The Better Show - Better Budgeting: Part 2

Better Budgeting: Part 2

04/08/19 • 88 min

In part two of our Better Budgeting series, we discuss the types of budget goals you can have, and plans you can make, to take control of your money.

Show Notes

2:01 - March breaks down the topic of budgeting into three parts: setting your goals, making a plan, and executing your plan
2:39 - Ian, Darren, and March share where they are in terms of setting financial goals.
7:25 - March shares a pro-tip for how his relocation to Ireland has saved him a lot of money on his kid's college tuition.
9:59 - Darren compares high-interest debt to running on a treadmill.
11:02 - We discuss how paying off high-interest debt (like credit card debt) is one of the first goals to set for yourself.
11: 28 - Darren shares a book recommendation: The Richest Man in Babylon by George S. Clason and introduces the concept of "pay yourself first."
16:53 - Different ways to think about your retirement goals: the "bounce your last check" method or the lump sum method.
19:54 - Ian shares that one of his near-term goals is to buy a home and we discuss the different perspectives on home ownership versus renting.
25:14 - The cultural aspect of home ownership, the utilitarian aspect of home ownership, and the financial aspect of home ownership.
33:20 - Trading hours for dollars and how to define financial freedom.
37:09 - How to think about budgeting using some practical budgeting models.
40: 21 - The 50/20/30 budgeting rule.
43:19 - March offers a tip for making saving easier by using the "boil the frog" method.
50:50 - Different financial vehicles for saving money including Traditional and ROTH IRSs.
59:45 - How to use positive goal setting techniques to make it easier to save money.
1:06:10 - After realizing how rich this topic is (no pun intended) we decide that it deserves a part 3 where we can dedicate more time on tips for executing a budget plan.
1:07:00 - The role of debt in your financial picture and how to tell the difference between "good debt" and "bad debt."
1:14:35 - The different types of insurance you can purchase and how insurance works.
1:17:40 - Why people buy insurance if the odds are against ever collecting it.
1:22:50 - Darren offers to sell Ian volcano insurance.

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In part two of our Better Budgeting series, we discuss the types of budget goals you can have, and plans you can make, to take control of your money.

Show Notes

2:01 - March breaks down the topic of budgeting into three parts: setting your goals, making a plan, and executing your plan
2:39 - Ian, Darren, and March share where they are in terms of setting financial goals.
7:25 - March shares a pro-tip for how his relocation to Ireland has saved him a lot of money on his kid's college tuition.
9:59 - Darren compares high-interest debt to running on a treadmill.
11:02 - We discuss how paying off high-interest debt (like credit card debt) is one of the first goals to set for yourself.
11: 28 - Darren shares a book recommendation: The Richest Man in Babylon by George S. Clason and introduces the concept of "pay yourself first."
16:53 - Different ways to think about your retirement goals: the "bounce your last check" method or the lump sum method.
19:54 - Ian shares that one of his near-term goals is to buy a home and we discuss the different perspectives on home ownership versus renting.
25:14 - The cultural aspect of home ownership, the utilitarian aspect of home ownership, and the financial aspect of home ownership.
33:20 - Trading hours for dollars and how to define financial freedom.
37:09 - How to think about budgeting using some practical budgeting models.
40: 21 - The 50/20/30 budgeting rule.
43:19 - March offers a tip for making saving easier by using the "boil the frog" method.
50:50 - Different financial vehicles for saving money including Traditional and ROTH IRSs.
59:45 - How to use positive goal setting techniques to make it easier to save money.
1:06:10 - After realizing how rich this topic is (no pun intended) we decide that it deserves a part 3 where we can dedicate more time on tips for executing a budget plan.
1:07:00 - The role of debt in your financial picture and how to tell the difference between "good debt" and "bad debt."
1:14:35 - The different types of insurance you can purchase and how insurance works.
1:17:40 - Why people buy insurance if the odds are against ever collecting it.
1:22:50 - Darren offers to sell Ian volcano insurance.

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Full Episode Transcript

Better Show Blog

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Leave a review in iTunes!
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Previous Episode

Better Budgeting: Part 1

We kick off part one of our series on finance with a discussion on better budgeting. We talk strategies, mindset and tools to help you take control of money in your life.

Show Notes

2:06— What exactly is money and why is it important to understand how to manage money.
4:03— Ian channels his inner Biggie Smalls. 😀
4:39— The effect that money (or worrying about money) can have on one’s health and well-being.
8:02— The difference between guilt and shame and how that difference matters when it comes to money.
24:30— March and Darren talk about the peace of mind that comes with putting one’s finances on auto-pilot.
24:54— Darren shares story about how he was introduced to the concept of time value of money and how that has helped him understand how money works and how to better manage his own finances.
28:57— The Life Values Quiz as a tool to discover your own relationship with money.
41:15— Methods for beginning to budget including “the envelope system” and the 50/20/30 budget rule.
46:48— Some technology solutions for helping gain visibility on one’s finances including Mint, PocketGuard, and a simple Excel spreadsheet.

Mentions

📰 Article: Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence
💻 Blog: The Life Values Quiz
💻 Blog: ClarkHoward.com
💻 Blog: SmartAboutMoney.org
👍 Product: Kiva.org
📱 App: PocketGuard

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Full Episode Transcript

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Feedback

Email: [email protected]

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Next Episode

Better Microbiome

While scientists are only scratching the surface of the microbiome it's already clear that the 39 trillion micro-organisms living in your body have a profound affect on your health, your emotions and even your relationships. This week we explore the fascinating ecosystem that exists inside our bodies.

Show Notes

2:27— Why does the microbiome matter?
11:56— Examples of the impact of the microbiome
21:38— The HMP
24:41—The 10:1 myth
27:50—Measuring the microbiome
43:07— Fermented foods and the power of diversity in the microbiome
47:22— Tips & tricks for improving your microbiome
1:05:10— Babies and microbiomes
1:08:02— Watch this space, we're at the infancy of our microbiome understanding
1:09:02— Future microbiome technology
1:18:52— Better Next Step and our experiments we'll try & report back on in a future episode