The Personal Finance Podcast - The 2023 75 Day Money Challenge (Make this year the best yet!)

Episode Date: December 28, 2022

In this episode of The Personal Finance Podcast, we are doing the 2023 75 day challenge.   Join Our Newsletter here!   Checklist of relevant episodes:  How to Read a Book Per Week (My Unbelievably Simple System!) The Stairway to Wealth (Where to Put Your Money In Order!) The Stairway to Wealth 2.0 (The Order You Should Put Your Money in!) How to Set Money Goals You Will Actually Achieve (The Best Money Goals to Build Wealth This Year) The 8 Stages of Building Wealth (and How to Set Money Goals)   Personal Finance Youtube Channel https://www.youtube.com/@thepersonalfinancepodcast      FREE GUIDES: ============== -Check out the free guide on where to put your money in what order!  https://www.mastermoney.co/stairway-to-wealth   -Here is the free How to Ask for A Raise ebook! https://www.mastermoney.co/get-a-raise-ebook   -Get Access to the 75-Day Challenge: https://www.mastermoney.co/75daychallenge    =============   We have a YOUTUBE channel! Check it out here!    Our Latest Videos:  How To Grow A Podcast Organically What Would Happen If You Maxed Out Your Roth IRA By Age?! (These Results Will Amaze You!) How to Become a Millionaire With a Small Amount of Money (Is it Really This Easy!?) Pre-tax moves for high earners   Got questions? Ask me on Instagram Here. @mastermoneyco This is the fastest way to get in touch with me.    ============ Sponsors:     Thanks to Ka’Chava For Sponsoring the show! Go to kachava.com/pfp and get 10% off on your first order.        ============   Want to Support the Show? Follow on Spotify or Follow and Leave a 5-Star Review on Apple Podcasts!   ============   Check out all the Stuff I Recommend!  Check out all my favorite Credit Cards https://milevalue.com/top-offers-mastermoney/    ============     DISCLAIMER: I am not a financial adviser. This Podcast is for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am sharing my opinion.    AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.   ============     Check us out on social fam!    Twitter   Tiktok   www.thepersonalfinancepodcast.com   www.mastermoney.co Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG Private Wealth.com. On this episode of the Personal Finance Podcast, we are doing the 2020-775-day challenge. I'm pumped about this, so let's get into it. What's up, everybody, and welcome to the Personal Finance Podcast. I'm your host, Andrew founder of MasterMoney.com. And today on the Personal Finance Podcast, we are going to be doing the 2023-75-day challenge. If you guys have any questions, make sure you hit us up on Instagram or TikTok at Master Money Co. And follow us on Spotify, Apple Podcasts, or whatever podcast player, you love to listen to this podcast to.

And if you want to help out the show, leave a five-star rating and review on Apple Podcasts or Spotify. Now, today, we are going to be doing the 75-day challenge. And we're going to be doing the 2023 version. But before I get into that, I want to give you guys the big announcement. And the big announcement is that Index Fund Pro is launching January 2nd, 20203. This is the investing for beginners course that is going to walk you through step by step, how you can invest your dollar so that you can build generational wealth for you and your family. I'm so incredibly excited to share this course with you guys.

There's well over 30 videos and we're going to keep adding videos to this course. In addition, we walk you through exactly how to buy your first investment. What retirement counts are, how you can actually think about this stuff. And we also talk about financial independence, the fire movement, how to find your number that you need to retire with so that you can retire early. And there's so many incredible other benefits and perks we're going to do. And in the future, if you guys are interested in this, we're going to pull out the people who buy index fund pro. If you're interested in it, we're going to do analysis of different index funds and ETFs, do a bunch of different videos analyzing each individual index fund in ETF because a lot of people ask me, well, should I, buy V-O-O, should I buy VTI?

So we're going to do some of the pros and cons and analysis on a bunch of index funds and ETFs here in the future with Index Fund Pro. So we're going to have a bunch of extra content for people inside of Index Fund Pro. And we try to make this really affordable for you guys. I want everybody to learn how to invest. I want everybody to understand how they can invest their dollars. So we're making this super affordable. It's going to be $99.

