The Mindset Mentor - How to Save Money

Episode Date: November 29, 2019

How would you feel if you had more money in your bank account? The psychology of money is something that I have studied for years and in this episode I will teach you my 3 favorite ways to save more money!Follow me on Instagram @RobDialJr https://www.instagram.com/robdialjr/Get 25% off home security here: https://simplisafe.com/dial Want to learn more about Mindset Mentor+? For nearly nine years, the Mindset Mentor Podcast has guided you through life's ups and downs. Now, you can dive even deeper with Mindset Mentor Plus. Turn every podcast lesson into real-world results with detailed worksheets, journaling prompts, and a supportive community of like-minded people. Enjoy monthly live Q&A sessions with me, and all this for less than a dollar a day. If you’re committed to real, lasting change, this is for you.Join here 👉 www.mindsetmentor.com My first book that I’ve ever written is now available. It’s called LEVEL UP and It’s a step-by-step guide to go from where you are now, to where you want to be as fast as possible.📚If you want to order yours today, you can just head over to robdial.com/bookHere are some useful links for you… If you want access to a multitude of life advice, self development tips, and exclusive content daily that will help you improve your life, then you can follow me around the web at these links here:Instagram TikTokFacebookYoutube

Welcome to today's episode if you have not yet done so hit that subscribe button so that you never miss another episode and last but not least the big announcement is here the one that you guys have all been waiting for it is the Black Friday special for those of you guys that want to join in on the Iron Mind 60 challenge last time we we had over 750 people join in on this challenge, and this time it's going to be even better. So if you want to join in to the Iron Mind 60 Challenge and get the Black Friday special, all you have to do is go to coachwithrob.com slash black. Once again, that's coachwithrob.com. And you will get half off of it. Half off. You heard me correctly. Half off. But there's one more thing. You will also get a free ticket for one other person to join you inside of the group.

So not only are you getting half off, but instead of just buying one spot for you inside of the Undermine 60 Challenge, you are also getting a spot for somebody else who can be your accountability partner. So you're basically getting literally two tickets for half the price of what it normally would be. So if you're interested in joining us, it's going to be on January 1st. And the Black Friday special is half off plus the free extra ticket, which is absolutely freaking bonkers. is half off plus the free extra ticket, which is absolutely freaking bonkers. So if you're ready to change your life, if you're ready to get on the right track, January 1st, we're going to have the Iron Mind 60 Challenge. Over the course of 60 days, we're all going to have six pillars that we have to hit every single day. And not only am I going to be giving you daily coaching inside of

this group every single day, I'm also, check this out, going to be going through this with you. We had some crazy, amazing results the last time that we did this. People that lost a ton of weight, people that completely changed their mindset, broke habits, changed their life, made more money, all kinds of amazing things. And those six pillars that you have to hit over 60 days, number one is you cannot drink any alcohol. Number two is that you pick the diet that you have to hit over 60 days. Number one is you cannot drink any alcohol. Number two is that you pick the diet that you want and you have to stick to it for 60 days. Number three is you have to work out every single day. Number four is you have to take a cold shower every single day. Number five is you have to visualize your life and the life that you want, your dream life every

single day. And number six is you have to journal every single day. And I will teach you every single step of the way exactly how to master the six of those. It's funny because literally people, the last time that we did this, the cold shower was the thing that scared them the most. And the funny thing about that is that I got so many messages at the end that said the cold shower was the most eyeopening thing for me. That changed my life because it was that little voice inside of my head that told me not to do it. And I was able to conquer that little voice inside of my head. So if you want to join us, then you want to get it half off and you want a free ticket for somebody else. Literally, there is no better deal in this world. All you have to do is go to coachwithrob.com slash black. That is a Black Friday special.

