The Personal Finance Podcast - How You Can Create Life Changing Money Routines (Copy Mine!)

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Starting point is 00:01:42 If you have any questions, hit me up on Instagram, TikTok at MasterMoney Co, and follow us on Spotify, Apple Podcasts, or whatever. podcast player you love listening to this podcast. If you want to help out the show, leave a five-star rating and review on Apple Podcasts or Spotify. And if you leave a rating and review on Apple Podcasts or Spotify, we are working on a giveaway where we are going to give away coaching sessions where you can have a one-on-one session with me. And we're going to be giving away multiple sessions of that.

Starting point is 00:02:13 So make sure you leave that five-star rating and review on Apple Podcast or Spotify because that's going to be coming out very soon so that you can win those. coaching sessions with me. And then in addition, we would love for you to check out our YouTube, obviously, at Master Money, but the Master Money newsletter. And the cool thing about this in today's episode is if you are subscribed to the Master Money newsletter, some of these topics that we're going to be talking about, we already discussed in the Master Money newsletter. Now we're going to be expanding on this significantly in this episode, but you know some of my money routines already if you're subscribed to that Master Money newsletter. So we are so

Starting point is 00:02:47 incredibly excited for this. So incredibly excited for you guys to jump into this. So I can show you exactly what I do day in and day out with my money. And in addition, how I review my money, how I review my goals, how I set these goals and all of these different things. Because we are coming up to a point where we're getting close to the last quarter here. So you need to set up your money goals and set up your money routines so that you can have success for the rest of the year. And in addition, making sure that you have the best year yet with your money next year. So we're going to walk through these routines. The reason why I want to show you these routines is because I want you to be able to mimic something. And then what you want to do is after you hear how I go about each and

Starting point is 00:03:26 every day, every week, every month, every year, what exactly I do, then you can tweak it for what's best for you. Because this is not going to be exactly what you need to follow, but it's going to be a baseline that you can use a framework that you can utilize so that you can get your money to the next level. Because if your money is not together right now, you're listening to this podcast and you are struggling with money, I guarantee if you follow this money routine, you are going to have a significant uptick in your net worth over time. And you're going to be able to make progress with your debt if you're in debt. You're going to be able to make progress with your investments if you're looking to invest more dollars. Maybe you're looking up to build up that cash buffer or

Starting point is 00:04:04 the emergency fund. All of these things are going to be able to get so much better if you focus on your money routines. Now, within these money routines, you're going to be able to, you're going to be able to get so much better. Now, within these money routines, I'm not going to be the person who's going to show you how to do Pomodoro techniques or time blocking or anything like that. We're not going to talk about that today in this episode. What we're going to be talking about is exactly what you need to do to maximize your dollars every single day. So the first thing I want everybody to understand is you need to understand how to set money goals. And your money goals are what are going to dictate what you do every single day. And we have an episode talking about this in great detail, but I'm also going to touch on it a little bit here,

Starting point is 00:04:42 just so you can hear exactly how to set those money goals. The biggest thing when you're setting goals, and a lot of this I actually learn from Brandon Turner early on. So Brandon Turner, if you don't know, is a prolific real estate investor. He has a massive real estate company and a syndicate that he invests money in. He used to be the host of the Bigger Pockets podcast.

Starting point is 00:05:00 But what he does is he has this thing called the Intention Journal. And the Intention Journal has a bunch of really good techniques in there. But what it really does is it focuses on the big goals, the big goals that you want to focus on, and it figures out how do you actually nail down these goals all the way down to a daily action? Because your daily actions need to be pointing towards your massive goals that you're looking towards.

Starting point is 00:05:26 You need to figure out what do I need to do today to get to this massive goal in five years. So the way to set up money goals is to do the same exact things. Here at the Personal Finance Podcast, you know we are long-term investors. We are in this game for the long run. We are long-term people.

