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ep7: Behavior and Little Wins With TipYourself

Episode 7: Behavior and Little Wins with Mike Lenz




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#TipYourself #YouEarnedIt

Bio: Mike is a life long Chicagoan and cofounder of Tip Yourself. He believes positivity and small shifts in habit can be life changing. #TipYourself #YouEarnedit

“One of the main inspirations behind Tip Yourself is our belief that money is more than just dollars and cents. The true challenges with personal finance are much more about emotions and habits than they are about spreadsheets, numbers and graphs. “ – Mike Lenz

 

Show Description:

Mike and I discuss the importance of personal behaviour, and ways to increase optimism, feel good, and tackling keystone habits and little milestones to enjoy life and be happy now in your finances.

ShowNotes:

  • Mike’s Technology and Behavioral Psychology Background
  • How large the issue of Personal Finance Is and some Stats
  • Birth of Tip Yourself – Money Mindset and Emotion
  • The Role of Recognizing Success
  • 5:35 Changing the Negative Mindset of “Savings”
  • 7:15 How Tip Yourself Changes Mindsets
  • 8:43 How Real People Use TipYourself
  • 10:00 TipYourself “The Daily dose of ‘Feel Good’” – The Community
  • 11:25 Turning Away Daily Negativity through tipping yourself
  • 12:05 Its Easier To Act When You Recognize Things Aren’t Easy
  • 13:30 Huge Goals: Little Milestones
  • 14:55 College Kids Application
  • 16:25 Keystone Habits
  • 18:05 Everything is Small
  • 18:45 Happiness in the moment
  • 20:10 Guilt Free Tips : #YouEarnedIt
  • 21:30 Not Always About Money, Changing Behavior with Tips

Money Maxim

Tip Yourself

“I’ve never met anyone who struggles to save money because they haven’t found the right spreadsheet yet” – Mike Lenz

“Life is Lived in Little Moments” – Mike Lenz

Action Items

  • Get a Tip Yourself account and tip yourself 5 times! (for good reasons of course!)
  • Next Time You Get Down – Recognize That What You Want to Do Is Hard. It helps
  • Find 5 positive moments of success this week and give yourself a reward for recognizing them
  • Develop a list of your Keystone Habits (16:25), find one thing to add
  • Take the High Energy Moment of right now and make 1 positive change you’ve been telling yourself to do for a while

Contacts and Links from the Show

TipYourself.com – Iphone , Android soon!

Mike@TipYourself.com – Questions, Habits, How it works, How you use Tip Yourself

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Ep6-On Doing What’s Right For You – BurkeDoes

Episode #6: On Doing What’s Best For You – with BurkeDoes




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About my guest: Emilie is the brains behind Burke Does, inspiring millennial women to live financially, physically, and professionally fit lives. She writes about overcoming debt while balancing trying to eat healthy, stay fit, and have a little fun along the way.

Description: Emilie – BurkeDoes.com and Jacob – FinancialGinger.com talk about the overlapping areas of our lives, the power of self-improvement, and focusing on our person goals and values to create power in acting to take control of our lives both in a financial sense, and an achieve your dreams sense.

Thanks Emilie for being on the show! It was wonderful to have you!

ShowNotes:

  • Finance isn’t just Finance, it influences every part of our life.
  • The Crossfit Open – the practicality of overlapping fitness, finance, and work life.
  • Life Doesn’t Fit Into Different Silos, It Blends Together
  • The Power of Reading in Self-Development
  • Overlapping Our Effort – Overall Wellness
  • Key to Achieving: Effort and Personal Values
  • Changing Values and Goals Over Time – Ecclesiastes 3:1 (this was running through my mind the entire episode)
  • Paycheck Woes – Problems That Could Be Avoided
  • Actively Working Towards Our Goals – MyToDoLists.me
  • Goals Forgotten Aren’t Important (Or Else You Would Have Remembered)
  • What You Value, You Are Already Spending Time and Money On
  • Why We Identify Our Values
  • What Your Spending Says About You

Action Items:

  • Consider your life goals and write them down
    • Identify your values.
    • Figure out some actions you can take towards your goals
    • Develop a method of tracking progress of goals
  • Take time each period (weekly, or monthly, or quarterly) to review goals and adjust accordingly (less ye forgot)
  • With your current goals and values, consider do they align? Do your goals match your values
  • Does your spending match and correlate with your values and goals?
  • Set a recurring calendar appointment with yourself (weekly, monthly, or quarterly) to review your goals, values, and spending habits, to ensure they align and to set new goals.