Go to coachwithrob.com slash black. And I can't wait to see you there. Okay, well, let's dive in. Today, what we're going to be talking about is we're going to be talking about how to save more money. This is something that I really have become good at over my life. I was really terrible at it, which is why I can tell you that I'm good at it now because I was really bad at it, and most people are bad at it. I was having the conversation this morning with my mom. I'm in Orlando and we're back, you know, I'm back home for vacation. And we were talking about how most people, when they make money, if I ask you this question, what is, what's the point of money? Why do you make money? To do what with it? You know, if I asked that question, what's your answer? If you make,

what's the point of making money? To do what with it? Okay. Here's the thing is that most people either say spend it or other people will say, save it. I'm going to say it's neither. The point of money is to give you freedom, freedom to do what you want, when you want with who you want. That's the reason why we make money. That's the reason why you make money. Now, society will tell you something completely different. Society will tell you the reason why is because you're supposed to make money, to buy the Lamborghini, to buy the house, to impress people, to get the watch, the clothes, all of the things that impress the Joneses, right? But that's not the reason why you make money. The reason why you make money is so you can have the freedom to do what you want, when you want, with who you want. And if you don't have any money in your bank account, you have no freedom. Let me say that again and listen closely. If you don't have money

in your bank account, you don't have freedom to do what you want, when you want, with who you want. Right? So that's what I want you to realize. So let's go ahead and talk about, you know, and I talk about it a lot with my, you know, in my, my coaching courses that I do with business owners. When we talk about the psychology of money, we talk about all of these things, you know, what is your bank account look like? I realized that every single person that's here, it's going to be completely different, but I know that the majority of people have trouble saving money. You know, I was in that seat before until I had a mentor who taught me about our financial thermometer. Let me tell you about the financial thermometer. Once I

learned this, it was like, holy crap. It was like my eyes were just, it was just revealed to me of, oh, this is, this is my issue, right? So, you know, you have a, you have a thermostat inside of your house, right? Let's say you have a thermostat. And for those of you guys that are in America, let's say you set your thermostat to 70 degrees Fahrenheit. Well, if you set it to 70 degrees Fahrenheit and it gets down to 65 degrees, there's a little thing in the inside of it that if it gets too far away from where it's supposed to be, it'll click on and it'll bring the heat on and it'll bring it back to 70 degrees, right? Well, the exact same thing happens if it gets to 75 degrees. You know,

it gets too far away from where it's supposed to be. It'll click on and it'll bring the AC on and, you know, bring it back to 70 degrees. That's how your financial thermometer works. Your financial thermometer, your financial thermostat works the exact same way. Whatever you're used to seeing in your bank account, whatever you're comfortable with, whatever you've had is what you will stay at. Now, I bet that most of you listening, and I know this because I've coached tens of thousands of people, most of you are sitting at the exact same amount or right around the exact same amount that you've been sitting at for the past two years, three years, five years, 10 years, 20 years years maybe. So let's just use the example. I don't know how much is in each person's bank account,

but let's say you're used to seeing $2,000 in your bank account and you have a big bill come in and that bank account drops to $1,000, right? You have a $1,000 bill and now you have $1,000 in your bank account when you're used to seeing $2,000. That's a holy crap moment, isn't it? What happens at this point you turn cheap you stop eating out you drive around less not to waste the

gas you know you don't go out for a couple weekends you don't drink any alcohol with your friends so that your bank account to get back your bank account can get back to where you're comfortable that is your 70 degrees your $2,000 in your bank account but here here's the key. Here's the thing you need to know. This also works in reverse. The same way that from $2,000 to $1,000 is the same thing as 70 degrees to 65 degrees. The same thing happens when your bank account goes from $2,000 to $3,000, doesn't it? What happens?

