, I like to be upfront about this. That
10:27
Speaker 2: is a that's a direct correlation to our income, right,
10:31
Speaker 2: So we were not making you know, the minimum wage
10:34
Speaker 2: and doing that. So I always like to say that
10:35
Speaker 2: for people who can't even imagine, like they're just like,
10:38
Speaker 2: come on, But I will say that when we started,
10:42
Speaker 2: my husband and I, so that said both of us together,
10:43
Speaker 2: So I'm to intentionally budget before money was just going.
10:48
Speaker 2: But we intentionally sat down and there was this goal
10:50
Speaker 2: that we were working towards. Then it became easier to
10:53
Speaker 2: prioritize what mattered. And for me, that meant I don't
10:56
Speaker 2: want to be stuck in a set for the next
10:57
Speaker 2: twenty years. So how do we get there? It was
11:00
Speaker 2: about saving and investing, paying off debt, and that's what
11:03
Speaker 2: we did over the next few years to be able
11:05
Speaker 2: to hit that milestone and invest the way we did.
11:09
Speaker 4: Yeah, I mean, I'll be fully transparent.
11:11
Speaker 5: Part of the reason why I have been so interested
11:15
Speaker 5: in having guests on the show that are talking about
11:17
Speaker 5: financial wellness is because budgeting is definitely something that I'm
11:21
Speaker 5: trying to keep top of mind really this year. Since
11:25
Speaker 5: we're still at the beginning of the year, I feel
11:26
Speaker 5: like it's like very much within my wheelhouse before things
11:29
Speaker 5: get out of control, and so having you here to
11:31
Speaker 5: talk about this like just makes me super super excited.
11:34
Speaker 3: And I do feel as though others can relate to that.
11:36
Speaker 3: Right It's like, Okay, we're at the beginning of a year.
11:39
Speaker 5: I may have not like done whatever I needed to
11:41
Speaker 5: do in say to speak, January February ish, but like
11:45
Speaker 5: that's only a little litty bitty part of like the
11:48
Speaker 5: whole twelve months.
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Speaker 1: Here.
11:49
Speaker 2: Listen, wherever you are right now. You can turn this around.
11:52
Speaker 2: You could turn anything around. And I'd like to say this,
11:55
Speaker 2: I don't actually enjoy or like budgeting either. And there's
12:00
Speaker 2: levels to this. There's levels to budgeting. You don't always
12:04
Speaker 2: have to do the every dollar method where everything gets
12:07
Speaker 2: budgeted to a penny, right if you're like you trying
12:10
Speaker 2: to get out of debt and reach some bigger money milestones.
12:13
Speaker 2: It may make sense for you to be that way
12:15
Speaker 2: so that you can usually make sure you know where
12:16
Speaker 2: everything is going and squeeze out each time. But I'm
12:19
Speaker 2: at the point in my financial journey that I don't
12:22
Speaker 2: have to budget every penny. I don't have to reconcile
12:24
Speaker 2: every day, And so it's interesting because as you start
12:28
Speaker 2: to do it, you'll realize it works where you need
12:30
Speaker 2: some more discipline and where you're kind of hurdles are
12:36
Speaker 2: where then you can now make changes. So don't feel
12:38
Speaker 2: bad emily that you don't enjoy it, or if you've
12:41
Speaker 2: started or tried and it hasn't worked out yet. I
12:44
Speaker 2: really think just like running, because I'm like with this
12:48
Speaker 2: is running, like it's an ongoing.
12:51
Speaker 1: Process that I have to come back to each time
12:54
Speaker 1: to get.
12:54
Speaker 5: It done totally totally. So let's start at square one. Then,
12:59
Speaker 5: for some pain one who hasn't been, you know, going
13:03
Speaker 5: back and figuring out where every single dollar has been going.
13:06
Speaker 4: They're totally new to budgeting.
13:07
Speaker 3: Where does someone even begin because my hunch, my hunch
13:12
Speaker 3: is that you start by writing down your recurring expenses.
13:16
Speaker 1: Yeah, that's a that's a big good job. That's a
13:18
Speaker 1: that's a big step. Okay, where do you start?
13:22
Speaker 2: All right, first, I would say, carve out some time
13:25
Speaker 2: to do this on your calendar. So whether you're like,
13:28
Speaker 2: all right, I'm just gonna do it now, but maybe
13:30
Speaker 2: in the future you're like, I'm going to do this,
13:31
Speaker 2: put it in your calendar that you're going to like
13:33
Speaker 2: spend thirty minutes with your money for that day in
13:36
Speaker 2: the future, so that you get it done. But the
13:38
Speaker 2: first step really is tracking. So I like to say
13:41
Speaker 2: this for people who really do is either you're going
13:44
Speaker 2: to look back at the previous month, or you're going
13:47
Speaker 2: to start tracking from day one, which would be today
13:49
Speaker 2: if you're listening to this when you want to get started.
13:51
Speaker 2: And the reason for that is so many people don't
13:53
Speaker 2: understand where their money is going. Like in their head
13:55
Speaker 2: the mental method, I think I only spend three hundred
13:57
Speaker 2: dollars on restaurants, But when they look back at like
14:00
Speaker 2: the previous month or if they're tracking it, they really
14:03
Speaker 2: realizes that, oh, it actually six huntreds because they're not
14:07
Speaker 2: actually adding it up. So you first need to get
14:10
Speaker 2: an accurate idea of what you're spending and what is
14:14
Speaker 2: coming in, So basically, what's coming in, what's going out?