But if you're on the email list, we're going to give you 30% off the first week if you sign up for Index Fund Pro. You're going to get 30% off. So that's going to be probably the lowest price we ever offer Index Fund Pro app. But I want to make sure that everybody who is interested in investing can get into Index Fund Pro. It's a fantastic way to walk you through step by step on how to invest your dollars, especially if you want to build wealth long term for you and your family. So we walk you through all those steps. In addition, I'm going to give you access to our brand new investment calculator that we put together. And so the folks in Index Fund Pro, we're going to access to that first to be able to play around with that investment calculator so that you can learn

how to build wealth on that side as well. So this is so incredibly exciting. I'm so happy that we have our first master money product that we can offer you guys. And in addition, we also will have some free courses coming out like our debt course and all those other things as well. So really pumped about this. Can't wait for you guys to check it out and get your feedback so that we can make it the best possible investing course for beginners out there. We're going to always be improving it, always be adding to it. So so incredibly excited for you guys to have this available to you. Now, today we are doing the 2023, 75 day challenge.

So if you are ready to jump on to that 75 day challenge, if you remember we did this last year as well, the 75 day challenge is a way for you to challenge yourself throughout the year so that you can achieve your financial goals, but also become your very best self. Becoming your very best self is one of the most powerful things that you can do. There's a way to do it. And we have a formula step by step showing you how to do this.

So I'm excited to share this with you as well because we have a lot of different things that we can go through here in this 75 day challenge. Now with the 75 day challenge, it's going to be very similar to last year, but we might have some minor tweaks and some prizes in there for you as well. So excited to share those with you. Now, with the 75 day challenge, we also have a printable so that you can go through this, have a calendar in place so that you can go through the 75 day challenge and have something to follow along with. In addition, we want you guys to start talking about and posting on social media,

your 75 day challenge wins, and we will share them at Master Money Co and on the personal finance, podcast, Instagram, and TikTok as well. So make sure you're sharing those with me and we will share those on those different platforms. So without further ado, if you're ready for it, let's get in to the 2023 75 day challenge. All right, so we want 2023 to be your best year. year ever. And every single year, I want you to continue to work towards getting better. But the cool thing about the 75 day challenge is you're going to be able to build generational wealth for you and your family if you consistently do this every single year. But in addition, you're going to become your best self. Now, if you remember from last year, we based this off Andy Fricela's 75 hard.

And what 75 hard is, it's a very difficult process that you have to follow to get your body in the best shape possible. But in addition, it also helps get your mind right as well. Well, we base this on that. and we're doing a money version of the 75-day challenge. And so this is going to be a really cool way for you to actually take step by step. Hey, if I do these things, 75 days from now, I could be this much better just by doing these things. So this is a very powerful system that you can follow. And a lot of people did it last year and had some incredible results. The feedback we got was absolutely amazing.

So I'm really, really excited for you guys to go through this. Now, the first thing we're going to do, and the first thing you'll see is when you download the PDF, make sure you go get that PDF. you're going to do the 75 day challenge. When you download the PDF, which is linked up down below in the show notes, then make sure that you check this out. Because the first thing you want to do is review and create your goals for this year. So goal setting is a big thing for us here at Master Money. We are very, very big on goals.

Now, we are not very big on goals just writing them down on a piece of paper and that's it. We're very big on creating systems around your goals so that you can actually achieve those goals. That's how you achieve goals is with systems. And coming up, Shauna Game and I both have a podcast, part one and part two, that are coming out that's going to walk you through step by step how to set your goals. And we're going to talk a little bit about it here as well so that you can understand how to systematically put together your goals. And Shauna and I do a deep dive on that as well on her podcast. And then she comes on the personal finance podcast coming up here soon where she's going to talk about mindset and how to get your mind right with your goals as well. So reviewing your financial goals for the year.