Maxim

Sources

Emilie’s Crossfit experience

CultivateWhatMatters – Power Sheets ( examples of her sheets available on her store)

Mitsubishi Mirage (Best Car Ever)

Grit – Angela Duckworth

BurkeDoes.com/as-seen-on

Emilie’s To Do Lists – mytodolists.me – See what Emilie’s goals are each week

Facebook – facebook.com/burkedoes Twitter – twitter.com/burkedoes Instagram – instagram.com/burkedoes Pinterest – pinterest.com/burkedoes

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Ep5: HighFivingDollars with Sarah Li Cain




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Episode #5: HighFivingDollars with Sarah Li Cain

Sarah Li Cain PhotoI had the wonderful opportunity to talk with Sarah Li Cain from HighFivingDollars.com

I love how she explains herself as a “Money Storyteller”. Storytelling runs in my blood with my mother starting the Utah Liars Contest 10 years ago, and me spending a lot of time volunteering for the Utah Timpanogas Storytelling Festival.

Hear Sarah’s story about break ups and $9000 debt, and learn some ways to be happy with your finances while working on improving your situation. Eventually, Sarah even paid for a car in cash!

Highlights

  • Sarah’s holistic approach to talking about money
  • Sarah’s adventure to Australia, which yielded a lot of money education including a pretty messy break up.
  • Dealing with self-shame about debt (and life!) in a positive way
  • Rebuilding Financial Independence after a rough patch
  • How relationships that are bad aren’t solved by money
  • How emotions affect our finances: Ego
  • How shame and guilt about bad money choices can be positive
  • About Sarah’s book “The Authentic Budget” – using your personality and values to manage your money your way.
  • A Personal Visions’ role in controlling your finances
  • Why should I budget?
  • Banishing Financial ‘Frenemies’: It’s as simple as saying “No”
  • The role of boundaries and setting expectations with others about your money

Money Maxim

Sarah Li Cain

  • Money is neutral. It’s what we do with it that matters.

Action Items

Links and Contact info from the show

HighFivingDollars.com

Ask Sarah Anything and get a Youtube answer!

Get on Sarah’s VIP list for info about her books and new ones that come out!

Her brand-new book on Amazon!

 

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Ep4: Saving Success When Young with Justin Taylor



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Episode 4: Saving and Investing while young with Justin Taylor

Justin TaylorToday I talked Saving-Sherpa, Justin Taylor!

Listen to Justin talk about military life, a frugal lifestyle and how he now saves 70% of his income! He served in the Air Force and now is an engineer for the military. Listen about how he walked into the military for school, and ended up being financially independent from a young age, from his dad’s offer to raise a cow if Justin purchased it for profit, to being paid to go to school!

Justin’s budget is in-depth and powerful for taking control of your money and spending/saving.

Highlights

  • Growing up in a low-income area and how Justin learned frugality
  • How financial concepts like compound interest effected Justin’s money habits
  • How financial education in High School could dramatically help low-income areas
  • The role of cheap robo advisers in getting younger people started in investing
  • Why investing any amount on any day in the last 85 years would yield profit
  • The power of an in-depth budget
  • How to practice with stock trading (MarketWatch.com)
  • Don’t buy a huge house and fancy car to celebrate your first job after graduating
  • The average savings for someone that’s about to retire
  • The power of set it and forget it. (Dollar Cost Averaging)
  • How saving and having a good life aren’t mutually exclusive
  • What is a Sherpa?
  • Make More Money Does Not = Spend More Money (No Lifestyle Creep!)
  • Extracting real value from every dollar you spend.

Money Maxim

Saving Sherpa Quote

Financial and Physical Health are similar. Show me where your money is going, Show me where your caloric intake is. Most people can’t tell you either.  If you take the time to see where the money is going, you can plug the holes in your financial boat.