14:18
Speaker 2: What are those numbers, and not what you think it
14:19
Speaker 2: is and not what you want it to be, but
14:22
Speaker 2: what is it? And then from there we can create
14:24
Speaker 2: a plan.
14:25
Speaker 5: Okay, so an accurate idea of what you're already spending.
14:29
Speaker 4: After we have.
14:30
Speaker 5: That established, we've done that, like really scary first step.
14:33
Speaker 4: We've gotten over the first hurdle. Then what happens next.
14:37
Speaker 2: So if you're doing this either way, whether you're looking
14:40
Speaker 2: back and categorizing or going forward in categorizing, you're going
14:43
Speaker 2: to get a list of items. And the thing about
14:45
Speaker 2: it is you have to log into different things, like
14:47
Speaker 2: if you're like me, I have a debit card, have
14:49
Speaker 2: a credit card, there's multiple places that you have to
14:51
Speaker 2: sit down and kind of grab this information from. But
14:54
Speaker 2: if you start writing it down and or using an
14:56
Speaker 2: app or just going into Google sheets, then you can
14:59
Speaker 2: start category and things. So some things are really simple,
15:01
Speaker 2: like if it's rent and mortgage is usually a reoccurring
15:03
Speaker 2: six to expense. And then there are the things like
15:06
Speaker 2: running to the grocery store and or going out with
15:08
Speaker 2: your friends that happen more within the month that you
15:11
Speaker 2: have to add up together. But once you get all
15:14
Speaker 2: those categories together, then you can say, okay, what is
15:18
Speaker 2: my I cannot get this or you know, these are
15:21
Speaker 2: my mandatory things I need to live in this world,
15:24
Speaker 2: so like rent, groceries, light build, and then what are
15:28
Speaker 2: my discretionary fun things that I like doing?
15:31
Speaker 1: Going out to eat with.
15:32
Speaker 2: Friends, manage your eyelash, appointment, whatever that is?
15:36
Speaker 1: Right?
15:36
Speaker 2: You you bucket these things and then you're now able
15:40
Speaker 2: to look at all right, So where's where's my income?
15:43
Speaker 2: Does it cover all of these things? Or am I
15:44
Speaker 2: falling short? And don't forget debt payments or any on
15:47
Speaker 2: your other obligations that you have. And some people multiple
15:51
Speaker 2: realize that I'm actually spending more or have more obligations
15:54
Speaker 2: going out that I have money coming in, and that's
15:57
Speaker 2: when you can begin to consciously make on all right,
16:01
Speaker 2: So what's the game plan? Am I going to cut
16:03
Speaker 2: back on restaurants?
16:04
Speaker 1: Like?
16:04
Speaker 2: Yeah, I love going out to eat, but a thousand
16:07
Speaker 2: dollars a little excessive and I didn't enjoy that restaurant
16:09
Speaker 2: to how about I'm more intentional about how much and
16:12
Speaker 2: put a cap on it, or maybe you say to yourself,
16:14
Speaker 2: you know what I don't want to cut back, I
16:15
Speaker 2: can earn more, and you find ways to earn more.
16:18
Speaker 2: So it's it can be both that you work on
16:20
Speaker 2: income and expenses, but you really got to look at
16:22
Speaker 2: what's that, what are the things you're spending on, what's
16:25
Speaker 2: coming in so you can start making those decisions.
16:28
Speaker 5: Let's, uh, let's take a brief off ramp here to
16:32
Speaker 5: talk about that idea of Okay, I need to earn more.
16:36
Speaker 5: I get questions about this all of the time, and
16:40
Speaker 5: I'm sure that you do too, inquiries about how can
16:43
Speaker 5: I quote unquote find.
16:45
Speaker 4: Or make a side hustle. What do you say when
16:48
Speaker 4: someone comes to you with that kind of question.
16:51
Speaker 1: It's a great question to ask.
16:52
Speaker 2: The fact that someone is asking that, that's like their
16:54
Speaker 2: mind is opening up so that there is more because
16:56
Speaker 2: there is a limit to how much you can cut
16:58
Speaker 2: like there's a you know, a limit to how much
17:00
Speaker 2: you can cut back, but I think how much you
17:02
Speaker 2: can make it's limitless. And I didn't really understand that
17:05
Speaker 2: concept as I got into entrepreneurship and I'm just like, Wow,
17:08
Speaker 2: there's a lot of money out here, and you see
17:10
Speaker 2: how much people can make. So first things first, I
17:14
Speaker 2: know I'm going to talk from my experience and then.
17:15
Speaker 1: Hopefully it inspires someone else.
17:17
Speaker 2: But I followed my Okay, let's first decide what kind
17:22
Speaker 2: of side house do you want, because it could be
17:23
Speaker 2: a simple one time side hustle, like selling things in
17:25
Speaker 2: your house because you have excess things that you don't
17:29
Speaker 2: wear or just clutter you can get rid of and
17:31
Speaker 2: that can give you some quick money wins. Maybe you
17:33
Speaker 2: can fall in love with the process and you start
17:35
Speaker 2: going to your friends and you're like, oh, like I
17:37
Speaker 2: can sell things for you, give your percentage. Or it
17:39
Speaker 2: could be things like I'm actually good at this skill,
17:42
Speaker 2: like I speak another language, I'm good at math, I
17:45
Speaker 2: like doing hair. People always ask me to do those
17:49
Speaker 2: things for them as friends. What if I were to.
