April 10, 2025 • 21 mins
Money worries strike with a unique kind of double-edged anxiety - pressing you with both immediate bills and fears about the future. But what if that very pressure could transform into your most powerful catalyst for change?
This deep dive explores how financial challenges, regardless of their severity, can become the foundation for building genuine wealth and freedom. By weaving together practical wisdom from Rachel Cruz's stress-reduction techniques, Myron Golden's wealth-building framework, and psychological insights on our emotional relationship with money, we've created a comprehensive roadmap for financial transformation.
The journey begins with radical honesty about your current situation. Many avoid looking at their finances out of fear, but simply quantifying the problem often reduces its emotional weight. From there, establishing conscious control through budgeting shifts your relationship with money from reactive to proactive. For those carrying debt, we explore how the "debt snowball" method creates psychological momentum through quick wins.
Beyond these fundamentals lies the true game-changer: shifting focus from the income-outgo cycle toward strategically building income-producing assets. As Golden explains, financially successful people view money as a tool for creating cash flow rather than just accumulation. His framework distinguishes between four financial "windows," with sustainable wealth coming from the consistent development of assets that generate income without constant labor.
The psychological dimension proves equally vital. Your financial strategy must align with your values and temperament to remain sustainable. Like planting an oak tree, wealth building requires patience through periods of invisible growth. Building margin throughout your financial life provides both protection from setbacks and the confidence to seize opportunities.
Have you identified the specific pain points in your financial journey? How might you channel that frustration into strategic momentum? The transformation begins when you decide your current challenges won't define your story - they'll fuel your success.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome everyone.
Let's dive right in.
Today we're talking aboutsomething pretty fundamental.
Speaker 2 (00:05):
Yeah.
Speaker 1 (00:06):
Taking the challenges you're facing maybe that pain
or pressure and actually usingit.
Using it to build real, lastingsuccess, and it really doesn't
matter where you're startingfrom.
This is all about movingforward.
Speaker 2 (00:20):
Exactly, it's about seeing those tough times not
just as roadblocks, but maybe asfuel fuel yeah.
I like that our conversationtoday.
Speaker 1 (00:29):
We're pulling from a few really insightful sources
aiming to give you a practicalpath forward you know that
feeling that weight of financialstress, rachel Cruz in her
video she really gets into thatshe does.
She makes a big point that hey,if you're feeling that, pinch
that, that money anxiety you areabsolutely not alone, so common
(00:51):
it hits people everywhere.
It doesn't matter the incomelevel, really it doesn't and she
used that inside out analogy,which I thought was quite good.
Speaker 2 (00:54):
Oh, yeah, tell me.
Speaker 1 (00:55):
Well, anxiety is focused on the future, right
yeah, what might happen?
And fear is about the threatright now.
Speaker 2 (01:01):
Ah, ok, got it.
Speaker 1 (01:03):
And with financial stress, it's like you're getting
hit with both worrying aboutthe bills today and what happens
tomorrow or next year.
Speaker 2 (01:12):
That's such a good way to put it A double whammy,
worrying about now and later.
Speaker 1 (01:16):
Right, maybe you're stuck in a job you don't love,
just to make ends meet or justconstantly juggling numbers in
your head.
Speaker 2 (01:23):
Survival mode.
Speaker 1 (01:25):
Exactly, and that's where this other piece, the AI
Hustle Talk segment, comes inwith a pretty strong message
which is, basically, that thisstruggle, this pressure, it
doesn't have to be your wholestory.
It could actually be the spark,you know the.
Thing that pushes you to buildsomething better.
Speaker 2 (01:41):
I find that shift in perspective really fascinating.
Instead of seeing hardship asjust a trap, it becomes the
motivation.
I mean, think about it.
So many successful peoplestarted with huge obstacles.
The change often happens whenyou just decide okay enough, I'm
doing something different.
Speaker 1 (01:58):
And that is exactly what we want to help you figure
out today how to make that shift.
Speaker 2 (02:02):
So we've got Rachel Cruz's practical advice.
You figure out today how tomake that shift.
So we've got Rachel.
Speaker 1 (02:08):
Kruse's practical advice, tackling that stress
directly.
Yep.
Speaker 2 (02:11):
Then Myron Golden's insights on building wealth even
from square one.
And that straight talk from AIHustle Talk about breaking free
from just surviving day to day.
Speaker 1 (02:17):
Plus, we'll dip into some key ideas from the
psychology of money, because,let's face it, money is
emotional.
Speaker 2 (02:23):
Absolutely so.
Our mission here is to boil allthis down.
Actionable steps, yeah, butalso a perspective shift.
Speaker 1 (02:30):
Right To help you take control, build a solid
foundation and really get thatstrategic mindset for success,
no matter what your bank accountlooks like right now.
Speaker 2 (02:38):
Yeah, Sounds like a plan.
Speaker 1 (02:40):
Okay, so let's get practical.
If you're feeling thatfinancial squeeze, where on
earth do you even start?
Speaker 2 (02:46):
Well, rachel Cruz is really clear on this.
The absolute first thing gethonest about where you are right
now financially.
Speaker 1 (02:53):
Gonna rip the bandaid off, basically Pretty much.
Speaker 2 (02:55):
you can't figure out where you're going if you don't
know where you're starting.
Cruz often talks about her babysteps framework to help
organize things Like do you haveeven a small emergency fund?
What debt are you dealing with?
What's the bigger picture?
Speaker 1 (03:10):
And it feels like sometimes the worry in your head
is actually worse than thereality on paper.
Speaker 2 (03:15):
Often yeah.
Speaker 1 (03:16):
Cruz mentioned that old habit people have of just
avoiding the bills piling up,sticking their head in the sand,
avoidance.
And with everything beingdigital, now she suggests, you
know, actually log in, look atthe accounts, face the numbers.
Speaker 2 (03:28):
Yeah.
Speaker 1 (03:29):
And surprisingly, just seeing it, the real
situation can kind of take theemotional edge off, brings in
some logic.
Why do you think people avoidthat first step so much?
Is it just fear of the numbers?
Speaker 2 (03:41):
Well, that's a great question.
I think part of it is justhuman nature, right?
We tend to avoid uncomfortablethings.
Speaker 1 (03:47):
True.
Speaker 2 (03:47):
And facing your finances head on can feel huge
overwhelming.
There's a fear of what youmight find, definitely, but,
like you said, the unknown, thatvague anxiety, is often way
worse than the actual quantifiedreality.
Speaker 1 (04:00):
Okay.
Speaker 2 (04:00):
So taking inventory, it's about swapping that fuzzy
worry for cold hard facts, whichthen lets you actually make a
plan.
Speaker 1 (04:07):
Right, okay, so step one, face the music.
Step two from Cruz.
Speaker 2 (04:12):
Budget Create a monthly budget and actively
track where the money is going.
Ah the B word.
The B word, but she reallyhammers this home.
Get control by knowing exactlywhere every single dollar is
headed.