Your financial thermostat will click on and bring you back down to your $2,000, doesn't it? What happens? Your financial thermostat will click on and bring you back down to your $2,000. The same way if the room goes to $75, it'll bring you back to $70. You know, let's say you get a bonus check for Christmas. Let's say that you get a bigger commission or you unexpectedly get some extra money inside of your bank account, right? And your bank account goes to $3,000. What do you do? You find ways to spend it. And usually you don't go out and buy like a thousand dollar TV and it's right back to 2000, but you do little teeny tiny things that bring it back to where it originally was. You do things like you go out a couple times extra over the course of the week. Maybe you, uh, you, you go out and you buy yourself a couple new shirts. You go get some

new pants. You're get some new pants. You're like, I'm going to get some jeans because I deserve them. Right? And what happens? You find little teeny tiny ways to get rid of that extra $1,000 that's in your bank account. To go to $3,000 down to $2,000. And we don't even consciously do this. We do this because our head is literally just, it's that financial thermostat. We're used

to seeing 2,000. If we see less than 2,000, we will absolutely freaking lock it up and we won't do anything, right? If we see more than 2,000, we're like, hey, you know what? Business is going good. Life is going good. Let's have a couple extra dinners. Let's go out to a nicer restaurant this time. You know what? I'm going to get me a couple pairs of jeans. I'm going to get me a couple shirts. And you do this and you do little teeny tiny things. And what happens? Your bank account goes back to where it was. This also happens. Guys, this is what's crazy about tax season. People get their tax returns. And what do they do? They go redecorate the house. You know, they buy a new TV. They decide to get a new car. Why not put that money in your bank account and save it? Wait till the economy drops,

and then you can go ahead and reinvest it. Or why not invest it right now? The reason why is because people have a financial thermostat. They get a raise. They start spending more. I know that some of you out there, I know for a fact that some of you out there have gotten many raises, three, four, five raises over the past five or 10 years, but you still have the same amount of money in your bank account. You make more, but you've got the same amount. You know, when I, I remember back in, uh, when was it? 2000 and it was about, let me think, man, I don't even know when it was 2012, 2013, 2013. Uh, my 2013. Yeah. 2000. No, I'm sorry.

2014. Like it even matters. It doesn't really matter. But 2014, right. I, uh, was the last job that I had. And, uh, and I left that job eventually, but you know, I was able last job that I had and I left that job eventually, but I was able to get a huge, massive salary boost. And the way that I was able to get a huge, massive salary boost was because of the fact that the job that I had before then, I was making decent money. I was making pretty good money. I was making a lot of money on commission, but I was paid $52,000 a year. Not bad. I was paid $52,000 a year plus commission on top of it. And I got a raise from, you know, when I switched from one company to another and I went from $52,000 to $113,000 a year. I literally almost was at double as, yeah, I doubled my salary plus commission on top of it.

My life did not change at all. I still lived at that point in time. I still lived inside of a friend's place. I still drove the exact same 2007 Hyundai Santa Fe, which was completely paid off. Nothing changed. I didn't go out to eat more. I didn't do anything different. And what I did was I took that money and put it into my bank account. And that was how I started building massive wealth was from there and then investing it. But most people, and this isn't, I want you to realize this isn't me talking bad about anybody, just so you know. No sort of way am I talking bad. You can do whatever you want to with your money. Everybody can do whatever they want to in their money. I'm just telling you the way that I did it and the

way I was able to save a lot of money over the past five, 10 years or so. And what happened was I went from $52,000 to $113,000. Nothing changed. I didn't go out to eat more. I didn't get a new place. I didn't buy a new car. Everything stayed exactly the same. And that's what I want you to realize is that just because you make more, doesn't mean that you have to spend more. If you want to, you can. But what I'm telling you is, you know, what we're talking about in this episode is how to save more money. How to save more money is if you get a raise, don't do anything different. You know, and the first part is becoming aware of this.

You know, do you make more money than you did when you were in college, but somehow still have the same amount of money that you did when you were in college? It's your financial thermostat. You know, have you gotten those raises that we're talking about, but it doesn't reflect in your bank account? That's your financial thermostat. So why can't you save money? First, you need to realize that a lot of us have a financial thermostat. And number two is that we

all have a paradigm around money. This is, like I said, one of the things that I teach, you know, I do really high level business courses for entrepreneurs. And the thing about it that I teach, one of the lessons, one entire week is on your financial psychology, because our psychology is completely screwed up from our parents or from people around us or the way that it works with money. It's just a fact. There's so many people and a lot of people don't make more money, not because they don't want it because everybody wants it, but because maybe they don't feel like they deserve it. Or maybe they feel guilty if they were to make more money. Or maybe they feel like if they made more money, the people that they love and the people that they hang out with probably would want money from them. Or they

wouldn't be able to hang out with them anymore. They don't feel like they'd be able to fit in or hang out with them anymore. Or some people just feel like in order to make more money, you have to work harder. And in order to make more money, if you're working harder, then you're going to be taking time away from your family and your friends. You're not gonna be able to do your hobbies and the things that you love. That's completely false. I want you guys to realize that. It is completely false.