17:50
Speaker 1: Offer those services.
17:52
Speaker 2: Or maybe you like kids or animals and you know
17:55
Speaker 2: you can pet sit so you can like almost go
17:57
Speaker 2: to what people ask before what you're drawn to anyway.
18:01
Speaker 2: And then the other thing is I think when it
18:02
Speaker 2: comes to side house folds, that can eventually become a
18:04
Speaker 2: business that's a little bit more involved, because that might
18:08
Speaker 2: a little bit more investment in terms of your time
18:10
Speaker 2: and energy to learn the craft. What it really starts
18:13
Speaker 2: with if you want to pay really simple, what around
18:15
Speaker 2: me can I make a quick money you win from?
18:18
Speaker 2: And the second one is what are people asking me about?
18:21
Speaker 2: What advice are people always coming to me with? Or
18:23
Speaker 2: what do I get complimented on? And can I turn
18:26
Speaker 2: that into a way to supplement my income?
18:30
Speaker 5: Yeah, I think that that tobit starting with asking yourself
18:34
Speaker 5: what is it that I'm passionate about what excites me
18:38
Speaker 5: and not garnering that influence.
18:40
Speaker 4: From what you may see on social media.
18:43
Speaker 5: Like just because I see Jamila and she has a
18:46
Speaker 5: podcast about finance, doesn't mean that like, oh, I should
18:50
Speaker 5: also start a podcast about finance.
18:52
Speaker 4: I I have absolutely no interest in finance.
18:54
Speaker 5: Like, ask yourself and be really intentional and be really
18:58
Speaker 5: honest when you do an audit about the thing that
19:00
Speaker 5: excite you and the things that you may be able
19:02
Speaker 5: to do something.
19:03
Speaker 1: With spot on.
19:04
Speaker 2: I mean, it's interesting because I think the reason why
19:08
Speaker 2: a lot of people in the financial realm talk about
19:11
Speaker 2: expenses first is because it can be a little easier,
19:14
Speaker 2: like to look at your budget if you especially you're
19:16
Speaker 2: spending things in excess and or just unintentionally, that you
19:20
Speaker 2: could probably find like anyone listening, you can probably find
19:22
Speaker 2: a couple hundred dollars of things that they're actually spending
19:24
Speaker 2: things on that they don't care about or it's fine
19:27
Speaker 2: to cut out, and so then that can then be
19:29
Speaker 2: funneled back into a goal that you have, I think,
19:33
Speaker 2: earning money. Not to say that it's easy, but it
19:35
Speaker 2: takes a little bit more effort, and a lot of
19:38
Speaker 2: this also is mindset, you know, it's mindset. It's that
19:40
Speaker 2: inner work that we have to do first. And so
19:42
Speaker 2: when it comes to earning money, there are so many
19:45
Speaker 2: opportunities out there. Even if you have a corporate job, right,
19:48
Speaker 2: Like you could say, you know, I don't want to
19:49
Speaker 2: side hustle and do other things, but okay, how can
19:51
Speaker 2: you then earn money with your current job? Is there
19:54
Speaker 2: a course that you can take? Is there a promotion
19:56
Speaker 2: you need to go for? Do you need to switch
19:58
Speaker 2: to careers or switch Most people when they're earning multiple
20:03
Speaker 2: figures of a inciece of salary, they're moving to another
20:06
Speaker 2: position in another company that pays them more. Right, so,
20:09
Speaker 2: there are multiple ways you can think about earning more money,
20:11
Speaker 2: but it's important to at least know that it's possibly.
20:20
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24:04
Speaker 3: Today you said the word mindset, which then makes me
24:14
Speaker 3: think about feelings with money hand in hand, a lot
24:19
Speaker 3: of feelings, especially when it comes to getting honest about
24:22
Speaker 3: where your money is going. It was interesting how you
24:24
Speaker 3: just said you're probably spending money on things and you
24:27
Speaker 3: don't even realize you don't even particularly care about them.
24:31
Speaker 3: Let's talk a little bit about money and feelings and.
24:34
Speaker 5: How does someone deal with the anxieties perhaps that go
24:39
Speaker 5: hand in hand with getting really honest about where your
24:42
Speaker 5: money's going.
24:43
Speaker 1: It's so hard. I mean, we all have them.
24:45
Speaker 2: I still have these feelings about money and these ideas,
24:48
Speaker 2: and some of it is culturally, Like you know, it
24:51
Speaker 2: depends on how you were raised, the environment you were
24:54
Speaker 2: raised in, how your parents talk about money or did
24:57
Speaker 2: it talk about money, the culture in which you live,
25:00
Speaker 2: the communities in which you live. All that impacts how
25:02
Speaker 2: you feel about money. So I think the first thing
25:05
Speaker 2: to do is like to feel guilty about how you
25:07
Speaker 2: feel about it, because we all have our feelings towards it,
25:10
Speaker 2: and I know a lot of people who are supposed
25:12
Speaker 2: experts in this space, and they're still struggling with their
25:15
Speaker 2: feelings as I am too, So it's totally normal one,
25:18
Speaker 2: so let that go if there's shame around that, And
25:21
Speaker 2: then the second thing it's to do is to really
25:23
Speaker 2: figure out what are my real feelings and thoughts like
25:26
Speaker 2: and are these things really holding me back? So, for example,
25:30
Speaker 2: you may say you want to make a lot of
25:31
Speaker 2: money and they want to be wealthy, but really, deep
25:34
Speaker 2: down you think people who have money are not great
25:37
Speaker 2: people or the way they got that wasn't that nice.
