[Music] well hey you guys so listen there is a lot of conflicting advice out there on what you should be doing with your money but over the years I have narrowed it down to a list or really a mindset if you will of different shifts that really have significant difference when it comes to your money so today I'm sharing six of those financial lessons that have changed my life and before we jump in just a friendly reminder to hit that like or subscribe button if you love this content and you want to see more of it and be sure to stick around to the end of the list and let me know if there's any lessons that have helped you that I didn't mention and put them in the comments all right here we go lesson number one track your expenses okay so we talk about having a budget all the time CU it really is one of the most important things that you can do but listen here's the deal you can set a budget at the beginning of the month and then never come back to it which is not going to help you when it comes to your money because just cuz you have a number out there but you don't know what you're spending in each category your budget's not going to work so tracking your expenses throughout the month it can seem daunting it may seem like a lot of work but it's honestly one of the best ways to succeed with the budget and if you have not checked out every dollar our budgeting app make sure to do that because with every dollar premium you can actually attach your bank account to it so your transactions come right into the app and you can drag and drop them per category to keep up with the budget but whether you do that or you're just doing it on your own make sure that you know know what you're spending in each category so you can actually be successful when it comes to the budget all right lesson number two is delayed gratification is key now this applies to different things things like syncing funds you know where you save a little bit each month for something that you're wanting maybe this is you know seeing a big purchase or something expensive that you want to buy but you're pausing and waiting until maybe you have the money or maybe for your emotions to die down you know whatever it is delaying gratification is really really key cuz here's the deal we see so much information so much stuff whether in our social media feeds or you know even just around with our friends and you may think oh I want that I want that I want that but it's so easy for your emotion to get so heightened in that and if you go and just pull the trigger on it whether you had the money or not you could be making a mistake when it comes to that purchase SO waiting and actually re-evaluating maybe a week later to say okay do I really want that because I even will do this and I'll just add the cart sometimes and I'll just add a bunch of stuff and then you know a week later go back to the website and half the stuff that I put in the card I'm like oh I don't even like that anymore but it was just this like feeling of buying and if I had purchased it it would have been in my closet thinking the same thing so let your emotions side down delay that gratification whether that's emotionally or actually saving up and paying for it in full lesson number three is what you see is never the whole picture you guys this is so huge I mean the famous comparison quote is that comparison is the thief of joy and I believe that so much because when you see something out there and you're like oh look here they are so happy this summer splashing around with their family at the pool and here they all are Christmas Around The Christmas Tree that is so great and you just see this like happy healthy person on Instagram or on Facebook with their family and you can immediately just think oh my gosh I mean they have they they have like the perfect life look at them but the reality is you guys you have no idea what's going on behind the scenes you really don't and and I think that's a really key thing to remember because everybody struggles right everybody has moments of suffering and we don't put those out on social media I mean I guess some people might but for the most part if the kid is screaming I don't have time to get my phone to show you like my kid is screaming and throwing a fit no I'm like in mom mode right so we don't see the 360 picture of everyone's life we're seeing a snapshot that that person is choosing to put out into the world so just remember that and and maybe they are happy and healthy and that's great too so I have just learned that you have to celebrate people if you see something and inside of you it kind of flares up of like oh my gosh they have a more exciting life than me or look at that thing that they have and I want it I immediately go to like good for them good for them that is great whether it's a complete lie that they put out but I'll never know the truth right just celebrate people and move on because the truth is you have a choice in your own life and are you actually going to celebrate it and enjoy the life that you have presently or are you going to sit and watch everyone else's life and make make assumptions about it right so being present in your own life living with gratitude is so so key and that will help you beat the comparisons cuz a heart filled with gratitude there is no room for comparisons and discontentment right when you are grateful for your life it is huge you guys so remember what you see is not always the whole picture lesson number four is your investing strategy should be boring listen if there's something flashy and new and exciting when it comes to finances and you should put your money in this it's usually going to be a gamble okay because the truth is proven foundational habits when it comes to investing they're not going to be flashy and exciting they're not new so when we talk about funding you know 15% of your income into retirement things like a Roth IRA and a 401k some people