It needs a plan.
Speaker 1 (04:27):
It's not about restriction, though, is it?
That's the common misconception.
Speaker 2 (04:31):
Not at all.
It's about making consciouschoices.
You decide how your resourcesare used.
When you know where it'sallocated, you lose that feeling
of money just vanishing.
Speaker 1 (04:40):
Yeah, into the ether.
Speaker 2 (04:41):
Exactly, and it empowers you to adjust to make
sure your spending actuallylines up with what you want.
She mentions the EveryDollarapp, things like that.
The key is connecting it toyour accounts for real-time
tracking.
Speaker 1 (04:52):
Makes sense, okay, and then step three, which seems
obvious, but maybe isn't alwayseasy.
Speaker 2 (04:58):
Paying off debt.
If you have it, start attackingit aggressively.
Speaker 1 (05:01):
Fewer payments equal less stress.
It's a simple equation she uses.
Speaker 2 (05:05):
It really is.
Debt is just this constantweight, a huge source of stress.
So having a strategy to get ridof it is vital.
Speaker 1 (05:13):
She often talks about the debt.
Snowball right Small step first.
Speaker 2 (05:16):
Yeah, that's a common recommendation from her.
Pay off the smallest one first.
Forget the interest rate for amoment.
Get that quick win.
Speaker 1 (05:23):
Build momentum.
Speaker 2 (05:24):
Exactly, it's psychologically powerful, keeps
you motivated.
Speaker 1 (05:28):
Now this next point from Cruz is interesting.
She suggests working with afinancial coach, Saying you know
, managing money should be donealone, Whether you're single,
married, whatever.
Speaker 2 (05:40):
Get an objective view that outside perspective can be
incredibly valuable totally,but a coach sounds helpful
definitely.
Speaker 1 (05:48):
Are there maybe more uh, budget-friendly ways to get
that accountability, especiallyif you're just starting out and
money is super tight?
Speaker 2 (05:56):
yeah, that's a really practical point.
A pro coach is great, but maybenot the first step for everyone
.
Chris actually mentions thiscan just start with an honest
chat.
Speaker 1 (06:03):
With who?
Speaker 2 (06:04):
A trusted friend, maybe Someone in the family
who's actually good with money.
Speaker 1 (06:08):
Okay.
Speaker 2 (06:09):
Or even online communities.
There are tons of forums andgroups where people share
experiences, offer support.
The key is just finding someonewho can offer a different
viewpoint and help you stickwith it.
Speaker 1 (06:19):
Right Accountability partner.
Okay, and for anyone feelingthat real pinch, step five is
about boosting income.
Speaker 2 (06:27):
Side hustle time.
Speaker 1 (06:28):
Yeah, explore, getting a side hustle, cruz
emphasizes.
Look, this might not be forever, but it can give you immediate
relief, help you speed things upwith your plan, like paying off
debt or building that emergencyfund.
Speaker 2 (06:41):
And she gives real examples right.
Speaker 1 (06:43):
Yeah, practical stuff , retail work, maybe teaching a
skill you have, tutoring, evenjust babysitting, pet sitting,
whatever you can realisticallydo to bring in some extra cash
temporarily.
Speaker 2 (06:54):
And this ties right into what the AI hustle talk
folks are saying especially ifyou feel stuck in survival mode.
Speaker 1 (06:59):
How so.
Speaker 2 (07:00):
Well, they really push the idea of increasing your
income as the way to getbreathing room, break that cycle
of just scraping by.
Speaker 1 (07:08):
Oh, okay.
Speaker 2 (07:08):
They focus on identifying a skill maybe one
you already have or one you canlearn quickly, and then just
offering it to the market.
Speaker 1 (07:15):
They mention things like content creation, basic
graphic design, maybecopywriting.
Speaker 2 (07:19):
Exactly Customer service roles, even just buying
stuff and reselling it.
Find something tangible you canoffer and start making money,
like now.
Speaker 1 (07:28):
And that AI hustle talk piece really stressed
taking action, didn't it Likeright away?
Speaker 2 (07:32):
Yes, don't wait for perfect.
Start where you are, even ifit's messy, even if you're
unsure.
Speaker 1 (07:38):
Bet on yourself.
Speaker 2 (07:39):
Bet on your ability to learn, to grow, get new
skills that people actually need.
It lines up perfectly withCruz's side hustle idea
proactively grab the reins ofyour income.
Speaker 1 (07:53):
Okay, good connection .
Now, before we move on fromCruz, she slipped in a bonus tip
.
Speaker 2 (07:55):
online safety, oh yeah, super important today.
Scams are everywhere.
Speaker 1 (07:58):
Definitely Protecting your personal info online.
It's part of financial healthnow, isn't it?
Speaker 2 (08:03):
Absolutely fundamental.
Services that help scrub yourdata from those broker sites can
add a real layer of security,peace of mind.
Speaker 1 (08:10):
Worth looking into.
Okay, back to our main eightways.
Number six gratitude.
Make a gratitude list.
Celebrate small wins.
Speaker 2 (08:18):
Now this one might sound a bit fluffy, especially
when you're really struggling.
Speaker 1 (08:22):
Right Feels counterintuitive, but Cruz
insists it makes a difference.
Our mindset influences ouractions, she says.
Speaker 2 (08:29):
And there's a real connection there isn't there
between our mental state and ourmoney reality.
Acknowledging the hard stuff isimportant, yes, but constantly
dwelling on it, that can beparalyzing.
Speaker 1 (08:39):
So gratitude helps shift focus.
Speaker 2 (08:42):
Exactly Actively focusing on what you do have.
Even tiny things can changeyour perspective, build belief
that things can get better.
She suggests just writing downone or two things each day,
simple.
Speaker 1 (08:54):
Okay, Step seven always have a future goal.
You're working towards.
Speaker 2 (08:58):
Direction.
Speaker 1 (08:59):
Cruz uses her baby steps as a framework.
Sure, but even within those,break it down, make it
manageable.
So if the big goal is say, debtfreedom, your immediate goal
might just be paying off thatsmallest debt we talked about.
Speaker 2 (09:12):
Or saving the first $500 for emergencies.
Speaker 1 (09:14):
Yeah, it gives you that sense of direction, like
you said, and progress, whichyou need to stay motivated.
Celebrating those littlemilestones keeps you going.
Speaker 2 (09:22):
Keeps you engaged in the whole process definitely.
Speaker 1 (09:25):
And finally, number eight from Cruz start giving.
Speaker 2 (09:29):
Okay, another potentially counterintuitive one
.
If money's tight, right.
Speaker 1 (09:33):
She acknowledges that , but Medina's argues that even
small acts of generosity canshift how you feel about money,
bring a sense of fulfillment.
Speaker 2 (09:42):
That generosity piece can be surprisingly powerful.
It moves the focus from whatyou lacked to what you can offer
.
Even if it's just a little bit,it's about seeing the positive
impact money can have for youand others.