25:40
Speaker 2: And so you are almost sabotaging yourself without knowing it
25:43
Speaker 2: because you don't want to be one of those people.
25:46
Speaker 2: And until you are real with yourself and you kind
25:48
Speaker 2: of peel off those layers, then you can begin to
25:51
Speaker 2: see like, oh wait, that's my real thoughts and you
25:53
Speaker 2: have to feel bad about it, but you're like, oh,
25:54
Speaker 2: that's why that didn't work. Or even when you're thinking
25:57
Speaker 2: about not advocating for yourself, well, I think most people
26:01
Speaker 2: you know who don't negotiate salaries, especially for women, or
26:05
Speaker 2: who don't speak up, what's holding them back is really
26:08
Speaker 2: a fear of judgment and all these little things that
26:11
Speaker 2: it doesn't seem related to money. But if you can
26:14
Speaker 2: overcome those things, you can make more. Because if you're
26:18
Speaker 2: not as afraid of judgment or you work through those fears,
26:22
Speaker 2: then you can't start a business, put yourself online and
26:25
Speaker 2: start talking about your stuff on social media because you're like,
26:28
Speaker 2: all right, I don't care if someone is judging me.
26:30
Speaker 2: Or you can go to your boss and say what
26:32
Speaker 2: you need to say so that you can get a raise.
26:35
Speaker 1: But if you have all these internal feelings.
26:36
Speaker 2: About not wanting to upset someone or feeling judged, all
26:40
Speaker 2: that blocks the money coming to you or potential money
26:44
Speaker 2: coming to you.
26:45
Speaker 5: Yeah, for sure, there's so much emotion and spending. I
26:50
Speaker 5: just it's interesting to me, especially when we talk about,
26:54
Speaker 5: you know, more earning, potential, making more money, really trying
26:58
Speaker 5: to figure out how to how to kind of level
27:01
Speaker 5: up in this sense that when you have new funds
27:04
Speaker 5: available to you, then it's a world of opportunity of
27:08
Speaker 5: what it is that you want to do with them.
27:10
Speaker 4: So let's talk a little bit about that.
27:12
Speaker 5: Right, say you've made your budget, you're following it pretty well,
27:16
Speaker 5: maybe you've implemented some of the tips and tricks that
27:18
Speaker 5: you suggested to hop into a side hustle of sorts,
27:22
Speaker 5: and now your earnings as appropriately have increased. What do
27:27
Speaker 5: you advise people to do when it comes to getting
27:30
Speaker 5: to that next place where you have these additional funds,
27:33
Speaker 5: because it's really really tempting to just kind of go
27:37
Speaker 5: back to not budgeting.
27:38
Speaker 4: Because life just feels easier at this point.
27:40
Speaker 2: Yeah, yeah, that's listen. It's important to have a vision
27:44
Speaker 2: about what you want your life to be. Like I
27:45
Speaker 2: like to work backwards in terms of what do I
27:48
Speaker 2: want for my life and lifestyle, and some goals are
27:50
Speaker 2: more immediate life This year, I want to take vacations
27:53
Speaker 2: with my family, maybe the next five years. This other
27:56
Speaker 2: thing I want to do and I still have my
27:58
Speaker 2: eye on I want to be able to be nature
28:00
Speaker 2: independent because what if I don't want to do this
28:02
Speaker 2: anymore in a few years. I don't want to be
28:03
Speaker 2: stuck to that. So I think everyone should be working
28:06
Speaker 2: from understanding what they want out of life. So, for example,
28:10
Speaker 2: if you know that you have goals like they'll be
28:13
Speaker 2: buying a house and or retiring at some point because
28:16
Speaker 2: you don't want to work until you know have to
28:19
Speaker 2: work until you know you can't anymore. Then how can
28:22
Speaker 2: we work backwards to reach those goals? And I think
28:25
Speaker 2: when you do that and you have a budget and
28:27
Speaker 2: you're hopefully trying to stick to this budget even when
28:29
Speaker 2: more money is coming in, you know that, Well, my
28:31
Speaker 2: priority is paying off this debt.
28:32
Speaker 1: I have that as my goal.
28:34
Speaker 2: So extra money comes in, part of that is going
28:36
Speaker 2: to go to pay off debt. Maybe one of your parties,
28:38
Speaker 2: like I just mentioned, was going on vacation. So how
28:41
Speaker 2: much this is a vacation that I'm going to budget
28:43
Speaker 2: for this year? And how can I then that extra
28:45
Speaker 2: money coming in, how much will go to that?
28:47
Speaker 1: So once you have the goals.
28:48
Speaker 2: And the number with that goal, you can start allocating
28:53
Speaker 2: that money that's coming in to that because you're right,
28:56
Speaker 2: like if you kind of just like see the money
28:57
Speaker 2: coming in, but there's like no vision on where you
28:59
Speaker 2: want your life to be. Before you know it, you
29:02
Speaker 2: could be spending it on things that really don't matter
29:04
Speaker 2: or are not as important as you said they were
29:07
Speaker 2: when you're looking at your lifestyle.