are like oh my gosh those are so boring and they are they really are it's not exciting it's not like crypto or like oh my gosh you can buy these you know Nike shoes and flip them for this profit you should put all your investment into the or this cool like investing things in this property over here in this new part of town that all these people are putting money in like your 401k and Roth IRA are boring they really are but the truth is they have a long track record when you are investing and being smart about your investing you're diversifying and again you're lowering your risk you're not putting all your eggs in one basket and you're putting your money in something again the market is one I would say real estate paid for Real Estate is another but it's it's these places in life that you put your money that have proven track records and so they're not flashy they're not sexy they're not exciting but they work and when you're are consistent in those you're going to really get the payoff in the end all right lesson number five is I never regret spending my money on experiences so doct Arthur Brooks I probably be quoting him a lot in the future because what he said when it comes to spending money that actually will bring happiness one of those is buying experiences with people that you love and I thought amen hallelujah Rachel's like njri reaction was correct and backed up by science thank you but enjoying experiences you guys again with people that you love it is so key it does bring a level of joy and happiness and so stuff is never bad I'm never going to tell you like oh don't go buy that purse or don't buy that car if you have the money and you want to buy you know things that's okay but the LIE is when we wrap our identity and our happiness into stuff it is shown now scientifically proven that it does not bring long-term happiness but the memories and the experience with people you love it does so that is where I will spend money I will spend money on a great vacation with my family a great meal out with friends like I mean that's where I'm like I want to put my money there more than ever in life where I used to be a little consumer y'all I'm not going to lie back in the day and I still do love shopping but overall I'm like I I would I would rather put my money in something that I know we're going to experience when Winston and I built our house and we moved in in 200 18 is that when we moved in no 2019 we knew we wanted a pool eventually like that was one thing for our family that I was like I want to be the house that all the teenagers come to probably out of like fear and control but I'm like I want to be the fun house and having a pool is one of those places that attracts kids and teenagers and all of it and we've always said we want to do this we want to have this experience but we weren't able we couldn't afford to build one when we were building our house so we waited but it's been 5 years and y'all we have Broken Ground we are on our way so we did we saved up for this dang pool like freaking cost more than probably all my kids colleges combined and they're so expensive but at the end of the day it's going to be worth it I know it is because we're going to use it and it's going to be fun it's going to create the environment and the feeling in our household with what we want right this level of experience so I'm all about spending money on experiences cuz I really do think it brings a level of satisfaction and joy to your life all right lesson number six is to plan for the unexpected you guys stuff is going to happen in life it is life happens no matter how much money you have no matter how big the emergency fund is unexpected things happen and I feel like that's one of the weird things about getting older is you just hear more and more stories of people and and things that and tragedies honestly that just happen in life that you just think oh my gosh so like the big things can happen and that you know can happen so plan for those right the emergency fund is there things even like life insurance and having a will like being a grownup in this because unexpected things are going to happen so taking care of your loved ones I think is really important down to like the small things that suddenly our middle one wants to play basketball we've never played basketball but she wants to play basketball like okay and it's a you know $125 fee to sign up you're like okay we didn't have that in the budget so we have a miscellaneous category kind of for our catch shs on things that just pop up throughout the month that we weren't expecting and so again it can be something from very small and insignificant to something like tragic but I've just learned things are going to happen in life so where you can put buffer and expect those things to a degree is really wise cuz again it's not that it doesn't allow these things to happen and pop up cuz they will but it just gives you some margin and some breathing room and some money uh to help be that buffer which I think is really key so here's the deal money tends to be one of these things in life that you really learn as you go and trust me if you implement any of these lessons today I really think it's going to help you when it comes to your money habits and your money mindsets and if you want a full rundown of my financial strategy which includes nine easy to understand money lessons that everyone should know give FPU a try Financial Peace University is our course around money that gives you everything from insurance to investing to budgeting to getting out of debt gives you the information that you need when it comes to getting control of your money and it hopefully will motivate you too to get on a plan and start actually making progress with your money so be sure to share this episode with a friend who loves to try new money strategies as always you guys remember to take control of your money and create a life you love