The first thing that you always want to do is you want to write down your goals. You absolutely need to write down your goals. You're actually 33% more likely to achieve your goals when you write them down. So this is a very powerful thing that you have to do is write down these goals. Now, we are not just going to write down these goals and then hope and wish and dream that they are going to happen. We are going to develop a plan so these goals will actually happen. So the plan goes like this. You're going to have your big, huge goals.

Usually I set them in three-year goals. You can do them in five years. You can do them in 10 years, whatever you want to do. But you're going to have your big goals in place. and we're going to filter this down to take daily actions every single day so that you can achieve some of these goals. So here's how this works. You have your big goal. Then you're going to have your yearly goal. What is the yearly goal that needs to be achieved so that you can achieve that big goal within your time frame? Let's say, for example, you want to save your first $100,000 within the next

three years. Well, your big goal is going to be that $100,000 within the next three years. You want to have $100,000 invested in the next three years. That's a huge goal. That's a amazing goal. That was my big goal when I was 22 years old and we achieved it by 25. So it's possible to achieve it within three years. Then the next thing you want to do is say, well, what do I need to do to achieve this goal? Well, I need to have $33,000 invested by the end of the year to be on track to achieve this goal. Let's make it 34 so you're just a little bit ahead as well. So let's say you have $34,000 that you need to save up and invest for this goal. So then you're going to break it down into monthly goals. So if you break it down to a month,

monthly goals, you're going to have a little less than $3,000 per month that you're going to need to be putting away in your investments to get to this point to ensure that you will get there. Now, if the market goes up, obviously you can get there faster. If the market goes down, don't worry about it. You're still investing your dollars, getting them into these investments so that they can grow over time. Then what do you need to do weekly to get to that goal? You break it down by weekly and then daily.

What are the daily actions you need to take? Now, these daily actions aren't always a monetary goal. Sometimes it's just the next step you need to take. well maybe I need to develop a side hustle so that I could save more money. That's what I had to do. So say, for example, I had to come up with side hustle ideas so that I could save extra dollars because I only made $30,000 per year when I saved my first $100,000 at the beginning. So I needed to make more money.

How was I going to do that? What was the next step? Well, first, I need to figure out how to get a raise in my job. But what's the next step in doing that? Keep funneling down. Keep asking this question. Well, the next step is I need to figure out what skills people above me have. And I need to develop my skills to be able to do that.

Okay, well, how am I going to identify that? Well, I'm going to need to talk to some people within the company to say, what is my next step to get to the next level? And you're going to keep on asking this question until you get to your next step, your daily action. And your daily actions are going to be the small little steps that are going to get you to achieving this goal. Let's say, for example, you just want to save $1,000 in your emergency fund. What's the next thing you need to do? The next thing I need to do is at least save $10 today so I can put it towards my emergency fund.

And you just filter this down and think through what do I need to do next. this is how you achieve goals is by filtering them down this way. And then the last step is after you develop these plans, you need to schedule this stuff out. This is not just going to happen if you don't schedule it out. You need to schedule it out. You need to make sure that you are putting these plans into place so that you can accomplish these goals. This is not a dream or a wish.

You're going to do the action steps to accomplish these goals. Now, I like the time block, meaning each and every single day. What I do is I time block every hour of the day so that I know. know what I need to be doing next. So say, for example, I want to work on some of my investment plans and I want to look at my asset allocation, for example. Well, what I'm going to do is I'm to time block 30 minutes to an hour to look at my asset allocation so that I can see, am I in the right asset allocation for my risk tolerance and all these other things? So you time block exactly when you want to do this stuff. So maybe you're at work for a large time block. So

you're going to have a large time block while you're at work. And I would time block at work to you'd be probably the best employee at your job if you are time blocking every single hour and doing what you need to do. But your goals need to have a time block. Let's say, for example, you want to be in the best health ever and you want to work out six days a week in 2020. Well, every single day, whenever you want to work out, let's say your time frame is the same time as me, seven to eight a.m. If you want to work out between seven and eight a.m. every single day, you need to put that in your time block. And it needs to be something that you stick to. So putting it in between seven and eight, I'm working out. Eight to nine, I'm commuting to work.