Starting point is 00:05:43 And so what we're thinking about when we do this is how do I point towards that long-term goal? Maybe your long-term goal is pointing towards financial independence, for example. And you want to hit that financial independence number. Well, it's very important to do this and have these routines in place so that you are always focused on that goal because that goal is the one thing that you need to be getting after. Maybe you figured out your fire number, for example. And if you don't know how to figure out your fire number, all you do is figure out what your yearly expenses are and multiply it by 25. We have an entire episode on that and I'll link it up down in the show

Starting point is 00:06:16 notes so that you can check it out. But that's exactly how simple it can be. And when you figure out that number, for example, now all things need to point to that because that number is your freedom number. That is the number where you don't have to work another day at your day job anymore if you hit that number. That is the amazing power of building well. So going towards that and figuring out, what do I need to do today to take the next step towards that? Because small steps every single day are how you achieve these goals. See, a lot of people think that these goals are too far off, and they absolutely are. But you have two choices here. You can either choose to struggle day in and day out, or you can take the daily steps necessary, and once you hit that goal, you're going to be so

Starting point is 00:06:55 happy that you took those daily steps. There's two ways to struggle. You can either struggle by doing the things that you should be doing or struggle by not having any money. And so by doing these routines and doing what you need to do day in, day out, staying consistent. That's the biggest thing overall. then you will achieve those goals. So that's why we're talking about these money routines today. So you need to figure out and you need to nail down exactly what your big goal is. And that's the first thing to do. Once you have that big goal in place, then you're going to say, okay, well, how do I hit

Starting point is 00:07:24 that big goal? What do I need to do every single year to be making sure that I'm on track to hit that big goal? Once you figure out what you need to do every year, then you narrow it down even more. Now, what do I need to do every single quarter so that I can hit that big goal? If you don't know what a quarter is, it's every three months. Then you need to narrow it down even more. What am I needed to do every single month to hit that goal?

Starting point is 00:07:46 After every month, we're going to narrow it down to every week and then to every single day. And the daily actions are the most important things. A lot of people don't nail the daily actions correctly. And so making sure you have those daily actions in place that points you in that direction. And you're going to know some of your daily actions. Maybe your daily actions won't be exactly like mine because I try to keep mine very simple so that I can stay consistent. Because consistency is key here. read the book by James Clear called Atomic Habits, he talks about how to stay consistent.

Starting point is 00:08:13 And Atomic Habits is all about how to build habits with big goals. And he talks about how to stay consistent. And sometimes you're going to miss days. Sometimes you're not going to be perfect. But the key is don't miss two days in a row. Don't miss two days in a row because once you start to miss two days in a row, then it becomes easy to miss a week. Then it becomes easy to miss a month.

Starting point is 00:08:30 And you know how that cycle goes. You can think about it when you work out. A lot of people go through this process. If you're not consistent when you work out, you go to work out and it's a It's not fun. It's not fun at all to go lift weights or to get on the treadmill or to go take a walk outside if you're not consistent with it. But as you get consistent and you get used to it, then you crave those workouts.

Starting point is 00:08:49 Why? Because the mental side of it is amazing. The physical side of it is amazing. You're more productive. You sleep better. All of these different things. The same thing goes for your money routines. When you're on top of your money, all of a sudden, you're going to feel a wave of endorphins

Starting point is 00:09:03 because what you are doing and sometimes maybe at the beginning you're in debt, it's a little stressful. It's definitely stressful if you're in debt. But what you have to think about is I'm taking the correct steps to eliminate this debt. I'm taking the right steps to get to this point. If you listen to our episode with Chris Browning talking about the steps he took, he focused on his debt every single day for years to get rid of that $30,000 credit card debt that he had. So thinking through, how can I do this every single day to get to my goal? So let's get into my daily routines. We're going to go all the way down to the yearly routines. So the daily routines are very, very important.

