#20 - Q&A, Mindless Spending, Solving a Crisis, Retirement Savings, Goal Setting
#15 - Teach Your Kids Money, Business Planning and Weddings! (Q&A)
1. How to cut out mindless spending - if you don't like the results of your mindless spending
2. How to solve a financial crisis and learn to communicate better with your spouse
3. How to think about retirement savings
4. How to set goals that will actually help you get somewhere
#7 - Managing Your Cash Flows
Q1: Why don't we teach kids personal finance in school?
Q2: How to manage cash flows when both members of the household are small business owners
Q3: How to know when it's the right time to save for retirement as a business owner
Q4: What is an appropriate amount to spend on a wedding?
#5 - Q&A Session
What does managing your cash flows actually mean? You have to do ALL of the following:
Have any kind cash reserve to start, Calculate what your monthly average expenses are, Create a budget & honor your budget, Run a lean operation, Understand when you get paid, Know exactly what your operating expenses are, Make sure your cash reserve exceeds your operating expenses, Be mindful of your personality, Track your successes and failures, Manage similarly on the personal side
#3 - Discipline Equals Financial Freedom
Hello there! I'm super excited to have our first Q&A episode, so a few weeks back I had an ask on twitter and on facebook for people to send in their questions and ask us about everything that they wanted to know regarding their finances and we got tons of questions and we're super excited to launch the first Q&A today. So I have my cohost here, Mark Guastaferri, who's going to walk me through all the questions that you guys have. Mark is fantastic. And has been in finance for the last decade, so he probably knows more than me about all this stuff and I'm sure we'll have good insights on everything that you guys want to hear about. So with that Mark take it away.
I want to talk today about a concept that is near and dear to my heart. If you listen to Jocko Podcast (Jocko Willink is a personal hero of mine), you’ll hear him repeat over and over: discipline equals freedom. And there is nothing truer. Today’s topic: discipline equals financial freedom.
I don’t know about you, but initially when I heard the word discipline, I thought of teaching someone to obey rules with the stick, rather than the carrot, so to speak. That’s not really what it means. Merriam Webster certainly has that as listed in the definition, but we’re going to use another definition today: “to train or develop by instruction and exercise especially in self-control”. I’ll repeat that for you: “to train or develop by instruction and exercise especially in self-control”.