That can be really empowering,actually.
Speaker 1 (09:56):
Okay, so Cruz gives us these really concrete steps
Tackle the stress, get control.
Now let's pivot a bit.
Speaker 2 (10:05):
Let's talk wealth building Myron Golden.
Speaker 1 (10:07):
Yeah, his perspective on actually building wealth,
especially if you're juststarting.
He kicks off with a prettyfundamental question.
Speaker 2 (10:14):
Which is.
Speaker 1 (10:15):
Do you just want to be comfortable or do you really
want to create significant,lasting wealth?
Speaker 2 (10:20):
He immediately challenges how most people think
about money.
Suggests that wealth buildingfeels hard until you get the
principles.
Speaker 1 (10:26):
Right he says.
Once you understand it, youmight wonder why it ever seems
so complicated.
Speaker 2 (10:31):
A key point he makes is that many people just lack a
clear definition of what wealtheven is or, like, what's the
real purpose of money beyondpaying bills.
Speaker 1 (10:40):
He uses this analogy building a financial house.
Yeah, truth is the foundation.
Speaker 2 (10:44):
OK.
Speaker 1 (10:44):
Then he talks about different windows income, like
from your job, then incomeproducing assets or IPAs, then
wealth reducing liabilities,wrlrls, and finally outgo your
expenses.
Speaker 2 (10:58):
Got it Income assets, liabilities outgo.
Speaker 1 (11:01):
And he points out, most people, especially if
they're struggling, they'relaser focused on that income
window.
Speaker 2 (11:07):
With the paycheck.
Speaker 1 (11:08):
Exactly, and then watching that money flow
straight out the outgo windowfor bills and living costs.
And when he says wealthreducing liabilities, he means
things like high interest creditcards, stuff that drained you.
Speaker 2 (11:19):
Right Debt that costs you money instead of making you
money.
Speaker 1 (11:22):
What's insightful is how he reframes cash itself.
He says people strugglingfinancially they just focus on
paying bills period Middleincome folks Often they focus on
paying bills on time.
Why?
To keep good credit so they canget more wealth-reducing
liabilities.
Speaker 2 (11:36):
Ooh interesting point .
Like car loans, biggermortgages.
Speaker 1 (11:39):
Exactly.
Their focus is still mostly onthat income-in out-go-out cycle,
often fueled by taking on moredebt.
Speaker 2 (11:46):
So where do the wealthy focus?
According to Golden.
Speaker 1 (11:50):
The income-producing assets window.
That's the key.
Speaker 2 (11:53):
IPAs.
Speaker 1 (11:54):
Right producing assets window.
That's the key IPAs.
Right, Strategically puttingsome of your money and,
crucially, your time into thingsthat will generate more money
over time.
He admits yeah, at first theseassets might not produce much.
Speaker 2 (12:05):
And that's where people get discouraged.
Speaker 1 (12:07):
Totally.
They give up too soon.
Speaker 2 (12:08):
This really brings up that idea of delayed
gratification, doesn't it, whichthe psychology of money also
talks about?
Speaker 1 (12:14):
Absolutely Golden stresses, sacrificing some
immediate pleasure for long-termgain.
Speaker 2 (12:19):
Investing in things that might not pay off right
away but could be huge later,Like planting a seed, he says,
takes time, effort.
Speaker 1 (12:27):
Right.
He mentions things likedividend stocks, maybe creating
and selling a digital course,stuff that might start small but
builds.
Speaker 2 (12:34):
And as those IPAs start to grow, what happens then
?
Speaker 1 (12:37):
Golden explains.
Eventually they can generateenough income on their own to
cover your regular bills, maybeeven pay off those
wealth-reducing liabilities.
Speaker 2 (12:47):
Ah, so the assets start paying the bills.
Speaker 1 (12:49):
Exactly.
He used his own books as anexample, assets that make
passive income month after month, long after he wrote them.
And just to clarify passiveincome means money coming in
with minimal ongoing work.
Speaker 2 (13:02):
That's a powerful shift, isn't it?
From trading your time directlyfor money to building things
that work for you.
Speaker 1 (13:07):
Yeah, he says, if your only asset is your job,
your time, you're always on thathamster wheel.
Got to go out and earn it.
Speaker 2 (13:14):
The goal is building a portfolio of assets that bring
in money without you having toconstantly labor for it.
Speaker 1 (13:20):
Golden then makes this really interesting
distinction Cash accumulationversus cash flow.
Speaker 2 (13:25):
Accumulation versus flow.
Speaker 1 (13:26):
He argues cash flow is way more important, uses the
Dead Sea metaphor.
Speaker 2 (13:30):
How does that work?
Speaker 1 (13:31):
The Dead Sea has water flowing in but no outlets,
so it gets stagnant, salty.
He suggests.
If your money just piles up,accumulates and doesn't flow
into creating more assets, itbecomes like a Dead Sea of cash.
Speaker 2 (13:43):
Hmm, that's provocative, because usually
saving is seen as the ultimategoal.
Speaker 1 (13:48):
Right, but Golden argues that financially
successful people see money as atool to be used actively,
especially to buy or build moreincome producing assets that
generate flow.
Speaker 2 (14:00):
So strong ongoing cash flow is more valuable long
term than just a big pile ofstagnant cash.
Speaker 1 (14:05):
That's his argument.
And then he takes another step.
Yeah, cash perpetuation.
Speaker 2 (14:09):
Perpetuation, making it last.
Speaker 1 (14:12):
Yeah, making sure your wealth keeps flowing even
after you're well gone or nolonger managing it.
He says it's not just abouthitting a magic number.
Speaker 2 (14:20):
It's about the system .
Speaker 1 (14:21):
Exactly A system Assets that keep producing using
tools like life insurance,maybe to pass wealth efficiently
to the next generation.
Speaker 2 (14:29):
That idea of legacy generational wealth, that's
thinking really long term.
Speaker 1 (14:33):
It is, and he stresses you also have to pass
on the knowledge, financialliteracy for the kids so they
can manage it, keep it flowing,not just blow through it.
Speaker 2 (14:40):
Makes sense.
You need both the assets andthe know-how.
Speaker 1 (14:43):
So Golden really gives us this different lens,
doesn't he Shifting from justpaying bills to strategically
building those income generatingassets?
Speaker 2 (14:52):
It's a definite mindset shift.
Speaker 1 (14:54):
Now let's layer in some of those key lessons from
the Psychology of Money.
One big takeaway from that bookis how much our emotions drive
our financial decisions, oftenmore than pure logic.
Speaker 2 (15:05):
Yeah, that connects directly back to Rachel Cruz
talking about fear and anxietyaround money stress.
Speaker 1 (15:10):
Totally.
The book shows even like NobelPrize winning economists make
emotional money choices.
The example of Harry Markovits.
Speaker 2 (15:19):
The portfolio theory guy.