Starting point is 00:09:41 And you heard me talk about this on the top of the show, because the biggest thing with the daily routines is these are the only way that you can achieve any goal is to do something day in and day out. Sure, you could do these weekly, sure you could do these monthly, but you are not going to be as consistent and as far along as if you do these couple of things daily. Now, I don't want you to have to think about your money all the time. I don't want you to have to worry about your money all the time.

Starting point is 00:10:02 So if this does not work for you, there are systems that you can put in place to do this monthly. It just takes you a little bit longer in one time frame. What do I mean by that? What I mean by that is my daily routine takes me about two minutes. If you do this monthly, it's going to take you a little over an hour. For me, it's a little bit harder to push myself to go do something when I'm doing all of these different things and I'm extremely busy to push myself to do something that's going to take me over an hour than it would to just push myself to do something for two minutes. And it's how I start my day when I get to my desk is I start with these quick little daily routines. It kind of gives my mind going. You don't have to have a full mental capacity yet.

Starting point is 00:10:38 It gets your day started so that you can just, boom, quick win right away. It takes you two minutes. So the first thing I do is if you have a budget, I use a budgeting system called YNAB, YNAB. And if you have a budget, I budget every single day. And the reason why I do that is I'm on top of my money and I can stay on top of my transactions. You don't have to do that. You don't want to think about the budget every single day. You can do it monthly. No problem there. But what I do is I just categorize my transactions in Wine app. I go in there, I move, and I categorize what my transactions are. So say we made three purchases the day before.

Starting point is 00:11:11 We went to the grocery store, we bought something on Amazon, and then we bought some clothes for the kids, for example. So what I do is I just go in there, categorize those three transactions. Boom, done. If you do this at the end of the month, you're going to be categorizing 60, 70, 80 transactions. You're going to say, I can't remember what that was. Now I've got to go back and look and figure out what it is. The reason why I do it every day is because it actually saves time.

Starting point is 00:11:34 Because if you do it every single day really quick, boom, adjust that transaction, you know exactly what it is. And you're on top of your money. You're on top of where it is. But you can absolutely do this monthly. Don't worry about it if that stresses you out. The second thing I do, and this is a huge one, and this is every single book that you have ever read or every single person who is actually successful does this.

Starting point is 00:11:54 And it's daily goal reviews. Now, the reason why I do daily goal reviews is because I want to remind myself, I personally need daily motivation for certain things. So I have to remind myself, why am I doing what I'm doing? And I need to know what my next steps need to be. So I review these goals daily. Otherwise, most people will write down goals, for example, and they don't put systems into place.

Starting point is 00:12:17 Systems are what helps you achieve those goals. Goals are for suckers. Systems are for winners. And so what this is, this is a system to help you achieve those goals. So that's why I review them every single day to make sure that I know why I'm doing this and what I need to be doing. What is my main purpose here? So reviewing those daily goals,

Starting point is 00:12:34 if you've listened to the episode with Ryan Paneda that we had, Ryan Panetta talked about this because he has a course called The Wealthy Way, and what he does is he writes down his goals daily and then reviews those goals. And you can see this across the board

Starting point is 00:12:46 with people who do this. I hate the word goals because really the systems are what help you achieve those goals. But for this context, goals are what we are going to utilize here. So I go through and I write it on my daily task

Starting point is 00:13:00 spreadsheet. So the spreadsheet I have, I have a spreadsheet that I put out, and we've talked about it before. It's called the Get Stuff Done spreadsheet. I've given it away before. And what that spreadsheet does, it also has a section for your goals, and it has every single day of the week. And then I just check off every single day of the week to make sure that I reviewed them and what those goals are and making sure I achieved them. So this can be across the board. A lot of mine are across the board, but I have my financial ones in there as well. I also have my fitness ones. I have my personal development ones. I have my business goals in there. All of those different things are in there, but my finance ones are as well.