Action Items

  • It may not be reasonable to start investing now as a college kid, but if you can, do it! (I opened my first Betterment account March 23rd, 2017! You can too! If you have questions reach out to me on Facebook or on my question page and I’d love to help)
  • If you can’t invest now because of being in school still, create a game plan for when you’ll start investing and how
  • Track your income and outflow of money. If you know where every penny came and went, you’re empowered.

 

Pro Action Items

Download Saving-Sherpa excel spreadsheet to track all your income and expenses and track it so you know where your money goes.

Contact Info

www.Saving-Sherpa.com

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Ep3: Get Your Finances Together – Erin Lowry

Ep3: Get Your Finances Together – Erin Lowry



Erin LowryToday I talked with Erin Lowry, Author of Broke Millennial Blog. Erin shares the money lessons of her childhood. Thinking that it was normal, Erin went into the world and realized how much of a stress money was for those around her. Broke Millennial came about as a solution.

Erin also has a brand new book that officially releases next week! Broke Millennial: Stop Scrapping By And Get Your Financial Life Together!

Highlights

  • Erin’s money story
  • Living in NYC for a year on $23,000
  • Where Broke Millennial blog came from
  • The Stress of Money in Relationships
  • What’s inside “Stop Scrapping By And Get Your Financial Life Together”?
  • Seeing what you value, based on your spending
  • Taco Tuesdays are important (Tangent haha)
  • Ways parents can teach children money skills through proactive engagement and setting expectations
  • Proper Goal Setting for Finances
  • Accountability Partners and Methods
  • Behavioural Finance: Multi-Banking benefits
  • Common Millennial Money Mistakes
  • The power of habit in saving and investing

Money Maxim

Erin Lowry - BrokeMillennial
“What You Spend Your Money On Shows What You Actually Value, Not What You Think You Value” – Erin

Action Items

Read Erin’s new book! Here’s a link  (special bonus chapter if you buy it before May 2nd!)

Open a second bank account and put savings into that, so you can’t see it! (makes it harder to spend your savings)

Check your bank/credit card statements and see what you truly value. What does your spending say about what you value?

Parents: talk with your children about money and how it works! Teach them principles of finance so they can have healthy relationships with their money

Parents: give your children some skin in the game. If they want to buy a new game, or get on soccer team, make them pay for part of it. Give them ways to make money, or guide them to achieve, but hold them responsible.

Couples: Be open with your spouse about all your finances. Money Fidelity is important to have trust in each other.

Start saving now! If you’re a college kid, start with $5 dollars each month, because of the power of habit.

Contact and Links from Show

Erin’s new book or buy it at barnes and noble or you can see it on her website

Send proof of purchase to info@brokemillennial.com for a free bonus chapter (purchase before May 2nd!) amazon or Barnes and Noble

BrokeMillennial.com

See Erin online at Facebook Twitter
Check out this episode!

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Ep2: Budgets with AskAllea

Episode #2: Budgets with AskAllea



AskAlleaToday I talk with Allea about Budgeting and some tips for creating and acting upon good budgets

Allea is a huge fan of budgeting, minimalism, and works as a financial coach! Yes its Allea  (pronounced like Allie or Aly) She works with a lot of millennials to make proactive plans for right when graduating college and moving into their first jobs. Allea has the skill from helping so many of her peers already create action plans for finances right after school.

She thought, “How can I help people transition into financial adulthood” and AskAllea was born. It was made to reduce and make finances simple in a world of heavy duty information that is hard to discern. Let alone garbage and untrue information being out there in the internets. Her proven process that’s been trial driven on friends and colleagues has become a powerful process for empowering those who Allea works with to be in control of their money so they can put it towards what they want.

It seems that Allea and I both got in Car Accidents this January. We both have gone through learning curves in budgeting and both certainly have had issues of our own and made mistakes. No-ones perfect, but we can all at least be adults and learn how to handle money well. So enjoy!