I'll be completely honest with you. I've made more money this year than I have in my entire life and I've worked less than I ever have in my entire life. I have many friends that have done the exact same thing, but I used to think the same thing. I used to think if I'm gonna make more money, I have to work harder,

which means I'm gonna have less time with my friends and my family and my girlfriend and my hobbies and all this stuff that I love to do. And so I was holding myself back because I thought that I'd make less money. I'm sorry. I thought that I'd make more money, but I have less time with my friends and family doing the stuff that I love to do. But that goes back to your psychology of money. So most people don't realize that they don't feel like they don't deserve it or that they're afraid of failure. They're afraid of success or any of those things. And I mean, like they really, truly don't even understand that they didn't, they had no clue. They didn't, they didn't feel like they deserved it. So, you know,

I do want you to realize that this is a thing. Most people just need a paradigm shift first. The second thing is you have to realize that you do deserve more and you just have to save it. You have to have more fun saving your money and watching your bank account grow and feeling that feeling of scarcity leaving your body and that feeling of having more freedom needs to be more powerful than the feeling of how excited

you get whenever you go out and buy something. So that's the first thing. The second way to go ahead and save more money is to do this. Print out your bank statements or your credit card statements for the past three months. Print them all out. Get them all out. And what I want you to do is look at every single thing that you have bought for the past three months and put them into categories. You know, these are just a couple of examples that pop into my head. Groceries, car, car insurance, eating out, partying, cell phone, you know, all of the different house insurance, your mortgage, whatever it is, rent, and put everything into categories and start seeing where you're spending money. I did this with a friend and she was like, yeah, I make X amount of dollars and I spend X amount of dollars. And I was like, well, hold on. That doesn't make

any sense. Cause we were going through it. And I was like, you have like $500 a month that is unaccounted for. Where's that $500 a month? She's like, I don't know. I don't have it in my bank account. I was like, well, where do you think it might be? She's like, I don't know. I don't know where it is. I said, well, can I help you with your budget? And she was like, yeah, definitely. And I've done this with people before. And we printed out her bank statements and went through three months, every single transaction. Do you know where that $500 a month was disappearing to anybody? She was like, okay, here's my car insurance. Here's my phone. Here's this, here's this, here's this, here's this, here's this. And she went over all of her typical bills. Do you know where that 500 bucks was found?

I found it. Do you know where it was? Target. That's where it was. For three months in a row, she had spent between four and $500 a month at Target. So all she needed to do was just stop walking into Target. And she did. Guess what? She saved about four to five hundred dollars a month so you just have to be aware of your spending habits as well it's not hard to save money it just takes intention it takes time and it takes you to actually pay attention where you put in your money and here's the thing if you also want to spend less money and you want to save more money just put all of your money in cash and spend only cash they found that people will save about 25% more money

when they spend cash versus when they spend credit because when you spend credit or debit card or whatever, you put it on a card, it doesn't seem real. It doesn't feel like it's actually leaving, but it is. So those are my tips for you to save more money. If you love this episode, please share with someone that you know and love. Maybe you have a friend that's a real good spender,

but a real bad saver, and they might want to save more money. Send this over to them. And I'm going to leave you the same way I leave you know and love. Maybe you have a friend that's, you know, a real good spender, but a real bad saver, and they might want to save more money. Send this over to them. And I'm going to leave you the same way I leave you every single episode. Make it your mission to make someone else's day better. I appreciate you, and I hope that you have an amazing day.