Speaker 1 (15:20):
Yeah, he apparently chose a simple 50-50 stock bond
mix, not because his model saidit was optimal, but because it
let him sleep at night.
Speaker 2 (15:28):
Wow, that says a lot.
Your strategy, whatever it is,it has to feel right to you
Emotionally.
Speaker 1 (15:34):
Exactly.
If your financial planconstantly stresses you out,
you're probably not going tostick with it long term.
Speaker 2 (15:39):
The book even suggests maybe choosing
investments you're actuallyinterested in, even if they
aren't the highest returnpotential.
That connection helps you staycommitted.
Speaker 1 (15:47):
It's about sustainability for yourself.
Speaker 2 (15:49):
Right.
It's not just avoiding negativestuff like stress.
It's about building realconviction in your approach.
That's what gets you throughthe inevitable bumps in the road
.
Market swings, whatevercritical for long-term success.
Speaker 1 (16:01):
Which leads perfectly into the second big lesson from
that book.
Speaker 2 (16:04):
Yeah.
Speaker 1 (16:05):
The real secret isn't hitting home runs.
Speaker 2 (16:08):
It's just staying in the game.
Speaker 1 (16:09):
Exactly Consistently staying invested over time.
Patience and time those areyour biggest assets.
Speaker 2 (16:16):
The book lays out the data pretty clearly.
The longer you stay invested inthe market, the higher your
odds of actually making moneybecome Significantly higher.
Speaker 1 (16:24):
It's about consistent participation, not trying to
perfectly time the market highsand lows.
Nobody can do that consistently.
Speaker 2 (16:31):
They use that lovely analogy Planting an oak tree.
Speaker 1 (16:34):
Oh yeah, I like that one.
Speaker 2 (16:40):
You don't see much dramatic growth at first.
Right, the first few years isall about putting down deep
roots.
But over decades that slow,steady growth turns into
something massive.
Strong investing is like thatpatience, consistent
contributions that yields thebig results over time and that
really circles back to why youneed an approach you believe in
emotionally.
Right, because when the marketinevitably tanks, that
(17:01):
conviction is what stops youfrom panicking and selling at
the worst possible time.
It gives you resilience.
Speaker 1 (17:07):
OK, third key insight from the psychology of money
Margin of safety Building bufferroom.
Speaker 2 (17:14):
And this isn't just about your investments, right?
It's broader.
Speaker 1 (17:17):
Yeah, it's a whole philosophy for your financial
life.
Give yourself room for error,room for the unexpected.
Speaker 2 (17:23):
Because life is unpredictable unexpected bills,
job loss, health issues, stuffhappens.
Speaker 1 (17:29):
It's not if it's when .
Speaker 2 (17:31):
basically, so having that buffer, a solid emergency
fund, living below your means,consistently gives you breathing
room.
You can absorb shocks withoutit turning into a full blown
crisis.
Speaker 1 (17:42):
The book points out that having that safety margin
also creates opportunities.
How so?
If you've got a solidfoundation, you might feel more
confident taking a calculatedrisk or grabbing an unexpected
opportunity that pops up.
They mentioned Sequoia Capital.
Speaker 2 (17:55):
The venture capital firm.
Speaker 1 (17:56):
Yeah, prioritizing long-term survival by keeping a
big safety margin, even if itmeant missing some quick gains.
It's playing the long game.
Speaker 2 (18:05):
It makes sense.
The biggest risk isn't missingone hot stock, it's getting
wiped out completely because youhad no cushion for surprises.
Speaker 1 (18:12):
That margin keeps you in the game, so you can benefit
from that long-term growth wejust talked about.
Speaker 2 (18:17):
Absolutely.
Speaker 1 (18:18):
And finally, the psychology of money really
emphasizes how our pastexperiences shape everything,
how we think about moneyAbsolutely.
And finally, the psychology ofmoney really emphasizes how our
past experiences shapeeverything, how we think about
money now.
Speaker 2 (18:26):
Our upbringing, the economy when we were growing up.
It all leaves a mark.
Speaker 1 (18:30):
Yeah, it explains why two people can look at the same
financial situation and havetotally different reactions.
Speaker 2 (18:36):
Like someone who grew up with high inflation might
hate bonds.
Speaker 1 (18:40):
Or someone who came of age during a bull market
might be way more comfortablewith stock market risk.
Speaker 2 (18:45):
Recognizing those influences in ourselves and
others can help us make moremindful decisions less reactive.
Speaker 1 (18:51):
The book also mentions that scar effect from
big crises.
Speaker 2 (18:55):
Past financial trauma .
Speaker 1 (18:57):
Yeah, it can make people overly conservative or
fearful for years, even decadeslater.
Understanding those patternshelps us check ourselves.
Are we reacting to now or tosomething that happened years
ago?
Speaker 2 (19:09):
Yeah, avoiding decisions based purely on old
fear instead of a clear look attoday's reality.
Speaker 1 (19:14):
It really drives home that financial success isn't
just about crunching numbers orknowing jargon.
Speaker 2 (19:19):
So much of it is psychological.
Speaker 1 (19:21):
Yeah.
Speaker 2 (19:21):
Emotional intelligence, patience,
resilience that's the bedrock.
Building wealth is a long gametied deeply to who we are.
Speaker 1 (19:29):
Okay, so as we wrap up this deep dive, let's try and
pull these threads together.
Speaker 2 (19:32):
Sounds good.
Speaker 1 (19:33):
I had Rachel Cruz with those really practical
grounding steps Take stockbudget, tackle debt gain control
, reduce that immediate stress.
Speaker 2 (19:41):
Get your feet under you.
Then Myron Golden comes in andshifts our focus upwards.
You know, from just managingincome and bills.
Speaker 1 (19:48):
To the critical strategy of actively building
those income-producing assets.
That's the engine for long-termsustainable wealth.
Speaker 2 (19:55):
And woven through that, we had insights from AI
Husry talk and the psychology ofmoney, reinforcing the sheer
power of mindset.
Speaker 1 (20:03):
Right, consistent action, even small steps, and
really understanding our ownemotional triggers around money.
That's how you overcomestruggle and build that solid
foundation.
Speaker 2 (20:14):
And it's worth remembering Myron Golden's point
Wealth building might seemdaunting at first.
Speaker 1 (20:18):
Yeah.
Speaker 2 (20:19):
But that feeling can really change.
Once you grasp the principles,get a framework, it becomes less
mysterious.
Speaker 1 (20:26):
And the psychology of money just hammered home how
vital our emotions are.
Your plan have to work for you,align with your feelings, your
values, if you're going to stickwith it.
Speaker 2 (20:36):
That oak tree analogy .
It's such a good reminder,isn't it?
Wealth building takes time.
Patience.
You plant the seeds, younurture them, you stay committed
.
You don't expect a giant treeovernight.
Speaker 1 (20:46):
And building that margin of safety, that buffer,
absolutely essential.
It lets you weather the stormsand potentially seize
opportunities later from a placeof strength.