29:10
Speaker 5: Yeah, that idea of working backward is actually really really helpful,
29:13
Speaker 5: and I like the thing that happens. I don't know
29:17
Speaker 5: if you experienced this, but for me when I started
29:20
Speaker 5: being my own boss and getting tons of different income
29:25
Speaker 5: streams from a lot of different vendors and companies that
29:27
Speaker 5: I was working with. It was almost as if having
29:30
Speaker 5: to put a certain percentage of every check that came
29:32
Speaker 5: in into a separate bank account, knowing that that money
29:35
Speaker 5: would have to go back to the government, was a
29:37
Speaker 5: really good lesson in teaching me how to separate and
29:40
Speaker 5: put different chunks of money in different places. For someone
29:44
Speaker 5: that maybe isn't a contractor why don't we talk about
29:48
Speaker 5: what the benefits of doing something like that could be,
29:51
Speaker 5: Like does someone need I don't know, eight bank accounts,
29:54
Speaker 5: or is there a better way to think about how
29:57
Speaker 5: to split up your money?
29:58
Speaker 1: Yeah, so are you talking from a business perspective or left?
30:00
Speaker 3: I'm just talking about I mean, like for me getting
30:02
Speaker 3: all of these I mean now I'm in like prime
30:04
Speaker 3: tax season, so I'm thinking in ten ninety nine's.
30:07
Speaker 4: But for me getting so many different checks in.
30:09
Speaker 5: All the time, I am automatically putting some of the money,
30:13
Speaker 5: some of my money into a separate account because I
30:16
Speaker 5: know that I'm going to have to give that money
30:17
Speaker 5: back to the government. But I feel like that approach
30:20
Speaker 5: can also be like a way do you think about
30:23
Speaker 5: the way that you need to divide up your finances
30:25
Speaker 5: from a.
30:25
Speaker 4: Budgeting pov right, So like maybe it's.
30:28
Speaker 5: Like I want to put this much money into the
30:30
Speaker 5: make account that pays for my rent and my utilities,
30:32
Speaker 5: and this part of my money into this account that's
30:35
Speaker 5: for whatever and whatever, and I don't know, I can't
30:37
Speaker 5: see a.
30:38
Speaker 1: Lot of sense. No, that makes sense.
30:39
Speaker 2: So Okay, here's what I would do in terms of
30:41
Speaker 2: personal finance, and then I do want to such a
30:42
Speaker 2: little bit on the business side. But yeah, personally I
30:46
Speaker 2: think so, you know, we talk about budgeting and figure
30:48
Speaker 2: out what your cash flow is, what's going out how
30:52
Speaker 2: So people usually ask me how were you able to
30:54
Speaker 2: save and invest all that money back then? And I say,
30:57
Speaker 2: I made that part of the mandatory expense line item
31:01
Speaker 2: for myself. So just like the mortgage had to be paid,
31:04
Speaker 2: we had to invest and save this much. So I
31:06
Speaker 2: prioritize it over some of the other fun things in
31:09
Speaker 2: that moment because I knew how important and why that
31:13
Speaker 2: needed to get done. So I'd say for anyone, making
31:16
Speaker 2: things automatic is key. So you know, you talk about
31:19
Speaker 2: transferring things over if you manually have to do things
31:21
Speaker 2: like I know me, like I forget, I push it off,
31:24
Speaker 2: I don't do it. But if I set a savings
31:26
Speaker 2: goal or an investing goal of a certain amount, I'm
31:29
Speaker 2: automatically transfer ring that savings amount to a separate savings account,
31:33
Speaker 2: not my checking account, because I don't want to be
31:36
Speaker 2: tempted or have that money mingled with money that's going
31:38
Speaker 2: in and out of my account every day. And if
31:41
Speaker 2: I have an investing goal, I'm automatically transferring that money
31:44
Speaker 2: to that investment account. So I'm making that automatic, and
31:48
Speaker 2: you can start small. It doesn't have to be like
31:50
Speaker 2: a lot of money at first. It literally is just
31:52
Speaker 2: you're starting small. You can increase it as you go.
31:55
Speaker 2: But yes, you're right, some things, especially you're saving and
31:58
Speaker 2: investing goals, those should be separate. You should try to
32:00
Speaker 2: make those automatic. And then when it comes to business. Now,
32:03
Speaker 2: I love this because it's very similar in terms of
32:07
Speaker 2: separating your money, Like I know a lot of entrepreneurs
32:10
Speaker 2: or people who want to become entrepreneurs, and you have
32:14
Speaker 2: to be also on top of your money when it
32:16
Speaker 2: comes to separating it out. Like every doll that it
32:18
Speaker 2: comes in from my business, thirty percent goes into my
32:20
Speaker 2: tax account to save and usually I don't have to
32:23
Speaker 2: pay all that back because I'm strategizing with my account
32:27
Speaker 2: on how to save money. But I'm preparing for that,
32:31
Speaker 2: and so it's similar to kind of what most people
32:33
Speaker 2: are going through, but some people don't do Actually an
32:35
Speaker 2: impact time coming around they owe a lot of money,
32:37
Speaker 2: is that you have to think ahead.
32:40
Speaker 4: Yeah, oh my god.
32:41
Speaker 5: I remember when I first really started getting into this
32:43
Speaker 5: entrepreneurship lifestyle. I would talk to other women specifically that
32:49
Speaker 5: did that that would just wait until April, and they were.
32:51
Speaker 4: Like, well, like, we're just going to figure it out.
32:53
Speaker 5: And the anxiety that I had deep in my chest
32:56
Speaker 5: thinking about just figuring out giving the government like a
32:59
Speaker 5: chunk of money, I was like, I could I could not.