Nine to ten, this is how it works. And you kind of go through the process and figure out what need to be doing so that you can develop over time. Time blocking is so imperative. I cannot stress it enough. In the episode with Sean, we talk really deeply about this and how it actually works. So make sure you check that out as well. Now, let's get into the next part of the 75-day challenge. All right, so the next one is that you want to budget each and every single month. And this is your budget of choice. Now, first thing I want to say about budgets is a lot of people hear the word budget and they think about restriction. They think budgeting is way too restrictive for me. I can't budget. This is something where it's just going to make it no fun for me at all throughout

life. And maybe you want to have more fun in 2023 as well. Well, let's talk about this for a second because in my opinion, and this is what we talk about here, is budgets create freedom. Budgets create financial freedom for people. People don't understand this. Why? Because you can prioritize your dollars and put your dollars towards things that actually bring you value. So you're not putting your dollars towards things that are just frivolous spending where you just go to the store and you buy a bunch of extra crap. And how many times do you get out to the checkout register and you went in to get one thing and you spend $50 on stuff because you're just buying stuff?

You're just grabbing things. Budgets restrict that, but instead they take those dollars, that $50 that you are spending on frivolous things and they put them towards things you actually care about. So maybe you want to get a fitness instructor, for example, or you want to get a fitness coach, or you want to get a financial coach to improve your money throughout the year. Well, you can put those dollars towards those things you value. instead of putting them towards these frivolous things that you just randomly buy all the time.

And so budgets allow freedom with your money. And people don't see it that way, but that's exactly what they do. And so there's two ways that we talk about budgeting here, and there's a bunch of different things that you can think through. But if your money just disappears every single month, then you probably need to put together a budget.

It also allows you and your partner to be on the same page. If you're trying to work with money and there's somebody else involved in your life, then it allows you to make sure that you're both on the same page. or if you have inconsistent income, meaning you have income where maybe you work on commission or something along those lines, a budget's going to help you tremendously through that. We have systems on how to do that, by the way. And a budget allows you to save more of your money as well.

So if you want to put towards financial freedom, if your priority is financial freedom, you want to retire as fast as possible, budgets help allow you to do that as well. So this is a really powerful thing that you can be doing. And I want to see every single person doing this every single month and doing it very simply. There's simple ways to do this. Now, I budget every single morning. If you've ever heard our money routine episode, you can check that out. But I budget every single morning.

It takes me one to two minutes. I can categorize all my transactions. And that way, by the end of the month, it doesn't take me 30, 45 minutes to do this. But you don't have to do it that way. If that sounds like torture to you, you could do it at the end of the month and have that available to you as well. Now, there's two budgets that we talk about here, the standard budget, which is the line by line item budget, which is what I do.

I use a program called YNAB to budget. You can use whatever program works for you. You can use a spreadsheet. A lot of people use spreadsheets, or you can use whatever program works for you. I use Wynab, and the way I use it is with the four rules. The four rules are you give every single dollar a job. So every dollar you make, you put those dollars towards something. You embrace your true expenses, meaning if you pay your insurance bill twice a year,

and say, for example, it's $600 twice a year. Then every single month, you should be putting $100 away towards that insurance bill, instead of just waiting for that $600 bill to come up and it surprises you out of nowhere and it causes stress and anxiety, you already have the money just there. And budgets allow you to have the money just there. There's power in having the money just there. The third rule is to roll with the punches,

meaning that if you make a mistake, who cares, move on. Everybody makes mistakes with their budget. You just roll money over and move on. And then the fourth one is age your money, meaning you want this every single dollar you make to be aged. So, for example, every dollar you make this month should be paying for your bills, next month and you can age your money as you start to budget and prioritize that over time.