Highlights:

  • How Allea organized a friend’s budget over 3 intense hours of work, how you can too!
  • Why a budget can empower you to spend money how you want. Even if it’s a $200 Taylor Swift concert ticket
  • Why budgeting for the responsible and boring things allows you to not be stressed when spending the other money on what you want your money to go on
  • What is Budgeting “gravy” and how to stay healthy in budgets
  • The importance of Emergency Funds
  • The emotional aspect of money and how to fix those nerves
  • The importance of saving for a rainy day now (automated savings)
  • Why everyone needs a coach or financial accountability partner like AskAllea or FinancialGinger
  • The role of emotions in bad financial decisions
  • How you can pay off debt, and still live your life!
  • Allea’s biggest financial success: (No spoilers! listen at 15:00)
  • Why talking about money is important for kids and couples
  • Average debts for student loans and credit cards are astounding!
  • Why everyone needs to learn skills in finance
  • The snowflake method of paying off debt

Money Maxim

Allea Grummert Maxim

“Living Within Your Means Doesn’t Have To Suck” – Allea

Action Items:

Organize your finances into a budget. (you can work with Allea or Me if you like)

Have an accountability partner.

Build an Emergency Fund, start with building up to 1 full paycheck, make a goal and plan to get to 3 months of spending.

Know it takes time to improve, and it’s okay to live life and have fun while working on debt.

It’s okay to say “I don’t know” and to get a coach to help.

Don’t call Allea “Ah-lee-uh” like Jacob did.

 

—————–

If you want to work with Allea you can visit her at AskAllea.com and visit her coaching page! She has a new 17 page guide the “Real Life Money Guide and explanations of what they are, with some sass and fun. You can also ask her your own question that she will answer!

Find her on Twitter at AskAllea and Facebook at AskAllea and Pinterest

Get the starter homework and then sit down to make a beautiful organized budget.
Check out this episode!

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Ep1:Health Savings Accounts with Jackie Koski

Episode #1: Health Savings Accounts with Jackie Koski



Dream of LiteracyToday I talked with MoneyLetters2.com head Jackie Koski about Health Savings Accounts (HSA’s)! She wrote a wonderful book called Money Letters to my daughter. Why? Because most schools in the US don’t require students to take personal finance courses. As she wrote, many schools and groups became interested in what she taught her daughter. She ended up giving lectures in high schools and in the community of South Carolina. Her wisdom and keen eye for detail in finance speaks for itself when you listen to her. Listen for her story in collecting $2 bills, and also the power of Health Savings Accounts!

Highlights

Most schools don’t require any form of finance! It’s important to get some sort of Financial Literacy in during school if you can!
Jackie’s $2 bill collection, over 1600 $2 bills!
What an HSA account is and how It’s used
HSA vs FSA Triple Tax Benefits of HSA accounts. (Now, Growing, and Later)
How HSA’s can help us prepare for common expenses in retirement
Jackie shares how much her accounts have grown
Things not to with an HSA account
HSA account hacks
How to write off HSA accounts from taxes
Don’t be scared of health care and big acronyms
HSA’s are relatively new, only been around about 10 years
Visiting doctors and labelling doctors’ visits for proper HSA coverage

Money Maxim

Maxim 27 - Jackie Koski

  • We measure everything else, but we don’t measure how much we know about money, something that everyone will deal with. Learn something new each day.

Action Items

  • Open an HSA account! (which requires a Qualified High Deductible health insurance, it may not be right for everyone!)
  • Read this article from Mad Fientest about HSA’s
  • Keep a file system of all medical receipts that you incur after opening an HSA account. So, you can pay yourself from your HSA account later if needed. (or don’t and let that money grow)
  • Whenever possible ask medical professionals to label your visits as “routine visits”
  • Share this episode with someone who could benefit from an HSA account.

Contact Info

Jackie Koski works with groups and schools to increase financial literacy in a fun enjoyable yet simple matter. She wrote a book that can be found here all about how she taught her daughter about money. She is enthusiastic and extremely knowledgeable.

www.Moneyletters2.com is her website to connect with her!

Facebook LinkedIn Twitter @MoneyLetters2

Correction: When speaking of Vanguard I spoke incorrectly, Their math ends up being 18% 401(k) not 28%. Pardon!
Check out this episode!