Starting point is 00:13:32 And that way I can just check it off that I reviewed those and understand that I know I am pointing in the right directions. So lately, I've been noticing how fast things are changing at home. The kids are growing like crazy, clothes don't fit anymore, and routines are changing. And it just hits you. Life is expanding. And when your life grows, your responsibility grows with it.

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Starting point is 00:16:42 Find your advisor at IG Private Wealth.com. Now let's jump in to the weekly routines. So as you can see, those daily routines do not take much time at all. And those daily routines are something where it's takes me about two minutes a day to do that, get it over with, and then get to the next thing. But those are so impactful. Those two little things that I do every single day. But weekly, there's two things I do with my money, weekly. So the first thing I do, and a lot of people, if you've heard about me talking about credit cards, is every single Friday I do this. I pay off

Starting point is 00:17:13 my credit cards in full. You don't have to do it that way. You can do it monthly. It doesn't help your credit score to do it that way. The reason why I do it is so I stay on top of my money. I feel better when my cards are paid off. There are way too many people. people in this world who have credit cards who have debt. And a lot of people cannot control their spending. So what you have to do is make sure that you are on top of it. I never want to be in credit card debt. So that is why every single Friday, I go to my statement and I pay it off. If you've been in credit card debt before or you're worried about going into credit card debt, this is a very freeing way to just get this over with it. In addition, it helps you log into your

Starting point is 00:17:49 bank and actually look what's going on in your bank accounts and stuff like that as well if you care. Really, my bank accounts don't matter as much as just making sure I get rid of my credit card balance. And it keeps me on top of it. It really does over time just make sure that you're making your payments on time. And obviously, we know payments are one of the biggest factors of our credit score. In addition to credit utilization stays low, which are the two biggest factors within our credit score. But so between those two things, as long as you're making those payments monthly to pay off your card and as long as you're keeping those balances low, then your utilization and your payment history will be very good, which will increase your credit score significantly. That's how

Starting point is 00:18:27 you do it 80-20. So if you're trying to find an 80-20 way to get your credit score up, it's your payment history and it's your credit utilization. The cool thing about this as well is you can kind of look through and scan your transactions, which I already do daily, but you can make sure that they kind of line up with what you think it should be. And that will just help you out on a weekly basis. So that's four times a month. I go in there, pay off the cards all the way across the board, the business cards. My wife does the same thing. I shoot her a tech. every single Friday, say pay off your card, and that's how we go through that process. The second thing I do is just make sure my money's right.

Starting point is 00:18:59 So when you're budgeting and when you really get ahead with your money, you don't really have to check to make sure you got paid on Friday. But I do have to check when it comes to getting paid with different businesses because we have so many different businesses making sure vendors are paying on time and those types of things. Those types of things I have to check because you can't trust everybody, but you've got to verify. So when it's in those situations, I go in there and I check.

Starting point is 00:19:20 If you're a W-2 employee, you have a big cash buffer. You don't have to go in there and check every single month. Your company is going to pay you unless you're at a small company. But for me, when it comes to making sure my money's right, I have to go in there, check, make sure all the payments are in order, go through our accounting systems, and make sure everything is aligned and correct. And that is another thing that I do every single week. Now, let's jump in to the monthly routines.

Starting point is 00:19:46 So the monthly routines are really the big thing for them, are to make a lot of the month. sure that we are on track on the weekly and the daily stuff. So the big one for our monthly routine is I meet with my wife every single month. And we talk through a lot of things when it comes to money and when it comes to finances. I encourage everybody who's in a relationship to do the same thing, especially if you're sharing finances. If you are under one roof and you're sharing finances, it doesn't mean sharing the same bank account. All that means is you are both working towards the same goals, then I encourage you to meet every single month. And we talked about this in the newlywed episode, where we talked about how newlyweds can get their finances together.

