In the latest Messy in the Middle episode, Jefi and Ed talk about generational wealth and its foundation within real estate. They discuss the challenges many face when navigating their financial future and the vital role structured budgeting plays in building wealth across generations. Jefi and Ed share various budgeting approaches - from detailed plans contrasting income and expenses to adaptable zero-based budgeting - showcasing that there's a suitable method out there for everyone.
Key Takeaways:
- Structured budgeting plays a critical role in establishing a pathway to generational wealth.
- People often grapple with budgeting due to the uncomfortable nature of examining and restructuring their finances.
- Various budgeting strategies can cater to different lifestyles and goals; finding what works personally is key.
- Automatic savings and targeting credit card debt are actionable steps that can significantly impact financial stability.
- Leveraging real estate for wealth creation, investment strategies, and protective measures can create a "nest."
Quotes:
“It's just a mindset. That is the goal guy in me. It's like, hey, I'm headed here. And then that is where that dream bucket comes in, and you get excited about it. Then things just kind of take care of themselves. It's amazing how much money you can save when you have a long goal you're working toward." -Ed
"But this is this whole attitude that everybody is where you think they are or everybody is where I think they are. That's not true. And the problem is there's so much shame based around not having things put together. we got to start somewhere, so let's just go get vulnerable. Let's, let's go figure this out." -Jefi
TIMESTAMPS
(01:38) Generational wealth
(06:25) The goal of financial security
(10:04) Vulnerability and financial conversations
(15:12) Budgeting
(22:20) Changes based on goals
(29:31) Pay yourself first: savings
(31:46) Up Next
CONTACT
Messy in the Middle: messyinthemiddlepodcast.com
Ed Billings: edbillings.com
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