Speaker 2 (20:54):
Which all brings us to maybe a final thought for
everyone listening.
We talked about how past pain,past struggles, can be powerful
fuel.
So the question becomes how canyou pinpoint the specific pain
points in your financial journey, what really frustrates you or
what past experience holds youback, and then how can you
consciously take that energy,that frustration, that desire
(21:16):
for better and channel it?
Speaker 1 (21:18):
Channel it into building those strategic steps
we talked about towards thefuture you actually want.
Speaker 2 (21:23):
Exactly Taking those past experiences, acknowledging
them and then actively usingthem as the motivation, the fuel
to build the success you reallydeserve.
It's about turning that paininto your power.
Welcome everyone.
Let's dive right in.
Today we're talking aboutsomething pretty fundamental.
Speaker 2 (00:05):
Yeah.
Speaker 1 (00:06):
Taking the challenges you're facing maybe that pain
or pressure and actually usingit.
Using it to build real, lastingsuccess, and it really doesn't
matter where you're startingfrom.
This is all about movingforward.
Speaker 2 (00:20):
Exactly, it's about seeing those tough times not
just as roadblocks, but maybe asfuel fuel yeah.
I like that our conversationtoday.
Speaker 1 (00:29):
We're pulling from a few really insightful sources
aiming to give you a practicalpath forward you know that
feeling that weight of financialstress, rachel Cruz in her
video she really gets into thatshe does.
She makes a big point that hey,if you're feeling that, pinch
that, that money anxiety you areabsolutely not alone, so common
(00:51):
it hits people everywhere.
It doesn't matter the incomelevel, really it doesn't and she
used that inside out analogy,which I thought was quite good.
Speaker 2 (00:54):
Oh, yeah, tell me.
Speaker 1 (00:55):
Well, anxiety is focused on the future, right
yeah, what might happen?
And fear is about the threatright now.
Speaker 2 (01:01):
Ah, ok, got it.
Speaker 1 (01:03):
And with financial stress, it's like you're getting
hit with both worrying aboutthe bills today and what happens
tomorrow or next year.
Speaker 2 (01:12):
That's such a good way to put it A double whammy,
worrying about now and later.
Speaker 1 (01:16):
Right, maybe you're stuck in a job you don't love,
just to make ends meet or justconstantly juggling numbers in
your head.
Speaker 2 (01:23):
Survival mode.
Speaker 1 (01:25):
Exactly, and that's where this other piece, the AI
Hustle Talk segment, comes inwith a pretty strong message
which is, basically, that thisstruggle, this pressure, it
doesn't have to be your wholestory.
It could actually be the spark,you know the.
Thing that pushes you to buildsomething better.
Speaker 2 (01:41):
I find that shift in perspective really fascinating.
Instead of seeing hardship asjust a trap, it becomes the
motivation.
I mean, think about it.
So many successful peoplestarted with huge obstacles.
The change often happens whenyou just decide okay enough, I'm
doing something different.
Speaker 1 (01:58):
And that is exactly what we want to help you figure
out today how to make that shift.
Speaker 2 (02:02):
So we've got Rachel Cruz's practical advice.
You figure out today how tomake that shift.
So we've got Rachel.
Speaker 1 (02:08):
Kruse's practical advice, tackling that stress
directly.
Yep.
Speaker 2 (02:11):
Then Myron Golden's insights on building wealth even
from square one.
And that straight talk from AIHustle Talk about breaking free
from just surviving day to day.
Speaker 1 (02:17):
Plus, we'll dip into some key ideas from the
psychology of money, because,let's face it, money is
emotional.
Speaker 2 (02:23):
Absolutely so.
Our mission here is to boil allthis down.
Actionable steps, yeah, butalso a perspective shift.
Speaker 1 (02:30):
Right To help you take control, build a solid
foundation and really get thatstrategic mindset for success,
no matter what your bank accountlooks like right now.
Speaker 2 (02:38):
Yeah, Sounds like a plan.
Speaker 1 (02:40):
Okay, so let's get practical.
If you're feeling thatfinancial squeeze, where on
earth do you even start?
Speaker 2 (02:46):
Well, rachel Cruz is really clear on this.
The absolute first thing gethonest about where you are right
now financially.
Speaker 1 (02:53):
Gonna rip the bandaid off, basically Pretty much.
Speaker 2 (02:55):
you can't figure out where you're going if you don't
know where you're starting.
Cruz often talks about her babysteps framework to help
organize things Like do you haveeven a small emergency fund?
What debt are you dealing with?
What's the bigger picture?
Speaker 1 (03:10):
And it feels like sometimes the worry in your head
is actually worse than thereality on paper.
Speaker 2 (03:15):
Often yeah.
Speaker 1 (03:16):
Cruz mentioned that old habit people have of just
avoiding the bills piling up,sticking their head in the sand,
avoidance.
And with everything beingdigital, now she suggests, you
know, actually log in, look atthe accounts, face the numbers.
Speaker 2 (03:28):
Yeah.
Speaker 1 (03:29):
And surprisingly, just seeing it, the real
situation can kind of take theemotional edge off, brings in
some logic.
Why do you think people avoidthat first step so much?
Is it just fear of the numbers?
Speaker 2 (03:41):
Well, that's a great question.
I think part of it is justhuman nature, right?
We tend to avoid uncomfortablethings.
Speaker 1 (03:47):
True.
Speaker 2 (03:47):
And facing your finances head on can feel huge
overwhelming.
There's a fear of what youmight find, definitely, but,
like you said, the unknown, thatvague anxiety, is often way
worse than the actual quantifiedreality.
Speaker 1 (04:00):
Okay.
Speaker 2 (04:00):
So taking inventory, it's about swapping that fuzzy
worry for cold hard facts, whichthen lets you actually make a
plan.
Speaker 1 (04:07):
Right, okay, so step one, face the music.
Step two from Cruz.
Speaker 2 (04:12):
Budget Create a monthly budget and actively
track where the money is going.
Ah the B word.
The B word, but she reallyhammers this home.
Get control by knowing exactlywhere every single dollar is
headed.
It needs a plan.
Speaker 1 (04:27):
It's not about restriction, though, is it?
That's the common misconception.
Speaker 2 (04:31):
Not at all.
It's about making consciouschoices.
You decide how your resourcesare used.
When you know where it'sallocated, you lose that feeling
of money just vanishing.
Speaker 1 (04:40):
Yeah, into the ether.
Speaker 2 (04:41):
Exactly, and it empowers you to adjust to make
sure your spending actuallylines up with what you want.
She mentions the EveryDollarapp, things like that.
The key is connecting it toyour accounts for real-time
tracking.
Speaker 1 (04:52):
Makes sense, okay, and then step three, which seems
obvious, but maybe isn't alwayseasy.
Speaker 2 (04:58):
Paying off debt.
If you have it, start attackingit aggressively.
Speaker 1 (05:01):
Fewer payments equal less stress.
