The Personal Finance Podcast - The 75 Day Money Challenge! (Get Your Money Right This Year!)

Starting point is 00:00:00 Local news is in decline across Canada, and this is bad news for all of us. With less local news, noise, rumors, and misinformation fill the void, and it gets harder to separate truth from fiction. That's why CBC News is putting more journalists in more places across Canada, reporting on the ground from where you live, telling the stories that matter to all of us, because local news is big news. Choose news, not noise.

Starting point is 00:00:27 CBC News. Okay, when I sell my business, I want the best tax and investment advice. I want to help my kids, and I want to give back to the community. Ooh, then it's the vacation of a lifetime. I wonder if my head of office has a forever setting. An IG Private Wealth advisor creates the clarity you need with plans that harmonize your business, your family, and your dreams. Get financial advice that puts you at the center.

Starting point is 00:00:56 Find your advisor at IG PrivateWealth.com. On this episode of the Personal Finance podcast, we're going to talk about the 2022-75-day money challenge. What's up, everybody? Welcome to the podcast. I'm your host and your founder of Master Money. And today, we're going to talk about the 22-75-day Money Challenge. If you have any questions, hit me up on Instagram at Master Money Co. And follow us on Spotify, Apple Podcast, or whatever podcast.

Starting point is 00:01:47 podcast player. You love listening to this podcast to. And if you want to help out the show, leave a five-star rating and review on Apple Podcasts. I can't thank you guys enough for leaving those ratings and reviews on Apple Podcasts. And check us out on YouTube as well. We have a bunch of videos coming out every single week at Master Money on YouTube. Now today what we're going to talk about is something extremely important because we're going to talk about the 2020-75-day money challenge. And what I want to show you guys is if you need to get your new year right if you need to get your money in shape then the two thousand twenty-two seventy-five day money challenge is going to be for you now how did i model this the way i actually set this up is if you have ever seen 75 hard there's a guy named

Starting point is 00:02:33 andy fricela and he started this fitness challenge 75 hard now this is going to be the finance version of that this is going to be the money version of that because what this is going to do is allow you to start to transform your finances in 75 days. And this is going to set you up on a path that if you continue this path and you continue to do a lot of the things in this system, then you're going to see massive results within your money and your wealth building potential.

Starting point is 00:03:00 And the longer you do this, the more you're going to see massive impact on your wealth. So what I have for you today, as we go through this challenge together, I'm going to be doing this challenge at the same time as you guys, is I'm going to give you guys a printable. I'll link it up in the show notes and a calendar.

Starting point is 00:03:14 So the calendar is going to be something where you can just check it off each and every day if you want to see progress as you go along. There was a famous quote by Jerry Seinfeld. And what his goal was

Starting point is 00:03:23 is he wanted to write a joke every single day. And so what he would do is he would make an X on the calendar date each day he wrote a joke. And it motivated him because he didn't want to break

Starting point is 00:03:33 the chain of events because he saw all these Xs on his calendar throughout the year and he didn't want to break that chain. And psychologically, there have been studies done on this. And it shows

Starting point is 00:03:42 that if you do this, If you write it down with a physical X on a calendar, you're not going to want to break the chain and you're going to be more motivated to continue to do this every single day. So what this is going to do is it's going to be a version that you can actually complete every day to build wealth, to put yourself on the right path so that you can make massive changes with your money. So if you're ready to make those massive changes, let's get into it.

Starting point is 00:04:06 So the first thing we're going to do is we're going to create financial goals for the year. And what we're going to actually do is we're going to build systems. around your goals so that you can ensure that you're going to achieve those goals. So we've done an episode before on how to create money goals, but we're going to run through it again here because it's very important to understand how to do this because we have a very specific system on exactly how to achieve your goals. It's scheduled into three parts where you're going to write out your goals, you're going to plan it out, and then you're going to schedule your goals. I'm going to go through each one of these and show you guys exactly how to do this.

Starting point is 00:04:39 And the first thing you got to do is you've got to write down your goals because you are 33% more likely to achieve a goal if it's written down. Now, doing this, writing down a goal means absolutely nothing. You have to create systems around writing these goals to achieve those goals. And you've heard me say this before. Goals are for suckers. Systems are for winners. So what we're going to do is look through and think about your goals for the year.

Starting point is 00:05:04 Maybe you want to save more money in your emergency fund. Maybe you want to start investing more dollars and putting those dollars to work every single month. Maybe you want to just pull your family out of a poverty situation, or maybe you want to start buying businesses or buying rental properties, doing big ticket wealth items. All of these would fall in line to this. But write down your goals for the year. And we're not just writing down our goals for just one year. We're going to do five years, three years, one year.