Starting point is 00:20:26 And if you're interested in this and you are a newlywed, or if you've been married for a while and just trying to get your money together, we have a checklist called the newlywed checklist. And I'll link it up in the show notes below so that you can check that out and make sure that you can get your money right as well. And it talks about how you can actually talk through these money talks every single month. So the first thing you want to do is you want to go through this process with your spouse and you want to look at your spending. Just make sure your spending goals are aligned and everything is in check. Now, this is one where a lot of people will make the mistake of pointing fingers when it comes

Starting point is 00:20:59 to spending. That is not the goal here. The goal here is to come together in alignment and make sure that you guys are focusing on the same goal. Everything should be calm. Have yourself a glass of wine or pour yourself a tall glass of beer if you have to. But making sure that everybody is calm in this situation. You are working on the same goal.

Starting point is 00:21:16 And so making sure you are aligned with that is, incredibly important. The second thing is your savings rate. You need to know your savings rate. And the reason why you need to know your savings rate, because your savings rate dictates how long you're going to be working for. If you only say 5 to 10% of your income, we've talked about this a number of times before. You're going to be working for 51 years in that job that you hate. But if you know your savings rate, you need to nail that number because your savings rate will tell you how long it will be before you can retire. So incredibly important to know that number. that is one of the numbers you should always know is your savings rate because a lot of people

Starting point is 00:21:51 will start to make more money and their savings rate will actually creep down when they make more money. We, here at the Personal Finance Podcasts and Master Money, we teach you to increase your savings rate over time, especially when you start to get raises, especially when you get bonuses, because that is incredibly important to do because the faster you accelerate that savings rate, the faster you can retire. If you have a 50% savings rate, you can retire in less than 20 years. And that may sound crazy to you, but if you increase your, your income and keep your expenses the same, you will hit that 50% savings rate. You know a lot of people in the financial independence movement, a lot of people in the fire movement, all have 50% savings

Starting point is 00:22:28 rates, and that's how they get there so fast. They get there in 10, 15, 20 years. And once you see how fast you can accelerate your income, and once you get that income up and you save that 50%, man, it is incredibly freeing to see those numbers change. The next thing we look at is we make sure that we are on track income-wise. And we have a ton of different income goals because I, like we talk about on this all the time, income is the most important factor that can solve a lot of your problems as long as you keep that income for yourself. So we look at our income goals and make sure that we are on track and we are exactly at the point we want to be. If we're not, we can make some adjustments. There's some things that you can do to increase your income. For example, if your

Starting point is 00:23:09 income is on track, the quick thing that you can do is start a side hustle. Now, side hustles can be a number of different things. There's active side hustles, which are things like DoorDash or walking dogs, for example, or doing a bunch of different things like that. And then there's passive side hustles, which are things like building websites, building software, all of those types of things. The active side hustles help you in the short term. The passive side hustles help you in the long term. So one cool thing that you can do is if you are working on this together, is one person in the relationship can work the active side hustle, making the money right away. And the other person can work the passive side hustle working on the long term game if you're in a

Starting point is 00:23:44 relationship. That is something that you could think through and say, hey, how can we do this where we make money now to solve our short-term problems and make money in the long term? So we don't have to do this forever. We don't have to keep working this active side hustle forever. So that is a very cool way to think through that as well. That's what we did. So we had active side hustles like we had a Christmas tree stand I've talked about before where we opened up a Christmas tree stand on the side of the road when we first got married. And that was one of our active side hustles.

Starting point is 00:24:07 And then we built up passive side hustles as well. And we built up businesses and things like that on the side in the long run. And then the last thing we do is make sure that we are comfortable where we are. And let me tell you guys, if you have a lot of money fights that just blow up out of nowhere, I am no relationship expert. Take this as it is. But once you start having these meetings and you start going through this process, those don't happen anymore.

Starting point is 00:24:28 And the cool thing about that is because you're both in the same page and you're meeting regularly and understanding where you're coming from. Especially if you do this in a way where you are both working together instead of pointing fingers, I cannot stress that enough, then you will be moving towards the next level. The second thing I do monthly is review my investments and making sure that my investments are on track. I actually hit my investment rate.