Now the second budget, if this sounds like torture to you to do that, if it sounds like torture for you to have to go through this process, your boy has a solution. We haven't talked about this in a little while, but it's called the reverse budget. And what the reverse budget is, it's a way for you to still budget your money without having to do all of this extra stuff. Here's how it works. Every time you get paid, you take off the top what your priorities are. So say, for example, you're saving for an emergency fund and you want to invest your dollars.

take those investment dollars off the top if you're going to save 20% of your income, and then you spend what is left over. So you take your investment priorities, you're paying yourself first, and then you spend what is left over, whatever you have left. So that's called the reverse budget. It's a much easier process for most people because let's get real. Most people don't budget. So if you don't budget and you know you won't budget because you know yourself, then this is a fantastic option for you to be able to go through that process as well. Now, let's get to the next part of the 75-day challenge. So lately, I've been noticing how fast things are changing at home.

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capital for a very, very long time. And the beautiful thing about it is that it sinks everything into one place. Now, tracking your net worth, if you don't know what your net worth is, it's your assets minus your liabilities. So say for example, you have a house that is worth $500,000 and you have a $250,000 mortgage on it. Well, your net worth, you're not. net worth within your house is going to be $250,000 because you subtract how much the house is worth minus how much you owe on that house. But in addition to that, you add to your net worth things like your investment accounts. If you have rental properties, you add the equity in those rental properties. There's a bunch of different things that you can add, but it's what you own

minus what you owe. If you're new to money and you've gotten into debt or something along those lines, you may have a negative net worth. Listen, a lot of people start like that. A lot of people start with a negative net worth. We just interviewed Brennan. from Budget Dog, a few episodes back, and he became a millionaire by 30. But just seven years before that, he had a negative $310,000 net worth. So it's something that you can very easily

have a negative net worth if you're new to money. If you haven't understood how money works and nobody taught you how this stuff works, that's what your boy is here to do. My goal is to teach you how to build wealth and teach you how to build generational wealth for you and your family and get out of that situation. So I'm incredibly excited for you guys

to start tracking your net worth a bunch of people loved doing this last year, and a bunch of you used personal capital last year to start to track your net worth because it's just so easy to use it. Now, here's why you want to track your net worth because first of all, it's a good indication of overall financial health.

To understand your financial health, you need to track your net worth. So this is a very powerful thing that you need to be doing. It is a more important measurement in income, meaning that your net worth over time, people with really high net worth are much more wealthy than people with a high income because your net worth allows you time freedom where your income is something that you have to

continue to keep earning in order for you to continue to build wealth. It provides a measurement of your progress. Now, this is what I love about the net worth is that over time you get to see it go up. So if you have a negative net worth, for example, there is nothing more motivating than seeing that negative number go down and creeping into the positive. And once you get into the positive, all you want to do is build up that net worth over time. So imagine every single month your net worth is growing by 1,000, 2,000. thousand, three thousand dollars because you're paying down debt and you're investing more dollars

over time. This is so incredibly powerful and so motivating. So if you struggle with motivation, tracking your net worth is an amazingly powerful tool because you can see it go up over time. It also helps provide motivation to eliminate debt. So say you have all your debt accounts within personal capital and you're looking at your debt creeping down every single month. This is going to provide you motivation so that you pay down that debt faster because Motivation is a huge driver to doing this. And like I said, your money is 90% mental and 10% what you actually know. So understanding the psychology behind this and having that motivation, oh boy, it's powerful.

In addition, your net worth shows the true impact of your financial decision. So let's say, for example, you have a $50,000 net worth. And all of a sudden you go out and you decide to buy a $30,000 car and you have a $25,000 car payment on that car. Your net worth just dropped $25,000 by doing that. Now, for me, personally, I don't include things like depreciating assets in my net worth because over time those are going to go down. So I don't include my vehicles.

Now, is it part of your net worth? It absolutely can be. But I don't include it in there because having those depreciating assets inside of your net worth is not something I'm interested in. I don't consider them assets whatsoever. And having that mindset is going to allow you to make better wealth decisions going forward. And also, your net worth and tracking it makes it easy to visualize your progress over time. And visualization of progress is just another motivator to allow you to get to that next level of wealth.