Starting point is 00:05:30 Now, there's a reason why we're doing it this way, because if you have a huge goal, we're going to break it down in steps that you can actually achieve every single day to make yourself one step closer to that goal every single day. And that's where the planning process comes in. So we as humans, we need processes. We need steps. Otherwise, we're not going to do anything. If you just write down a goal, what are you actually going to do to achieve that goal? You're going to give up in a couple of days. We need processes and we need step-by-step instructions that we create for ourselves because we can't rely on our own willpower. How many times has your willpower failed you? You wanted to start a diet and you failed. You wanted to start working out more and you failed. You want to start getting

Starting point is 00:06:05 better with your money and you've failed. We've all done this because relying on our willpower is not something that we can do. There is a great book if you're looking to improve your habits called atomic habits. And it talks about the science of this. You have to create steps every single day, systematic ways for you to take those steps every single day so you can achieve those goals. So when we plan out our goals, we're going to have the big goal, then we're going to have our yearly goal, our monthly goals, our weekly goals, and our daily goals. So let's say, for example, you want to invest $10,000 a year. That's your. big goal for the year. So to achieve that goal, you have to save $833 a month, or $208 a week,

Starting point is 00:06:43 or $6.90 per day. This is how you start to break down these goals, because if you understand, well, a small goal each day is I need to save $6.90 so that I can save $10,000 per year and start investing those dollars. Because investing $10,000 a year, and you have a long time horizon, say 30 years, you are going to be a millionaire. if you invest $10,000 a year with a longer time horizon. That is absolutely inevitable if you're investing in the right investments that we talk about all the time here. So breaking down your goals simply like this is how you're going to be able to achieve them.

Starting point is 00:07:18 So write these goals down, write down what you're going to do for the year, write down what you're going to do each month, write down what you're going to do each week, and then write down what you're going to do each day. And then what we're going to do is the next step is we're going to schedule this. Now, this doesn't have to be hard. You don't have to have some crazy schedule going on, but just have something like, I'm going to review my goals daily so I know exactly where I am and what I need to do that day. And then Sunday night, I'm going to check in and see where I am.

Starting point is 00:07:42 If I'm not catching up to my $10,000 savings goal every single year, then maybe I need to make an adjustment. If I just can't completely afford it, maybe I need to bump it down to $8,000. But you make adjustments as you go so that you can make sure that you're achieving those goals so that you don't give up. Because you just got to roll with the punches sometimes. Sometimes you have to make adjustments. It doesn't mean you're failing. All that means is that you're making the correct adjustments so that you're you can push forward and stay motivated because you're failing and you have this huge,

Starting point is 00:08:09 audacious goal to save $100,000 and you're making $50,000 a year right now, you're never going to achieve that goal. You're going to have to make those adjustments so that you can start to achieve those goals by increasing your income or doing other things. This is why this is so incredibly important. And when we do this, when we schedule it out and we make time to review our goals daily and then check in every single week and see exactly where we are, we become intentional with our money.

Starting point is 00:08:33 Now we have a purpose as to why we are doing this. Because becoming intentional with your money is how you build wealth. It is how you take the next steps to build wealth. And this is so incredibly important to understand. So becoming intentional with your money is why we do this. It's why we do this. You're going to know where every dollar is going. You're going to know why you're investing your money.

Starting point is 00:08:55 What's the goal for that? Oh, because I want to retire in 10 years. That's an amazing goal. And being intentional about that every day keeps that motivation. Because the wealth journey is not easy. It's simple, but this thing is not easy. We all know that, but it's consistency. It's persistence.

Starting point is 00:09:10 All of these come into play so that you can achieve these goals. So that's the first thing we're going to do is set up our goals and set up our systems so that we can achieve these goals. Now, the next thing we're going to do is we're going to budget each and every month. Now you can utilize whatever budget you want, whatever works for your lifestyle. There's two that we talk about here, and I'll go through both of them. The first one, this is the easiest one, and this is what most people will probably want to do, is the reverse budget. Now, what the reverse budget is, it's a way for you to actually budget your money without having to do very much at all. It's the most simple way to manage your money.

