229 - Smart money talk

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Summary:

- The Sixth Pillar of Longevity - Money Management: While most discussions about longevity focus on how you eat, sleep, move, think, and connect, financial health is equally important. Without wealth, living a long time can make you a burden on others. The fundamentals of financial health aren't complicated but require defeating bad habits.
- Core Financial Principles: Two biblical principles guide financial success: getting out of debt and buying assets. These concepts align with Robert Kiyosaki's "Rich Dad, Poor Dad" and Dave Ramsey's "Debt Snowball" approach. The key is generating income first, eliminating debt, and then acquiring assets that provide returns.
- Habits of Financially Productive People: Several key habits lead to financial success, including removing unimportant activities to focus on important ones, applying the 80/20 rule to maximize effectiveness, taking strategic breaks to maintain productivity, removing distractions, setting realistic timelines, creating an optimal work environment, time blocking, and automating processes where possible.
- Three Levels of Financial Understanding: For each financial area (debt, spending, investing, portfolio management), people operate as beginners, learners, or masters. With debt, understanding it as a tool but aggressively paying it down is critical. For spending, living below your means and creating budget margin are essential habits.
- Investing and Portfolio Management: While everyone should invest, this is an area where working with professionals is recommended. Most people lack the expertise to compete with investment firms that have significant advantages in information and timing. Simple, automated investments like index funds can be effective for beginners.
- Turn Expenses into Income: Look for opportunities to convert things you enjoy from costs into benefits. The example given is gym members who became coaches, turning their fitness hobby from an expense into income while doing something they enjoy.
- Track Your Spending: Using budgeting tools like "You Need A Budget" (YNAB) helps track where money goes. Being conscious of even small recurring subscriptions is important as they add up over time and companies count on people forgetting about them.

On this podcast you will receive actionable tips on Building a Firm Foundation for Life in Fitness, Food, Finance

I believe in building a firm foundation for life through functional fitness, farm-fresh nutrition, and sound financial practices. Join us in creating a healthy and resilient future!

We are happy, humble, helpful people that want to be healthy and fit now, as well as in their 90's. I talk about how to live that good life now and later with heavy slant towards fitness and nutrition. I will even get into mindset, goals, raising chickens, raising kids, bitcoin, rental property, entrepreneurialism

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