So now let's get into the next step of the 75 day challenge. All right. So the next step is to read 10 pages of a personal finance book per day. Now, this was one of my favorite parts of the challenge last year because a lot of people unlocked a bunch of new knowledge by reading that personal finance book every single day. And what this is going to allow you to do is over time you can build generational wealth just by learning and having some of this knowledge in place. Now, here's the cool thing about reading,

because reading is what allowed me to gain my personal finance knowledge very early on in life. I read a book every single week. How do I do that? I'm going to reveal my system right now. Now, we have an whole episode on this on how I read a book every single week, but my system is so incredibly simple that if you just follow this, you will literally read a book every single week with pretty much minimal effort. Now, if you already follow my book per week system, that is amazing,

because a lot of you have started to implement it, and it's been absolutely incredible to see people reach out and talk to us about this book per week system. But if you haven't yet, here's how it works. You're going to take your first book that you want to read. And if you want some personal finance book recommendations, we'll link them up down in the show notes below. We have a list of personal finance books that we absolutely love. And there's some great ones that even came out in 2022 if you're looking for some new recommendations. But there's a bunch of classics out there as well.

But you're going to take the book that you want to read. So let's say, for example, a book is 180 pages. So you go to the end of the book and you're going to the book. you say, hey, this book is 180 pages. So what you're going to do is you're going to divide 180 by seven. Why? Because there's seven days in a week. So if you divide 180 by seven, you're going to get 25.71 pages per day. So just round that thing up to 26. The last day you have to read less pages per day. So if you round that up to 26 pages per day, and you read 26 pages per day, you're going to read an entire book. Now, here's what I do. I take two note cards

and I put one when I start the book on page 26. And then I put the second one on the next day's page. So say for example that you get to page 26, you read through page 26, you're going to put one note card there so that the next day you know where to start. And then on page 52, which is your second day, is where you can put the second note card. So then when you get your book, you open it up to page 26 and then you read all the way up to the next note card. And that is what the system that you follow all the way up for seven days. And all of a sudden you've read an entire book in seven days. What this means is that you're going to be able to rate 52 books per year. And after you read a few personal finance books, you're going to get the

hang of it and understand a lot of these have some similar information in there that I can implement into my life. And you're going to figure out what systems work best for you. And then over time, you can start to read career development books, business books. See, most millionaires, there was a study done by Tom Corley from Rich Habits. And he interviewed a bunch of different millionaires. And the average millionaire reads 30 minutes every single day. The average CEO in this country, read 60 books per year. There is a direct correlation with reading books and your success. Now, I don't want you to just read a book to read it and just digest that information. I want you to read a book and take action because if you just read a book to read it, that's just

another form of entertainment. But if you read a book and take action on what you're learning, it's going to absolutely change your life. You can get 1% better every single day just by doing that. So taking action on some of this stuff when you read these books is going to be the most powerful thing that you can do. So put it into your system, your daily time blocking, so that you can really become the best you can possibly be in 2023. That's how you can read one book per week. Now, our system is only 10 pages a day. You don't have to read all 52 books per week. Ten pages a day is going to allow you to get probably through about a book a month. You're going to read 12 books a year. So if reading's not your thing, 10 pages a day is one of the most easy things that you can do. It's going to take you 10 minutes

per day. You can do it when you have a couple minutes of free time. Instead of scrolling for 10 minutes, just read 10 pages of a personal finance book. You're going to be so much farther ahead than you were this year just by doing that. You can do investing books. You can do personal finance books. There's a bunch of great ones out there. I will teach you to be rich. The Simple Path to Well.

The Millionaire Next Door. The book stacked by Joe Saul See High and he's coming on the podcast. And he has his episode coming on this podcast in a couple of weeks. Just keep buying by Nick Majuli. Why Does the Stock Market Go Up? The Little Book of Common Sense investing. There's so many amazing finance books out there. We have an entire list.