33:02
Speaker 4: I could not do this.
33:03
Speaker 1: Yeah yeah, which is why.
33:05
Speaker 2: So it's like creating a budget for your business and
33:07
Speaker 2: then personally creating a budget for yourself. So my my
33:09
Speaker 2: personal accounts are separate from my business accounts, right, I
33:12
Speaker 2: was like completely separate. I had to open up like
33:14
Speaker 2: a separate accounts. That way, nothing was commingled. I knew
33:17
Speaker 2: exactly what I was praying myself versus what stayed in
33:20
Speaker 2: the business and what stayed for taxes. But I do
33:22
Speaker 2: want to go back a little bit to the personal
33:24
Speaker 2: things because I think for most people they.
33:27
Speaker 1: Get hung up, especially if you're not into this.
33:29
Speaker 2: Is like the first time you try to get into it,
33:31
Speaker 2: is that it's not going to seem easy or straightforward.
33:34
Speaker 2: It's like the mechanics of it, it sounds good if
33:36
Speaker 2: you're hearing me say this, but then it's like you
33:38
Speaker 2: you know, you turn off podcasts and then you're like
33:40
Speaker 2: back in your life and you're like, all right, now,
33:42
Speaker 2: what like what account?
33:43
Speaker 1: Where do I go? And So I think I think
33:46
Speaker 1: it's important.
33:47
Speaker 2: To acknowledge that that sometimes it's in the week that
33:49
Speaker 2: people get lost in this because there are a lot
33:52
Speaker 2: of options and a lot of like little savings accounts
33:55
Speaker 2: and apps you can use.
33:56
Speaker 1: So what's like which one do I go with?
33:57
Speaker 2: But I say start simple, like do you have emergency fund?
34:03
Speaker 2: You have something where it's if something happens to your
34:07
Speaker 2: income or to you, you can reach bast and pull
34:09
Speaker 2: that money out so that you're not going into dead
34:12
Speaker 2: like that is number one?
34:13
Speaker 5: Okay, yeah, for that number one, how much money would
34:17
Speaker 5: you recommend someone should keep in their emergency rainy day fund?
34:23
Speaker 2: This is going to differ for people. Like, if you
34:27
Speaker 2: want like quick just in case of like little you know,
34:30
Speaker 2: car emergencies that happen, you can take fifteen hundreds to
34:33
Speaker 2: two thousand.
34:34
Speaker 1: That's a starting one.
34:35
Speaker 2: But a full funded emergency fund should probably be about.
34:39
Speaker 1: Six months of your expenses, which will take some time.
34:42
Speaker 4: I've heard before.
34:43
Speaker 2: Yeah, so that's going to take some time, right to
34:45
Speaker 2: get to, depending on how your expenses, But it's worth
34:48
Speaker 2: it to have and to work towards, even if it
34:50
Speaker 2: takes you a couple of years, because if something does
34:53
Speaker 2: happen to your income, you want to know that you
34:56
Speaker 2: do have something like a cushion to help you.
35:00
Speaker 5: Okay, okay, and then you know it's interesting, right because
35:03
Speaker 5: the thing about a budget is that you can cater
35:05
Speaker 5: it to, you know, whatever your personal needs or priorities are. Right,
35:10
Speaker 5: But we hear so often like you should only be
35:13
Speaker 5: spending x amount percent of what you make on where
35:16
Speaker 5: you live versus like x amount of percent of what
35:19
Speaker 5: you make on your groceries.
35:20
Speaker 4: Like who really is to designate those numbers?
35:24
Speaker 5: Right?
35:24
Speaker 1: Yeah?
35:25
Speaker 2: You know, I think those are rules of thumb for
35:26
Speaker 2: people who like following rules. I actually don't like following
35:30
Speaker 2: other people's ideas of what my life should look like.
35:32
Speaker 2: And I think again it depends on your priority. If
35:35
Speaker 2: you live in New York City or a high cost
35:37
Speaker 2: of living area, sometimes that living calculation is not going
35:40
Speaker 2: to work out depending on where you live, right or
35:43
Speaker 2: depending on what you enjoy doing. Someone can say, what,
35:46
Speaker 2: you shown't spend this amount on vacation. If you if
35:49
Speaker 2: you prioritize vacations, then you may be willing to spend
35:52
Speaker 2: more in that side of your life and on that
35:55
Speaker 2: part of the spreadsheet versus maybe closes right like, and
35:59
Speaker 2: so I think it's important to like see the rules
36:01
Speaker 2: and like look at them and see if they work
36:03
Speaker 2: for you and provide some sort of comfort. Some people
36:06
Speaker 2: like guidelines, but it's okay to deviate. It's okay, like
36:09
Speaker 2: depending on where you are to make changes. And I
36:13
Speaker 2: also feel like I think people should enjoy their lives
36:16
Speaker 2: and their money, but I also think you should be
36:19
Speaker 2: realistic about where you are. And it's not that you
36:22
Speaker 2: can't have all the things and you don't deserve all
36:24
Speaker 2: the things, but you do have to prioritize and you
36:27
Speaker 2: can't have all the things at the same time right now,
36:30
Speaker 2: And so really sitting down and figuring that out would
36:33
Speaker 2: then allow you to say, right, do I really is
36:35
Speaker 2: it more about living in the city and I have
36:37
Speaker 2: to spend more money to live here and it's worth
36:39
Speaker 2: it to me?
36:40
Speaker 1: What is a trade off on that?