It's a simple equation she uses.
Speaker 2 (05:05):
It really is.
Debt is just this constantweight, a huge source of stress.
So having a strategy to get ridof it is vital.
Speaker 1 (05:13):
She often talks about the debt.
Snowball right Small step first.
Speaker 2 (05:16):
Yeah, that's a common recommendation from her.
Pay off the smallest one first.
Forget the interest rate for amoment.
Get that quick win.
Speaker 1 (05:23):
Build momentum.
Speaker 2 (05:24):
Exactly, it's psychologically powerful, keeps
you motivated.
Speaker 1 (05:28):
Now this next point from Cruz is interesting.
She suggests working with afinancial coach, Saying you know
, managing money should be donealone, Whether you're single,
married, whatever.
Speaker 2 (05:40):
Get an objective view that outside perspective can be
incredibly valuable totally,but a coach sounds helpful
definitely.
Speaker 1 (05:48):
Are there maybe more uh, budget-friendly ways to get
that accountability, especiallyif you're just starting out and
money is super tight?
Speaker 2 (05:56):
yeah, that's a really practical point.
A pro coach is great, but maybenot the first step for everyone
.
Chris actually mentions thiscan just start with an honest
chat.
Speaker 1 (06:03):
With who?
Speaker 2 (06:04):
A trusted friend, maybe Someone in the family
who's actually good with money.
Speaker 1 (06:08):
Okay.
Speaker 2 (06:09):
Or even online communities.
There are tons of forums andgroups where people share
experiences, offer support.
The key is just finding someonewho can offer a different
viewpoint and help you stickwith it.
Speaker 1 (06:19):
Right Accountability partner.
Okay, and for anyone feelingthat real pinch, step five is
about boosting income.
Speaker 2 (06:27):
Side hustle time.
Speaker 1 (06:28):
Yeah, explore, getting a side hustle, cruz
emphasizes.
Look, this might not be forever, but it can give you immediate
relief, help you speed things upwith your plan, like paying off
debt or building that emergencyfund.
Speaker 2 (06:41):
And she gives real examples right.
Speaker 1 (06:43):
Yeah, practical stuff , retail work, maybe teaching a
skill you have, tutoring, evenjust babysitting, pet sitting,
whatever you can realisticallydo to bring in some extra cash
temporarily.
Speaker 2 (06:54):
And this ties right into what the AI hustle talk
folks are saying especially ifyou feel stuck in survival mode.
Speaker 1 (06:59):
How so.
Speaker 2 (07:00):
Well, they really push the idea of increasing your
income as the way to getbreathing room, break that cycle
of just scraping by.
Speaker 1 (07:08):
Oh, okay.
Speaker 2 (07:08):
They focus on identifying a skill maybe one
you already have or one you canlearn quickly, and then just
offering it to the market.
Speaker 1 (07:15):
They mention things like content creation, basic
graphic design, maybecopywriting.
Speaker 2 (07:19):
Exactly Customer service roles, even just buying
stuff and reselling it.
Find something tangible you canoffer and start making money,
like now.
Speaker 1 (07:28):
And that AI hustle talk piece really stressed
taking action, didn't it Likeright away?
Speaker 2 (07:32):
Yes, don't wait for perfect.
Start where you are, even ifit's messy, even if you're
unsure.
Speaker 1 (07:38):
Bet on yourself.
Speaker 2 (07:39):
Bet on your ability to learn, to grow, get new
skills that people actually need.
It lines up perfectly withCruz's side hustle idea
proactively grab the reins ofyour income.
Speaker 1 (07:53):
Okay, good connection .
Now, before we move on fromCruz, she slipped in a bonus tip
.
Speaker 2 (07:55):
online safety, oh yeah, super important today.
Scams are everywhere.
Speaker 1 (07:58):
Definitely Protecting your personal info online.
It's part of financial healthnow, isn't it?
Speaker 2 (08:03):
Absolutely fundamental.
Services that help scrub yourdata from those broker sites can
add a real layer of security,peace of mind.
Speaker 1 (08:10):
Worth looking into.
Okay, back to our main eightways.
Number six gratitude.
Make a gratitude list.
Celebrate small wins.
Speaker 2 (08:18):
Now this one might sound a bit fluffy, especially
when you're really struggling.
Speaker 1 (08:22):
Right Feels counterintuitive, but Cruz
insists it makes a difference.
Our mindset influences ouractions, she says.
Speaker 2 (08:29):
And there's a real connection there isn't there
between our mental state and ourmoney reality.
Acknowledging the hard stuff isimportant, yes, but constantly
dwelling on it, that can beparalyzing.
Speaker 1 (08:39):
So gratitude helps shift focus.
Speaker 2 (08:42):
Exactly Actively focusing on what you do have.
Even tiny things can changeyour perspective, build belief
that things can get better.
She suggests just writing downone or two things each day,
simple.
Speaker 1 (08:54):
Okay, Step seven always have a future goal.
You're working towards.
Speaker 2 (08:58):
Direction.
Speaker 1 (08:59):
Cruz uses her baby steps as a framework.
Sure, but even within those,break it down, make it
manageable.
So if the big goal is say, debtfreedom, your immediate goal
might just be paying off thatsmallest debt we talked about.
Speaker 2 (09:12):
Or saving the first $500 for emergencies.
Speaker 1 (09:14):
Yeah, it gives you that sense of direction, like
you said, and progress, whichyou need to stay motivated.
Celebrating those littlemilestones keeps you going.
Speaker 2 (09:22):
Keeps you engaged in the whole process definitely.
Speaker 1 (09:25):
And finally, number eight from Cruz start giving.
Speaker 2 (09:29):
Okay, another potentially counterintuitive one
.
If money's tight, right.
Speaker 1 (09:33):
She acknowledges that , but Medina's argues that even
small acts of generosity canshift how you feel about money,
bring a sense of fulfillment.
Speaker 2 (09:42):
That generosity piece can be surprisingly powerful.
It moves the focus from whatyou lacked to what you can offer
.
Even if it's just a little bit,it's about seeing the positive
impact money can have for youand others.
That can be really empowering,actually.
Speaker 1 (09:56):
Okay, so Cruz gives us these really concrete steps
Tackle the stress, get control.
Now let's pivot a bit.
Speaker 2 (10:05):
Let's talk wealth building Myron Golden.
Speaker 1 (10:07):
Yeah, his perspective on actually building wealth,
especially if you're juststarting.
He kicks off with a prettyfundamental question.
Speaker 2 (10:14):
Which is.
Speaker 1 (10:15):
Do you just want to be comfortable or do you really
want to create significant,lasting wealth?
Speaker 2 (10:20):
He immediately challenges how most people think
about money.
Suggests that wealth buildingfeels hard until you get the
principles.
Speaker 1 (10:26):
Right he says.
Once you understand it, youmight wonder why it ever seems
so complicated.