Starting point is 00:24:51 There's been a couple of times, for example, by doing this, because I automate everything, as you guys know. But there has been a couple of times doing this where my automations weren't working. And I would have missed a month, two months of investments, because I don't really look at my portfolio that much. I just make sure that my money is getting into my account.

Starting point is 00:25:07 And there's been a couple of times where the automation has failed within whatever provider I'm utilizing. And that is something that is great to be able to catch because you don't want to be losing months out and then you just have money sitting there in cash when it could have been working for you for the last two months. So just reviewing making sure my investment goals

Starting point is 00:25:24 are being hit every single month and the money is actually getting invested. Now, let's jump in to the yearly routines. All right, so the yearly routines are something that are much more prolific in terms of what we do on those yearly routines. We have an episode called the Year-in-June, checklist that we talk about. We'll probably do another one of those episodes this year. We might do them yearly because it's so incredibly powerful. And people absolutely loved that

Starting point is 00:25:47 episode. I got great feedback from it. So we have a checklist that you can look at for the year-in stuff that we do. And we'll probably redo that episode and do that once a year because there's tweaks that we make every single year on it as well. But there is a number of things that we can do. And I'm going to summarize a couple of them. This won't have all of them, but there's a couple of them that we really make sure that we do. The first one is the net worth. We check our net worth. Now, you know, if you've listened to the income versus net worth episode or our episode all about your net worth, I focus a lot of time on net worth. I don't look at it a lot, but I focus a lot of time on growing that net worth because I kind of have an understanding if I do certain activities,

Starting point is 00:26:20 daily, monthly, and quarterly, that I can get to this point. Now, when I look at these goals for the yearly routines, the net worth is a big one. So, you know, at the top of the show, I talked about that there are quarterly goals and yearly goals. If I'm doing a lot of things to try to push my net worth up, that's what my quarterly review is. My quarterly review is. My quarterly review, is all of those things combine, my investments, my income, but in addition, I'll look at the net worth as well when I go through that process. So quarterly, you may think I'm breezing right past it. It's really the same thing. It's investments, making sure the whole quarter was fulfilled. It's income, making sure we're making enough income to hit our goals. And then lastly, it's the net worth if we need to, if I'm doing a

Starting point is 00:27:02 bunch of things at the same time to make sure that net worth goal goes up. But if I'm not, then I review it yearly. And right now we're being pretty aggressive with our net worth. trying to increase that net worth. So that is one thing that definitely is something that we are reviewing a little more frequently. But traditionally, I do it yearly because honestly, the market ebbs and flows. If you're investing in the market, you don't want to be looking at your net worth goal all the time because if the market is down, I would say don't look at your portfolio and

Starting point is 00:27:29 don't look at your net worth statement. When the market's up, it's motivating. So you can go look at it. It's fun. It gives you dopamine. It's a cool thing to do. But when the market's down, there's no reason to look at it, especially if you're a long-term investor investing in.

Starting point is 00:27:39 things like index funds and ETFs. Index funds and ETFs encompass the entire market. If the market is going to go down, the economy is going to go down. And we have a whole other problem, especially if you're investing in the total stock market or the S&P 500 or something like that. So for the yearly routines, that's the first thing we do is look at the net worth, make sure it's growing. Now, what do I use for my net worth tracker? I use personal capital. So personal capital is linked up always in the show notes because it is my favorite tool.

Starting point is 00:28:05 I've been using it for years and years and years. I've been using it since 2015. So I've been using it for a very, very long time, and it's one of my favorite tools, and it's free. That's the coolest thing about it. The next thing we do is do our Roth IRA conversions or IRA conversions.

Starting point is 00:28:20 Any conversion that you need to do, backdoor Roth IRA conversions, all that kind of stuff. That's the year-end stuff we do as well, making sure we do that before the year-end. You can wait till tax season if you want to do it. I just like to do stuff at the year-in, just knock them all out at the same time.

