Transcripts Including Tag: needsvswants

Description: Mindset :: Needs vs Wants

These are the transcripts that include the tag needsvswants.

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012: Epic Frugality how to save 75 percent of take home pay Jonathan Mendonsa I mean one of the things you do you do a great job mixing up really really in-depth articles with little short articles and what I loved about this one. Are you bored that we were talking about is just a few of these bullet points you said we don't worry about keeping up or competing over material goods. We just we don't do it. My husband and I we never fight about money we just don't have fights because we're on the same page and we don't fret about it we don't worry about it. We know we have enough because we live way way below our means. I mean that is powerful for some people who don't have that world view and then below that you you are basically saying I'm not jealous of people who spend everything they earn. Seems as though they're struggling to find meaning through money. And then for you you know money does sustains your basic needs food shelter clothing. And but it's not a goal in and of itself. You're not hoarding money just to have money. You're doing it to free yourself from the vicious cycle of lifestyle inflation. I think that's really powerful that's that's a completely different way of looking at money. And now talking to the audience here you know when you look at this think about the things that we talked about that nothing that we said is particularly crazy or outlandish. And although you may not do everything that we talked about in this podcast it's going to be helpful for you long term to see if you can adapt just a few of these things into your own life because once you start to go down this rabbithole it starts to make sense. And it's empowering. It opens up all these options that you may not have considered. So thank you Liz so much for sharing your time with us and going through some of these thoughts with us today.
012R: Friday Roundup Jonathan Mendonsa Yeah no I think probably for me I have more at stake than you because you're essentially there already. But I could be wrong. For me it's really interesting. One the values that we're promoting are universal. So we're talking about work ethic. So everybody at some point in time has to trade time for money and while you're in that space we encourage you to be the best you can be. You've got you want to get your one to three percent raises you want to absolutely be a hardworking employee. There's nothing illegal or unethical about what we're encouraging people to do. And so I think that's a universal value honesty transparency trust good work ethic. Those are things that everybody should be able to relate to. And then the other part of that is where you put your values and that is where it gets challenging. And I think to some degree you're going to find what friends you're going to have long term and which ones you just won't be able to spend as much time with because when you get into a conflict of values your idea of spending money is or your idea of where you want to spend your money is putting into your 401k and then you want to focus on more frugal activities. That's one value and then if your other set of friends wants to go to Vegas you know and then go put it all on black. That's a different set of values and so there's kind of a a little bit of a battle being waged out that entire time and so I think the nice balances as you start to develop new friends look for people to share your new values and then always you know maintain relationships but figure out where that where that line is and what what point you're not willing to go past because I'm not going to sacrifice two or three years of work in order to do some of those extra activities. I'm not going to get the golf club membership.
020R: The Friday Roundup Our First Crowdsourced Case Study Brad Barrett Yeah it's fantastic. And that really cuts to the heart of Fi and the way that we approach it at least you know there are people who are extreme obviously but you and I are just regular guys. We're not doing anything crazy. We're just living a little bit smarter. And Laura and I had a conversation. What's really cool. Laura is now listening religiously to this to the podcasts and we have a lot more actual conversations about money now and about fi in general. So it's it's definitely helped us even though you know we're pretty good at this obviously but it's helped us talk about it more. So you know we were trying to sit back and say look what are we doing. That's all that different from anybody else because it doesn't feel like we're doing anything special honestly. And you know we're we are going through like just kind of ticking off items in our head of what's so different and you know compared to many of our friends in this area where we you know we bought a less expensive house but we still probably bought a more expensive house and then we should have in the grand scheme of things so we're not saints here by any means we bought in an expensive part of town but we bought one of the least expensive houses we could find in this area. So as compared to our very close you know local group of friends were probably spending 800 to $1000 or less on our mortgage. Just boom right there where we don't have car payments so that's at least what seven hundred dollars minimum. If you're talking just decent cars. So we're up to maybe 1500 to maybe a little more just between the two of them probably 500 to 700 dollars on food just less in going out. And also just frivolous spending or like we've talked about in prior episodes just not intentional spending with food right. Of going in last minute and picking up some prepared food at the food store which is $10 per person per meal as opposed to the $2 per person per meal that Laura can can amount to when when we cook at home. So I mean that's over $2000 right there. Then you get into little things right. The cell phones are a couple of hundred bucks a month. Maybe the cable and etc is 100 bucks a month so I mean right there you're talking probably twenty five thousand dollars a year at minimum just thise couple of things right off the top. So that's a pretty darn good savings rate just right there in and of itself. Again just kind of talking about how this is really not that hard and it's just a regular lifestyle just a little bit smarter. Yeah and in that same conversation with Laura we were just kind of sitting there and talking about the discretionary expenses that maybe we don't spend on that other people do and I know Jonathan likes to talk a lot about the fixed expenses which is what I what I just went through but the discretionary things. We also don't spend money on many people just like to upgrade their house or add little throw pillows or I don't know redecorate in some manner or you know we know our friends who have kids who they've redecorated the rooms three times by the time they were 9 years old like my daughter Anna. And Anna doesn't even know that that's possible. She just knows that it's her room. She just never would cross her mind to oh Mommy and Daddy I want to repaint my room and get new comforters and get new pillows and all this stuff. You really would never cross her mind because we don't do it. We don't model that in our lives and it would never cross her mind. So you know it's similar. A lot of these things. Like I I always wonder. My kids are not very materialistic. And this is not like a holier than thou. I don't think you know we're the best parents in the world by any means but I think it's because we don't we don't exhibit wants for anything that our kids don't see us buying lots of frivolous stuff and therefore they don't ask. So when it comes time for December and many of their friends have these long Christmas lists my kids have never had a Christmas lists. It would never even crossed her mind to want something. It's so it sounds weird to say. I can't fathom a day where they would walk into a store and say Daddy Daddy I want to buy that. It just doesn't happen.

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