Speaker 2 (10:31):
A key point he makes is that many people just lack a
clear definition of what wealtheven is or, like, what's the
real purpose of money beyondpaying bills.
Speaker 1 (10:40):
He uses this analogy building a financial house.
Yeah, truth is the foundation.
Speaker 2 (10:44):
OK.
Speaker 1 (10:44):
Then he talks about different windows income, like
from your job, then incomeproducing assets or IPAs, then
wealth reducing liabilities,wrlrls, and finally outgo your
expenses.
Speaker 2 (10:58):
Got it Income assets, liabilities outgo.
Speaker 1 (11:01):
And he points out, most people, especially if
they're struggling, they'relaser focused on that income
window.
Speaker 2 (11:07):
With the paycheck.
Speaker 1 (11:08):
Exactly, and then watching that money flow
straight out the outgo windowfor bills and living costs.
And when he says wealthreducing liabilities, he means
things like high interest creditcards, stuff that drained you.
Speaker 2 (11:19):
Right Debt that costs you money instead of making you
money.
Speaker 1 (11:22):
What's insightful is how he reframes cash itself.
He says people strugglingfinancially they just focus on
paying bills period Middleincome folks Often they focus on
paying bills on time.
Why?
To keep good credit so they canget more wealth-reducing
liabilities.
Speaker 2 (11:36):
Ooh interesting point .
Like car loans, biggermortgages.
Speaker 1 (11:39):
Exactly.
Their focus is still mostly onthat income-in out-go-out cycle,
often fueled by taking on moredebt.
Speaker 2 (11:46):
So where do the wealthy focus?
According to Golden.
Speaker 1 (11:50):
The income-producing assets window.
That's the key.
Speaker 2 (11:53):
IPAs.
Speaker 1 (11:54):
Right producing assets window.
That's the key IPAs.
Right, Strategically puttingsome of your money and,
crucially, your time into thingsthat will generate more money
over time.
He admits yeah, at first theseassets might not produce much.
Speaker 2 (12:05):
And that's where people get discouraged.
Speaker 1 (12:07):
Totally.
They give up too soon.
Speaker 2 (12:08):
This really brings up that idea of delayed
gratification, doesn't it, whichthe psychology of money also
talks about?
Speaker 1 (12:14):
Absolutely Golden stresses, sacrificing some
immediate pleasure for long-termgain.
Speaker 2 (12:19):
Investing in things that might not pay off right
away but could be huge later,Like planting a seed, he says,
takes time, effort.
Speaker 1 (12:27):
Right.
He mentions things likedividend stocks, maybe creating
and selling a digital course,stuff that might start small but
builds.
Speaker 2 (12:34):
And as those IPAs start to grow, what happens then
?
Speaker 1 (12:37):
Golden explains.
Eventually they can generateenough income on their own to
cover your regular bills, maybeeven pay off those
wealth-reducing liabilities.
Speaker 2 (12:47):
Ah, so the assets start paying the bills.
Speaker 1 (12:49):
Exactly.
He used his own books as anexample, assets that make
passive income month after month, long after he wrote them.
And just to clarify passiveincome means money coming in
with minimal ongoing work.
Speaker 2 (13:02):
That's a powerful shift, isn't it?
From trading your time directlyfor money to building things
that work for you.
Speaker 1 (13:07):
Yeah, he says, if your only asset is your job,
your time, you're always on thathamster wheel.
Got to go out and earn it.
Speaker 2 (13:14):
The goal is building a portfolio of assets that bring
in money without you having toconstantly labor for it.
Speaker 1 (13:20):
Golden then makes this really interesting
distinction Cash accumulationversus cash flow.
Speaker 2 (13:25):
Accumulation versus flow.
Speaker 1 (13:26):
He argues cash flow is way more important, uses the
Dead Sea metaphor.
Speaker 2 (13:30):
How does that work?
Speaker 1 (13:31):
The Dead Sea has water flowing in but no outlets,
so it gets stagnant, salty.
He suggests.
If your money just piles up,accumulates and doesn't flow
into creating more assets, itbecomes like a Dead Sea of cash.
Speaker 2 (13:43):
Hmm, that's provocative, because usually
saving is seen as the ultimategoal.
Speaker 1 (13:48):
Right, but Golden argues that financially
successful people see money as atool to be used actively,
especially to buy or build moreincome producing assets that
generate flow.
Speaker 2 (14:00):
So strong ongoing cash flow is more valuable long
term than just a big pile ofstagnant cash.
Speaker 1 (14:05):
That's his argument.
And then he takes another step.
Yeah, cash perpetuation.
Speaker 2 (14:09):
Perpetuation, making it last.
Speaker 1 (14:12):
Yeah, making sure your wealth keeps flowing even
after you're well gone or nolonger managing it.
He says it's not just abouthitting a magic number.
Speaker 2 (14:20):
It's about the system .
Speaker 1 (14:21):
Exactly A system Assets that keep producing using
tools like life insurance,maybe to pass wealth efficiently
to the next generation.
Speaker 2 (14:29):
That idea of legacy generational wealth, that's
thinking really long term.
Speaker 1 (14:33):
It is, and he stresses you also have to pass
on the knowledge, financialliteracy for the kids so they
can manage it, keep it flowing,not just blow through it.
Speaker 2 (14:40):
Makes sense.
You need both the assets andthe know-how.
Speaker 1 (14:43):
So Golden really gives us this different lens,
doesn't he Shifting from justpaying bills to strategically
building those income generatingassets?
Speaker 2 (14:52):
It's a definite mindset shift.
Speaker 1 (14:54):
Now let's layer in some of those key lessons from
the Psychology of Money.
One big takeaway from that bookis how much our emotions drive
our financial decisions, oftenmore than pure logic.
Speaker 2 (15:05):
Yeah, that connects directly back to Rachel Cruz
talking about fear and anxietyaround money stress.
Speaker 1 (15:10):
Totally.
The book shows even like NobelPrize winning economists make
emotional money choices.
The example of Harry Markovits.
Speaker 2 (15:19):
The portfolio theory guy.
Speaker 1 (15:20):
Yeah, he apparently chose a simple 50-50 stock bond
mix, not because his model saidit was optimal, but because it
let him sleep at night.
Speaker 2 (15:28):
Wow, that says a lot.
Your strategy, whatever it is,it has to feel right to you
Emotionally.
Speaker 1 (15:34):
Exactly.
If your financial planconstantly stresses you out,
you're probably not going tostick with it long term.
Speaker 2 (15:39):
The book even suggests maybe choosing
investments you're actuallyinterested in, even if they
aren't the highest returnpotential.
That connection helps you staycommitted.
Speaker 1 (15:47):
It's about sustainability for yourself.
Speaker 2 (15:49):
Right.
It's not just avoiding negativestuff like stress.
It's about building realconviction in your approach.
That's what gets you throughthe inevitable bumps in the road
.
Market swings, whatevercritical for long-term success.
Speaker 1 (16:01):
Which leads perfectly into the second big lesson from
that book.
