Business Innovators Radio - Episode #60 – Loud Budgeting – The 15 Minute Financial Feast Podcast-With Mark Triplett & Troy Westendorf

Episode Date: February 16, 2024

We believe that every dollar has a purpose and a timeline. When and how your retirement assets will be used should be understood before making important financial decisions.The Triplett-Westendorf Purpose and Timeline 5 Step Planning Process (PT5) begins with Discovery.Understanding where you are now, and then defining where you want to go (Your Purpose) and when you want to get there (Your Timeline), programs your financial GPS. Our Purpose and Timeline 5-step process (PT5) programs your financial GPS.Learn more: http://triplett-westendorf.com/ | https://mypt5.com/The 15 Minute Financial Feast Podcasthttps://businessinnovatorsradio.com/the-15-minute-financial-feast-podcast/Source: https://businessinnovatorsradio.com/episode-60-loud-budgeting-the-15-minute-financial-feast-podcast-with-mark-triplett-troy-westendorf

Welcome to the 15-minute financial feast podcast, bringing you 15-minute segments to help you retire with purpose on time. We're serving up food for thought and bread for the head. Are you hungry to learn? Here are your hosts, Mark Triplett and Troy Westendorf. Welcome to another episode of the 15-minute financial feast. Today, you are listening to the audio from a live television interview where one of our favorite local news station anchors asked us questions about a financial feast. topic on the minds of many hardworking folks in our community who are trying to make good decisions and get ahead.

Have you ever heard of Loud Budgeting? New concept for me. Mark Tripit with Triple Westendorf Financial Group joins us now. What is Loud Budgeting? You've had my whole team talking about it this morning. Oh my goodness. I love Loud Budgeting. It was kind of new to me too.

But what it is is really just being fiscally responsible and being proud of it. There's a lot of financial pressure or social pressure rather to keep up in the the Joneses. But loud budgeting is about the opposite. It's about being open and disclosing what your financial goals are and then having the courage to say no when something might actually conflict with your ability to achieve that financial goal, put that in jeopardy. So loud budgeting is all about creating a spending plan, communicating it to others so you can stick to it and they can support you. I'm going to say something stupid, but I love to make it known when I get a good deal, something not full price, paying full price. Can that be considered?

out budgeting because you're like, I'm a bargain shopper. I don't know. I do it all the time, but I see a good deal. It's hard to pass up. I like to spend my money wisely. But I really think, you know, it's important that everybody has a spending plan because you really, you know, everybody has financial goals, whether it's by upgrading a vehicle or going on a grand vacation or for the folks that we serve retiring someday.

And it's really hard to reach those major financial goals if you aren't tracking your spending. What's coming into your household? What's going out of your household? And if you can find a deal, why not, Sam? Yeah, you know, every now and then when I see my bank do that kind of synopsis of where my money is going monthly, that's when it hits you. Like, did I not plan this out thoroughly?

Like, where is my money going? What do I have to show for it? It's super easy to not realize how much you spend frivolously and it goes down the drain. So talk about the importance of a budget, something that everybody needs. Well, for sure. And if you don't have one, if you don't have a way of tracking your spending right now, you can go to our website at Triplett-Wessendorf, download a copy of our spending plan, and put that to good use.

You know, it's kind of like when you're a kid and you have a birthday or Christmas and you get money for those, and you spend it all on candy and toys. And the next thing you know, it's all gone. You're not sure where it went. Well, this can happen as adults, too, except for the stakes are a lot higher for us. It's really important that we know what's coming in, what's going out. And it can feel taboo to talk about money with family and friends. Back, our recent survey indicated that three out of four Americans just aren't comfortable talking about money at all.

But it's important that we disclose what's important to us. So those around us can help support us and keep us on track. I totally get that. And it goes across age ranges, no matter where you're at in life, you've got to keep tabs on your money. I think it's super important for partners to talk about money openly too and discuss do you want to do combined budget or do you want to have separate budgets, you know, finding basically just being transparent and a team through it. a lot of relationships fall apart because of money. So this is just one of those like,

just be real and be accountable, right? Yeah, Valentine's Day is right around the corner. And if you can't talk openly with your significant other about finances, that's a real red flag. You really have to be on the same page. Sometimes there might be one spender and somebody who's a little bit more thrifty. And it's important that you're both on the same page. Knowing that if you have money that's slipping through your fingers and you can cut back,

You can put those towards your financial goals or an emergency fund that maybe you don't have right now to prevent you from going in the hole later. All right, Mark. Thank you so much for another great insightful conversation, helping us all do better with our relationships with money. You've been listening to the 15-minute financial feast podcast. Remember, every dollar has a purpose and every dollar has a timeline. If you have questions about today's topic, schedule a call with a team member. Visit www.m.com. Until next time, be sure you're taking steps to retire with purpose on time.

Mark Triplett is an investment advisor representative of and advisory services offered through Royal Fund Management LLC, an SEC registered investment advisor. Nothing contained in this program should be considered an offer to buy or sell securities. Different investments have different risks associated with them, and not all investments are appropriate for all investors.