I'll link up down. below that you can check out so that if you have any questions on these, just let me know. But this list has a bunch of different fantastic books that you can check out. Now, let's get into the next step of the 75-day challenge. The next part of the challenge is do one workout per day. Now, why is this part of a personal finance challenge? I truly believe that health is wealth. And getting your body active is going to do so many more amazing things for your wealth over time.

Most wealthy people, if you actually look at what they do, they look at their day-to-day activities. Rich Habits actually shows this in the book, is that most wealthy people have some sort of exercise routine, whether it's three, four, five days a week. I want you to do one per day during the 75-day challenge. Now, there is a number of different reasons for this. Number one, it increases your productivity every single day. If I don't work out in the morning, I really become much more lethargic and much less motivated to do my work every single day. It helps you get your brain started. It helps get your brain moving.

It helps get your body energetic. It helps get those endorphins moving and really can change the way you feel throughout the day. What is that going to do? That's going to keep you more motivated to do better work, which allows you to make more money. That's going to keep you more motivated to do the things you need to do when your wealth building ability so that you can make more money.

So this is a powerful thing that you can do and add to your daily routine and you need to be doing it forever. Second thing it does is in the future, your health care costs are going to be reduced if you're healthier. You're going to be a much wealthier person over time by reducing those health care costs. In fact, most people in retirement, their number one cost is their health care costs. So making sure that you combat against this now and you work on your longevity is another very, very powerful thing. It decreases your stress.

You are less stress throughout the day because you're working out. It reduces your anxiety, which is what we want our money to do as well. So what if you had a double whammy? You worked out every day and you reduce your stress and anxiety by putting your towards the things that bring you value. How much more would that help your mental wellness? In addition, it helps you sleep more. And the more sleep you get, the more productive you can be.

There's so many amazing benefits to working out once a day, and it truly does impact your wealth as well. You need to understand the correlation here. This is part of wealth building is making sure that you stay fit. So putting this together is one of the best things that you can do. One workout a day, I don't care what you do. I personally like to lift weights every morning. I built a home gym in my house,

and I lift weights every single morning so that I can do that. Now, sometimes I go for long walks. Sometimes I take walks to pick up my kids from school, for example. Sometimes I'll jump on the elliptical at nighttime. There's all these different things that you can do. But whatever you like to do when it comes to working out, just do one workout a day. One workout a day, that's it. Try to get outside, try to get inside, whatever you want to do.

But make sure you do one workout per day for these 75 days and see what the difference is over time. The next thing is to put together your financial goal. to target your next step in the stairway to wealth and you try to accomplish that. Now, if you don't know what the stairway to wealth is, I will link up that episode in the show notes below so that you can check it out. It is one of our most powerful things that we put together here at Master Money is it's the order that you actually put your dollars in and the steps that you can take to start building wealth. It is the step-by-step guide to building wealth. So when you do the stairway to wealth, this is one thing I'm really excited for you to actually

walk through to understand how this works. So here's a quick rundown of how it works. So here's a quick rundown of how it works. The first thing you want to do is have a cash buffer in place. This protects you from a bunch of different things. People call this all different things. Dave Ramsey has it where he has your first thousand dollars saved up. We like it to be up to your deductible. So there's a bunch of different ways to think through this. But that's the first thing as a cash buffer. Number two is getting your 401k match. This is free money. Everybody should be working towards getting those 401k match if your employer offers it. Number three is paying on high interest debt. Any debt above a six percent interest rate should be aggressively paid down so that you can reduce that liability in your life

and you can use those extra dollars to build wealth. Number four is your emergency fund. Your emergency fund is the most powerful and best place to put your dollars early on. You need to build up a three to six month emergency fund very early on. Number five is Roth 401K is actually my favorite. Roth IRA or HSA. These are all in the same category here. But making sure that you start to fund those retirement accounts is the next step. After that, max out pre-taxed. retirement accounts. This is your 401k, your IRA, those types of accounts. 403B. Make sure you have those in place and are maxing out those pre-tax accounts. Next is wealth accelerators. Now, wealth accelerators are something I'm really excited about. I think if you are maxing out all these accounts,