Starting point is 00:28:34 Setting goals for next year is another thing that we do. So setting those goals, making sure that I know I'm on track and if I want to bump my goals up or down. So some people are overly ambitious with their goals and sometimes you need to adjust them down and some people are not ambitious enough. If you ever heard of Grant Cardone, he has this book called 10x. What his book talks about is you need to set a goal and once you have your goal in place, say you want to have a million dollars. Well then you need to set the goal for $10 million dollars because even if you fall short of that $10 million goal, you're way above the actual goal that you want it. And therefore, it's much better

Starting point is 00:29:06 to increase that goal. Grant Cardone and I don't agree on everything. But that is something that we definitely align on, where I will set goals a little bit higher, but just have to know how to do it and how to do it the right way. But once you set those goals higher, you're going to take different approaches and have different activities that are going to help you accelerate your path to those goals. So we usually have a goal setting episode at the end of the year as well. So make sure you are subscribed if you want to check that out because we have a couple of them that we've done already. So you can check those old ones out or we'll have a new one probably coming out by the end of the year. The next thing we do is we just look at our year-end tax situation,

Starting point is 00:29:40 specifically for the businesses. This matters more for business than it does for your personal return, because obviously your personal return is going to come into play early in the next year. But we look at it for the business purposes, looking at those tax things, and then we do business reviews as well. So those kind of fall in line together. And then there's a bunch of other things that we do that are smaller. We'll save those for you can check out our other episode of our year-end episode,

Starting point is 00:30:02 or you can subscribe and make sure you check out the new episode that's coming out. Now listen, if you guys are getting value out of this episode, I would love it if you leave us a five-star rating and review on Apple Podcast, Spotify, or whatever podcast player you're listening to, because that is what helps us teach other people how to build wealth over time. Now, like I said, when you're looking at these yearly reviews, when you are looking at my daily reviews, my weekly stuff, my monthly stuff, and my quarterly stuff,

Starting point is 00:30:29 you can add in whatever else works for you. If you don't want to look at your budget daily because it stresses you out, look at it monthly. Now, don't look at it yearly, but you got to look at it. You got to review it somewhat tracking your spending or tracking how much you're spending. Now, you could just do something like, it doesn't have to be called the word budget. The word budget is a word that people do not like, but you can call it something else. Call it your spending plan. Call it whatever you want to call it.

Starting point is 00:30:50 But you need to have some idea of where your dollars are going. You can even listen to people, even if you look at people who talk about you should not have a budget, you don't need a budget. Well, eventually they start talking about, well, you need some sort of, plan in place to understand where your dollars are going. So that's all a budget is. You can do the reverse budget. You can do a standard budget.

Starting point is 00:31:08 But all of these things are something that you need to be frequently doing just because you need to stay on top of your dollars. And you need to set those parameters in life. So a lot of this is really, really important for most people to understand that they can do this day in and day out so that they can stay on top of their money and be extremely successful over time. Listen, if you guys have any questions, make sure you're subscribed to the Master Money News. And when those newsletters come out, if you reply, that's actually the fastest way now to get a hold of me is to reply on the master money newsletter.

Starting point is 00:31:37 And the newsletter is linked up down below in the show notes as well so that you can check that out. Thank you guys so much for listening to this podcast. I truly appreciate each and every person who is listening to this podcast. Share this with a friend if you're getting value out of it because we all are in this together. This community is becoming stronger and stronger week by week. And we are all working on the same thing together. Our entire goal is to build wealth long term for ourselves. our family and everybody else around us.

Starting point is 00:32:03 So we can all do this together. I truly believe every single person in this world can build wealth. And that is why we do what we do. Thank you guys so much for listening to this episode. We will see you on the next episode. Frozen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play.

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The Personal Finance Podcast - How You Can Create Life Changing Money Routines (Copy Mine!)

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