36:41
Speaker 2: And what do I have to adjust to my budget
36:43
Speaker 2: to make that happen versus Oh well maybe I can
36:46
Speaker 2: move outside of the city, said less and do something different. Right, Right,
36:49
Speaker 2: So what does your life look like and what concessions
36:53
Speaker 2: do you make in the short term so that you
36:55
Speaker 2: can have long term benefits?
36:57
Speaker 4: Yeah, that's a really good way to think about it.
37:00
Speaker 5: Okay, what else, if anything have we not covered yet
37:03
Speaker 5: when it comes to executing on a budget?
37:06
Speaker 2: Right, So, scheduling was important. I said that at the
37:09
Speaker 2: top of it. But once you start, because what's going
37:11
Speaker 2: to happen is it can get overwhelming if you don't
37:13
Speaker 2: do this at all or to your first time, and
37:16
Speaker 2: then you may feel like, oh, I did it when
37:18
Speaker 2: you just started, and then you don't go back to
37:20
Speaker 2: it for months or weeks, and then that just it's
37:23
Speaker 2: kind of like you need to keep going. So it's
37:26
Speaker 2: like put reoccurring time on your calendar to check in
37:29
Speaker 2: until you get a budget together, or at least a
37:31
Speaker 2: spending plan together.
37:32
Speaker 1: If you don't like the word budget, don't call it that.
37:34
Speaker 1: Call it call it a freedom.
37:35
Speaker 2: Plan, call it a you know, a guideline, make up
37:38
Speaker 2: another word for it. But setting some time aside to
37:41
Speaker 2: do that is see figuring out what's going in and
37:44
Speaker 2: out and writing it down as key. And here's the
37:46
Speaker 2: other thing that people get confused about who are not
37:48
Speaker 2: always into budgeting is that when you have what you
37:52
Speaker 2: spent at what you've typically spent, the idea is to
37:56
Speaker 2: create a budget you can follow going forward, because the
37:59
Speaker 2: budget is supposed to keep you accountable, keep you honest.
38:02
Speaker 2: So let's just say, you know, we're coming into the
38:04
Speaker 2: top of the month, it's March. When you have a
38:07
Speaker 2: complete budget, and this is you're saying, I bring in
38:10
Speaker 2: four thousand a month. Here's where that money's gonna go.
38:14
Speaker 2: You know's two hundred to that emergency savings account, like
38:18
Speaker 2: two hundred to investings, everything else to life. When you
38:22
Speaker 2: put those numbers in, now it's your duty or your
38:25
Speaker 2: job to go back in as much progresses to see
38:27
Speaker 2: how you're doing towards those goals. Now, if you set
38:30
Speaker 2: things that's automatic or you're saving and investing goals, or
38:32
Speaker 2: you're paying off debts, then you know those are taken
38:34
Speaker 2: care of. But some other stuff like restaurants. For me,
38:37
Speaker 2: at least, I got to check in to say, oh,
38:40
Speaker 2: it's mid month. I said I was going to spend
38:42
Speaker 2: three hundred, I've already spent too fifty, which now can
38:47
Speaker 2: help inform me how I should spend the money for
38:49
Speaker 2: the rest of the month, or you know what someone's
38:51
Speaker 2: birthday's coming up, and actually feel like I'm going to
38:53
Speaker 2: spend more than fifty dollars and I gotta find money
38:55
Speaker 2: come to whorre else.
38:56
Speaker 1: In my budget.
38:57
Speaker 2: So don't just like set numbers and just like walk
38:59
Speaker 2: away you're done. It's setting the numbers, going back to
39:02
Speaker 2: them and making sure you're actually in the guidelines and
39:05
Speaker 2: you're coming up with a plan if you're not.
39:08
Speaker 5: Yeah, And I think just being honest with yourself about
39:11
Speaker 5: maybe how flexing those quote unquote parameters or guidelines actually
39:15
Speaker 5: makes you feel. And if something's going on in your
39:18
Speaker 5: life that demands of that, then that's one thing. But
39:21
Speaker 5: if it's constantly happening, then that's a bigger conversation about
39:25
Speaker 5: if you need to be broadening that, you know, budgetary
39:28
Speaker 5: moment in general, if there's something going on that you
39:31
Speaker 5: need to talk about, which is why you're broadening that
39:34
Speaker 5: budgetary moment. So yeah, it goes back to feelings and
39:37
Speaker 5: just getting really honest, which again can be really really challenging.
39:41
Speaker 2: Yeah, this is not to say like don't spend money
39:44
Speaker 2: on things you enjoy. You know, I think about budgeting
39:48
Speaker 2: in for birthdays and holidays and like those things come up,
39:52
Speaker 2: right or like celebrating friends birthdays, buying other people gifts,
39:56
Speaker 2: Like so sometimes things will happen and we're not prepared
39:59
Speaker 2: for it, but it's you kind of knew it was
40:00
Speaker 2: going to happen, and we need to put that into
40:02
Speaker 2: our budget or our spending. So I think even insurance,
40:05
Speaker 2: like if you pay insurance on a monthly basis, right,
40:08
Speaker 2: like it's like you got to put away for it.
40:10
Speaker 2: Don't wait for the premium to be do and it's like,
40:12
Speaker 2: oh my gosh, and then you don't have the money
40:14
Speaker 2: for it. If you know that this is, do have
40:16
Speaker 2: to put money away every month that you can pay
40:19
Speaker 2: that when the time is there.