Speaker 2 (16:04):
Yeah.
Speaker 1 (16:05):
The real secret isn't hitting home runs.
Speaker 2 (16:08):
It's just staying in the game.
Speaker 1 (16:09):
Exactly Consistently staying invested over time.
Patience and time those areyour biggest assets.
Speaker 2 (16:16):
The book lays out the data pretty clearly.
The longer you stay invested inthe market, the higher your
odds of actually making moneybecome Significantly higher.
Speaker 1 (16:24):
It's about consistent participation, not trying to
perfectly time the market highsand lows.
Nobody can do that consistently.
Speaker 2 (16:31):
They use that lovely analogy Planting an oak tree.
Speaker 1 (16:34):
Oh yeah, I like that one.
Speaker 2 (16:40):
You don't see much dramatic growth at first.
Right, the first few years isall about putting down deep
roots.
But over decades that slow,steady growth turns into
something massive.
Strong investing is like thatpatience, consistent
contributions that yields thebig results over time and that
really circles back to why youneed an approach you believe in
emotionally.
Right, because when the marketinevitably tanks, that
(17:01):
conviction is what stops youfrom panicking and selling at
the worst possible time.
It gives you resilience.
Speaker 1 (17:07):
OK, third key insight from the psychology of money
Margin of safety Building bufferroom.
Speaker 2 (17:14):
And this isn't just about your investments, right?
It's broader.
Speaker 1 (17:17):
Yeah, it's a whole philosophy for your financial
life.
Give yourself room for error,room for the unexpected.
Speaker 2 (17:23):
Because life is unpredictable unexpected bills,
job loss, health issues, stuffhappens.
Speaker 1 (17:29):
It's not if it's when .
Speaker 2 (17:31):
basically, so having that buffer, a solid emergency
fund, living below your means,consistently gives you breathing
room.
You can absorb shocks withoutit turning into a full blown
crisis.
Speaker 1 (17:42):
The book points out that having that safety margin
also creates opportunities.
How so?
If you've got a solidfoundation, you might feel more
confident taking a calculatedrisk or grabbing an unexpected
opportunity that pops up.
They mentioned Sequoia Capital.
Speaker 2 (17:55):
The venture capital firm.
Speaker 1 (17:56):
Yeah, prioritizing long-term survival by keeping a
big safety margin, even if itmeant missing some quick gains.
It's playing the long game.
Speaker 2 (18:05):
It makes sense.
The biggest risk isn't missingone hot stock, it's getting
wiped out completely because youhad no cushion for surprises.
Speaker 1 (18:12):
That margin keeps you in the game, so you can benefit
from that long-term growth wejust talked about.
Speaker 2 (18:17):
Absolutely.
Speaker 1 (18:18):
And finally, the psychology of money really
emphasizes how our pastexperiences shape everything,
how we think about moneyAbsolutely.
And finally, the psychology ofmoney really emphasizes how our
past experiences shapeeverything, how we think about
money now.
Speaker 2 (18:26):
Our upbringing, the economy when we were growing up.
It all leaves a mark.
Speaker 1 (18:30):
Yeah, it explains why two people can look at the same
financial situation and havetotally different reactions.
Speaker 2 (18:36):
Like someone who grew up with high inflation might
hate bonds.
Speaker 1 (18:40):
Or someone who came of age during a bull market
might be way more comfortablewith stock market risk.
Speaker 2 (18:45):
Recognizing those influences in ourselves and
others can help us make moremindful decisions less reactive.
Speaker 1 (18:51):
The book also mentions that scar effect from
big crises.
Speaker 2 (18:55):
Past financial trauma .
Speaker 1 (18:57):
Yeah, it can make people overly conservative or
fearful for years, even decadeslater.
Understanding those patternshelps us check ourselves.
Are we reacting to now or tosomething that happened years
ago?
Speaker 2 (19:09):
Yeah, avoiding decisions based purely on old
fear instead of a clear look attoday's reality.
Speaker 1 (19:14):
It really drives home that financial success isn't
just about crunching numbers orknowing jargon.
Speaker 2 (19:19):
So much of it is psychological.
Speaker 1 (19:21):
Yeah.
Speaker 2 (19:21):
Emotional intelligence, patience,
resilience that's the bedrock.
Building wealth is a long gametied deeply to who we are.
Speaker 1 (19:29):
Okay, so as we wrap up this deep dive, let's try and
pull these threads together.
Speaker 2 (19:32):
Sounds good.
Speaker 1 (19:33):
I had Rachel Cruz with those really practical
grounding steps Take stockbudget, tackle debt gain control
, reduce that immediate stress.
Speaker 2 (19:41):
Get your feet under you.
Then Myron Golden comes in andshifts our focus upwards.
You know, from just managingincome and bills.
Speaker 1 (19:48):
To the critical strategy of actively building
those income-producing assets.
That's the engine for long-termsustainable wealth.
Speaker 2 (19:55):
And woven through that, we had insights from AI
Husry talk and the psychology ofmoney, reinforcing the sheer
power of mindset.
Speaker 1 (20:03):
Right, consistent action, even small steps, and
really understanding our ownemotional triggers around money.
That's how you overcomestruggle and build that solid
foundation.
Speaker 2 (20:14):
And it's worth remembering Myron Golden's point
Wealth building might seemdaunting at first.
Speaker 1 (20:18):
Yeah.
Speaker 2 (20:19):
But that feeling can really change.
Once you grasp the principles,get a framework, it becomes less
mysterious.
Speaker 1 (20:26):
And the psychology of money just hammered home how
vital our emotions are.
Your plan have to work for you,align with your feelings, your
values, if you're going to stickwith it.
Speaker 2 (20:36):
That oak tree analogy .
It's such a good reminder,isn't it?
Wealth building takes time.
Patience.
You plant the seeds, younurture them, you stay committed
.
You don't expect a giant treeovernight.
Speaker 1 (20:46):
And building that margin of safety, that buffer,
absolutely essential.
It lets you weather the stormsand potentially seize
opportunities later from a placeof strength.
Speaker 2 (20:54):
Which all brings us to maybe a final thought for
everyone listening.
We talked about how past pain,past struggles, can be powerful
fuel.
So the question becomes how canyou pinpoint the specific pain
points in your financial journey, what really frustrates you or
what past experience holds youback, and then how can you
consciously take that energy,that frustration, that desire
(21:16):
for better and channel it?
Speaker 1 (21:18):
Channel it into building those strategic steps
we talked about towards thefuture you actually want.
Speaker 2 (21:23):
Exactly Taking those past experiences, acknowledging
them and then actively usingthem as the motivation, the fuel
to build the success you reallydeserve.
It's about turning that paininto your power.
Popular Podcasts
United States of Kennedy
United States of Kennedy is a podcast about our cultural fascination with the Kennedy dynasty. Every week, hosts Lyra Smith and George Civeris go into one aspect of the Kennedy story.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com