[Music] I always enjoy hearing what other personal finance creators are saying about money and I recently saw a video from Nisha called seven ways you're losing money without realizing it and I thought that is so interesting saving you from wasting your money is something that obviously I can get on board with so I thought I would kind of go through that list and react and then maybe give you three of my own that I think are important to the subject but before we dive in make to subscribe to this Channel and share this episode with a friend all right according to nisha's list the first way you might be losing money without realizing it is keeping your head in the sand and this is everything from avoiding hard conversations in your life not asking for a raise not communicating with your spouse not reaching out to a financial advisor you know you are like procrastinating when it comes to taxes or paying bills maybe you're stressed out so you're like I don't even want to look at it uh maybe you're not moving your money from you know just savings account to a high yield uh savings account or a money market account to earn more interest but like your head is in the sand you don't want to know you don't like it and that is causing you to waste a lot of money and I agree I do think this is an important one to have on the list and I like that she has it at number one because ignorance is not Bliss when it comes to your money and people really do avoid this topic in their life and understandably because they're stressed uh maybe there's some shame they have a lot of you know um regret from decisions they've made and so there's kind of like a plug my ears I don't want to hear it I want to just get through life but you could be losing out on so much when you do this so you have to face the facts and again I I really think that emotions drive so much of our money and our money decisions which is not always a good thing like sometimes having facts in place is something that can actually ground you and anchor you down so knowing where you are is so so key to winning with money long term number two obsessively comparing so when we talk about social media and this whole world that we have to keep up with right we have to keep up with the Joneses is so real and you're losing money because of it I completely agree with her yes and amen it is so wild how much money we spend because maybe not even we feel like on the surface that we're comparing and we're like oh we have to be like that but it's just this idea of oh there's something out there there's this product I would have never heard of otherwise but because of social media and because of what's out there we're like oh yeah this is normal this is great and you go and buy into it and again over time I think that Rhythm starts to create this world where you feel like okay this standard of living this way I should be living should be normal and if I'm not up here I got to spend money maybe even money I don't have to to fill in that Gap because I have to you know have a certain level of living and that's what's so difficult is with social media that is thrown in our faces constantly so I completely agree with number two love it number three is not turning your Capital quickly enough so she talks about unused savings just sitting in a bank account and you're missing out on interest and so there's kind of this idea of like releasing control of the nest EG so that you can make progress with your other goals um I would say I'm kind of in the middle of this I think that yes it's true I do think having money available and it's not earning super high interest and again maybe this is just a high yield savings account but having money you can get to like for an emergency fund I think is really important um and I don't feel like you have to like be investing all the time and creating like all this crazy interest right there is a part of just having security and peace which is what we're going for so with her I totally see what she's saying but kind of in the middle there number four is not assigning yourself an hourly rate so I love this because we talk a lot about like side hustles or like what's worth your time and so she talks about in here actually assigning an hourly rate to all of us so you want to calculate you know what you make per hour on some of these side hustles or these things that you're doing even your job and I think that's really good because I do think people even on salary you know that can work so much more than what you're actually getting paid um Can shift your career path and you can actually say is this worth it or not and so understanding your hourly rate is really key and I would agree with that number five is not living on 90% so she talks about putting 10% towards savings and investing and paying off debt High interest debt and so um and again you have that 10% margin where you're like okay I have this buffer here I'm going to live on 90 but take 10 to do these other things and and I would just say probably I don't agree with that specifically the idea of having margin I definitely agree with but the percentages I think are going to shift depending on where you are because I recommend paying off all of your debt as soon as possible so getting a $1,000 emergency fund and then becoming debt free is key so when you're looking at your budget that may mean you're living on 70% of your income and throwing 30 at debt right or maybe you're past that stage and you're investing 15% of your money well that's obviously more than 10% you know also giving away 10% of your money I think is a great goal too so the the percentages are all going to shift but the idea of margin I like but I don't necessarily agree with that specific percentage number six focusing on cutting back instead of making more and so she talks about how you can't stay stagnant and you have to take risks in your career and when it comes to investing because you want to play the offensive game versus the defensive game and I could see that totally I mean there's a part of me that I really do agree with that uh I think there is something important to say hey I'm going to be proactive in this I'm not going to stay stagnant I'm going to continue to move and move and go and go but for me my question would be you know what's your motivation for that because I do think some people try to tackle like oh I want to have a million dollars one day or whatever the the number is and sometimes sometimes these goals can be really empty and then you think I'll be Satisfied if I have a million dollars we'll just pretend uh which sounds great and that would be nice but like the idea is okay but once you get that what's on the other side of it right and that Finish Line can continue to move move so I would say yes be proactive but also make sure your motivation is coming from a healthy place number seven is not tracking expenses and I love this one I love that she has this on the list I totally agree I think our spending can be so out of control and we don't realize where our income's going we just spend and spend and spend and don't realize it versus saying hey I'm actually going to have a plan for where my income is going to go and I'm actually going to track and see okay this is what's actually happening throughout the month cuz that's going to help you stay on on budget all right before I share my three tips uh of what I would put on this list I do want to tell you about one of our sponsors delete me I saw a headline recently that really caught my attention onethird of the US population's background info is now public so for 115 million of us data breaches mean that our info is just out there for anyone to find and this is stuff like our names and addresses phone numbers and so much more so that's why I love and use delete me because they find and remove your information from hundreds of data broker websites that buy sell and trade your personal data so take control of your online privacy with delete me individual delete me plans start as low as $9 a month so sign up today at join delet me.com Rachel for 20% off or click the link in the description all right here are the three things I would add to this list to make sure that you are not losing money number one is a budgets kind of mentioned this earlier with tracking your spending but a budget is more planning on the front end vers versus during it right when you're tracking expenses it's money you've already spent right you've already gone to the grocery store so you're like okay this is where that transaction is going to go but when you budget you are planning ahead of time and saying here is what would be best for my money well spent because it allows me to do what I need to do and you're planning it ahead of time so being very proactive and if you've not checked out every dollar you guys that's our budgeting app make sure to do that I'll put a link in the description but there's something about again knowing where your income's going but planning it ahead of time that's key number two two is your debts because you are losing so much money when it comes to interest you know there is so much data out there that talks about not only just the peace of mind that you're losing but you're also losing money because you live in this world of minimum payments and when you do that then you're paying so much interest on top of it so getting it out of your life alt Together High interest low interest take it all out right all the debt pay it off and that is what I would do for sure to save money long term and then the third is actually giving Which kind of is a psychological twist here but there is something about the idea of you know golly I feel like I'm losing money when I give but there is so much more that you gain when you live your life with an open hand and when you become less attached to money where it's like the Center of Your World there is so much to be gained there yes I want us to be wise with money yes I want us to you know do things like get out of debt and get an emergency fund and invest like all of that is very very important but there can be a time and place like where it be you become so obsessive with it and that's where I feel like it starts to steal part of your life and so when you live your life with an open hand and you are generous and you're giving money doesn't have this like hold on you that I think longterm can take a toll on you and your soul honestly so putting it in its proper place is really really key and that's going to end up saving you money down the road because I think you make better and wise decisions because it's not the thing that you're chasing day in and day out now if you want another finan cial self checkup make sure to check out my episode 4 ways you're ruining your budget without realizing it you can click the link here or if you're listening on podcast I will put a link in the description all right you guys remember to take control of your money and create a life you love