then it's time to hit up some wealth accelerators. This is where you can start investing into real estate. This is where you can start investing into small businesses. Maybe you want to buy a car wash or vending machines or all those different types of things that you can do. Making sure that you do that after you do all these other steps is going to put you in a really, really great position. You can retire way faster by investing in wealth accelerators. The next one is look at long-term expenses and start prepaying those long-term expenses. This is things like your kid's wedding fund, your kids' college accounts, or maybe you're saving up to buy a boat, or maybe you're saving up for your next house. All of these different

things are getting put into place here. And then low-interest debt. Now, a lot of people ask some questions and some caveats on, when should I buy a house on these steps? When should I do these other things? So we are going to add a bunch of your questions. If you have questions on the stairway to wealth and you think there's something missing in the stairway to wealth, let me know because I want to be able to help you through that so that we can implement some extra steps so that you know when to do certain things. So if you have questions on the stairway to wealth, make sure you let me know and listen to that episode if you have not so that you can ensure because that is one of the core principles here at the personal finance podcast and master

money is understanding the stairway to wealth so that you know what to do next. Now, the last thing in the 75 day challenge is a little bit of icing on the cake. This is what we did last year is we said you can either use acorns or another reinvesting tool so that you can get some icing on the cake. So you want to be investing your dollars by following the stairway to wealth and that order. But if you are wanting to get some extra dollars over there, one cool thing is a lot of people downloaded acorns. Now acorns is cool because what it does is it rounds up, any dollar you spend, it rounds it up. So say, for example, you go to the grocery store and you spend $50 and $50.

Well, it's going to round up to $51, and it's going to take that 50 cents, the differential between that change there. It's going to take your spare change, and it's going to invest it in an account. Now, this adds up over time, and it's really cool over time what you can do with it. So for 75 days, you download this app, see how much money you have there. And it's a really cool way to just invest your spare change. It's just icing on the top. This should not be your investing plan, but it's just a cool icing on the top that you can

have in place where you're just investing extra dollars. and then what can you do with those extra dollars in retirement? It's really powerful once you do this. So this is going to help you boost your savings rate, and it's something where you don't even feel it. It's just your spare change. It's not a huge deal. So downloading acorns.

We'll link up acorns down below as well is the bonus part of this. Now, if you're new to investing and do not know how investing works, make sure you check out Index Fund Pro. Index Fund Pro comes out January 2nd, 2020. This is going to be our investing for beginners course. It's going to teach you and walk you through step by step. how to invest your dollars in index funds and ETFs. So really incredibly excited for you to check that out.

Make sure you check it out. It is one of our favorite things that we have put out. Really excited for you to be able to check out Index Fund Pro. So this is going to be our first course that we are launching. We have a bunch of course ideas that we are working through. And so this is our first flagship course that we are so incredibly excited about. And we're going to be adding content to it all the time. So make sure you check out Index Fund Pro linked below.

And if you want 30% off, make sure you're on the Master Money. newsletter so that you can get 30% off of index fund pro now make sure you also share your progress with the 75 day challenge grab that pdf linked up down below so that you can follow along with everybody else and i'm so incredibly excited to see the results for everybody this year this is so fun i love doing this every single year and i'll be doing it along with you so making sure that we all see success with the 75 day challenge is exactly what we want here at master money so make sure you go grab that and if you guys have any questions make sure you hit me up at on Instagram or TikTok at Master Money Co.

And if you got value out of this episode, please consider leaving a five-star rating and review on whatever podcast player you listen to. And of course, share it with a friend, family member so that they can do this challenge with you as well. Because if you do this with friends, if you do this with family, it's a really fun challenge to do with a bunch of different people.

So really, really excited for you guys to jump on the 75-day challenge and I can't wait to see your results. Thank you guys so much for listening to this episode. And we will see you on the next episode. Medium power, 15 minutes. Sounds like Ojo time. Let's play.

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