40:21
Speaker 5: And this goes back to having the emergency fund and
40:24
Speaker 5: like just kind of like keeping these things in mind
40:26
Speaker 5: for what could fluctuate or change, Like obviously in the
40:28
Speaker 5: turn of a new year when we're talking about things
40:30
Speaker 5: like insurance, or perhaps at the beginning of a new
40:33
Speaker 5: rent cycle, things are going to happen where dollars are
40:37
Speaker 5: going to go up, and so making sure that you
40:40
Speaker 5: have what you need available to you so that you
40:43
Speaker 5: can manage and take care of you.
40:45
Speaker 4: It's, you know, the responsibility that we all have to
40:47
Speaker 4: take on.
40:48
Speaker 2: Right and a budget is meant to also be fluid too.
40:51
Speaker 2: Like you said, like, it's okay if you are not
40:54
Speaker 2: getting it right away. It's okay if you realize, like
40:57
Speaker 2: I'm putting in this line item for I keep saying restaurants,
41:01
Speaker 2: so that's like my that's my weakness, is like and
41:05
Speaker 2: you realize, you know what, that is not realistic because
41:07
Speaker 2: I spend way more than this, And so it's really just.
41:10
Speaker 1: About being honest, you know the numbers, but then giving
41:13
Speaker 1: yourself flexibility.
41:14
Speaker 2: And what it really comes down to is if it's
41:16
Speaker 2: that important with you to you to do that thing,
41:20
Speaker 2: where's that money going to come from? Either you're going
41:22
Speaker 2: to keep going into debt to help fund that life,
41:26
Speaker 2: or you're gonna have to find somewhere else to cut out,
41:29
Speaker 2: or you're going to have to make more money.
41:31
Speaker 4: Yeah, so you're gonna have to make more money. We
41:33
Speaker 4: love making more money.
41:34
Speaker 2: Make more money, that's that. I love making more money.
41:37
Speaker 2: But and oh here's the thing too. I actually think
41:41
Speaker 2: for some people, and I know people roll their eyes
41:43
Speaker 2: when it's like, oh, you know, if you have more money,
41:46
Speaker 2: like you don't have any issues. But I know a
41:48
Speaker 2: lot of people who have a lot of money and
41:49
Speaker 2: they still have the same issues, like they're blowing through
41:51
Speaker 2: money too. And I think now if you are kind
41:55
Speaker 2: of strapped or you have a little less, if you
41:57
Speaker 2: get a hang of this now, when the money does
42:00
Speaker 2: start coming to you, it's easier to manage because you've
42:04
Speaker 2: done the work when you had a little bit, versus
42:07
Speaker 2: you know, sometimes having excess makes it harder to do
42:10
Speaker 2: some of this stuff.
42:12
Speaker 4: Yeah.
42:13
Speaker 5: Yeah, And I again, I think one of my favorite
42:15
Speaker 5: things that you advised during the last half hour was
42:19
Speaker 5: really talking about those automatic transfers.
42:22
Speaker 4: Those can be just such a game changer.
42:24
Speaker 5: And yes, I will say that I have a couple
42:26
Speaker 5: of those set up, and I still like have a
42:28
Speaker 5: moment of pause whenever I see that, like, well, where'd
42:30
Speaker 5: that money go? And then I'm like, oh, it's the
42:31
Speaker 5: automatic transfer. But honestly, for everything for me, from automatically
42:36
Speaker 5: transferring money into my IRRA, automatically transferring money into my savings,
42:41
Speaker 5: they that it's been. These have been huge game changers
42:44
Speaker 5: for me to make sure that I'm financially accountable for
42:46
Speaker 5: where I want to go thinking about my long term goals.
42:49
Speaker 1: Right, think about it this way.
42:50
Speaker 2: I look at it as if I set my savings
42:52
Speaker 2: and investing goals for the year and it's automatically going out,
42:56
Speaker 2: I can do whatever I want with the rest of
42:57
Speaker 2: the money. It's whatever I want and now, you know,
43:00
Speaker 2: so maybe a limit and some things that I have
43:02
Speaker 2: to pay for like the mortgage, but literally, I could
43:05
Speaker 2: do what I want once I'm reaching my savings, investing
43:07
Speaker 2: and debt pay off. Gools, that money is my ma
43:09
Speaker 2: live So.
43:11
Speaker 4: We love it. We love it.
43:12
Speaker 5: Jamila, This was so so so helpful. I am so
43:17
Speaker 5: thankful for all of this advice. I'm like more motivated
43:19
Speaker 5: to make sure that I put this spot on my
43:21
Speaker 5: calendar to go check in on where my personal budget
43:24
Speaker 5: is at.
43:25
Speaker 3: How do the hurdlers follow along with you? How do
43:27
Speaker 3: they keep up with you give us all of your details.
43:30
Speaker 2: Yeah, So wherever you listen to this amazing podcast, you
43:33
Speaker 2: can find my podcast Journey to Launch. I talk about
43:36
Speaker 2: all things financial freedom and independence and I can't wait
43:40
Speaker 2: to have you join me on this journey. I'm also
43:42
Speaker 2: on social media as at journey to Launch on Instagram, Twitter,
43:46
Speaker 2: and Facebook, and then my website is journey.
43:48
Speaker 4: To Launch dot com beautiful.
43:51
Speaker 3: I'm over at Hurdle Podcast and at Emily a Body
43:55
Speaker 3: Another Hurdle Conquered.
43:57
Speaker 4: Catch you guys next time