Starting point is 00:09:47 And what it is, we're taking the timeless principle of paying yourself first. If you ever heard Warren Buffett talk about money, the biggest thing he talks about is you need to pay yourself first before you do anything else with your money. What that means is you put money aside every paycheck to pay yourself first. for your emergency fund and your investments and to pay down debt, you're paying yourself first by doing that. You're giving yourself money first so that you can start to build well. And then the money that's left over, that's what you utilize to spend on your lifestyle,

Starting point is 00:10:15 your bills, all those other things. So what this does is it removes the issue of having that willpower to go line by line and have to go into your budget and try to figure out what's going on, all that kind of stuff. Most people don't have the motivation to maintain a budget for a long time. Now, is a line by line item budget more efficient? Absolutely. The reason why is you can see exactly where every dollar goes.

Starting point is 00:10:36 We'll talk about it in a second. But this is a way for people, the majority of people who know that they try to budget a bunch of times and they just can't do it, they just can't keep the willpower going. We'll do the reverse budget. You're still managing your money. You're still saving your dollars. And then the rest of those dollars are going towards bills. So say your goal is to save $10,000 every single year, then you're going to take that $833 per month,

Starting point is 00:10:58 set it aside. and then the rest of the money you have left over is for your bills. That is how you do it. It's very simple, very easy. But if you want the most efficient system, that having a traditional line by line at a budget is amazing. Now, there's a bunch of tools I use for this. The main system that we use is the Wynab system.

Starting point is 00:11:16 Now, Wynab is a software. You have to pay for Wynab, but it's a software that allows you to budget your money. But what I love about Wynab is originally their rules, and I'll go through them right here. So Wynab has four rules. The first one is give every, dollar a job. What they mean by that is every time you get paid, you're going to allocate those dollars

Starting point is 00:11:35 towards something. So no matter what, every dollar has a job. So you get paid, well, now you need to pay your mortgage. You need to save some of your money. You need to invest some of your money. You need to put somebody to an emergency fund. Every dollar that comes in, you give it a job. Why? That means those dollars don't get lost in space. Have you ever gone to the end of the month and said, where did all my money go? This eliminates that problem. And once I started doing that, a lightball went off all of a sudden. Because I was getting to the end of the month when I first started trying to figure out where my money was going. And I was like, where the heck did all my money go? Well, this solved that problem and I figured out very quick where my money was going. The second rule,

Starting point is 00:12:11 embrace your true expenses. So what they mean by that is let's say, for example, you have a car insurance bill that you pay every six months. And let's say the bill is 600 bucks every six months. Well, instead of that bill coming up due in six months and you get surprised with a $600 bill and you're panicking trying to figure out how you pay that, Instead, you put 50 bucks a month in your budget for that car insurance bill. Now, all of a sudden, what this does is it allows you to get to the end of the six months and all of a sudden the money's just there. And what do we talk about all the time when the money's just there?

Starting point is 00:12:43 Stress is gone, anxiety's gone. There's no more money issues because the money is just there. You don't have to scramble to try to find the money. The third rule is to roll with the punches. So what this means rolling with the punches is that if you screw up, If you mess up an item, a category every single month, I've never had a perfect month budgeting in my entire life. And I've been doing this for a really long time.

Starting point is 00:13:04 And if you screw up a category, you just pull money from another category and roll it on in there and just move on. See, a lot of people screw up their budget and they just quit. But if you just do this, you pull some extra money from another category. Maybe you underspent one place and you overspent in one place and just even it out. That's all you have to do. And then you just move on. Don't quit.

Starting point is 00:13:23 Just even it out and move on. And then the last rule is to age your money. So as you start doing this, the most powerful and amazing thing about budgeting is that it creates freedom for you. Why? Because what happens is over time, your money is going to start to stack up. And as your money stacks up, money you got paid for last month is what you're utilizing for this month's bill. See, you're going to get 30 days ahead with your money. And then over time, you're going to get 60 days ahead with your money. Then 90 days ahead with your money. And what's going to happen is paychecks from way in the past are what are going to be funding your lifestyle today. And this is such a powerful

Starting point is 00:13:57 place to be because you reduce stress and now you know I'm a few months ahead nothing could stop me on this so this is why this budget is so incredibly powerful I love the YNAB system for that now you can still budget like this with a spreadsheet you don't have to pay for YNAB to use these rules why not have to make it just makes it a little easier to keep it organized but you can use things like true bill you can use all sorts of things personal capital has budgeting software in there as well so all of these are amazing factors to utilize and make sure you're just going through those rules and understanding that if you choose the standard line by line on a budget. But either one of these budgets, whichever one you choose, is going to help you out within the 75

Starting point is 00:14:33 day money challenge. I remember when I needed to hire someone fast, but finding the right person quickly felt impossible. And if you've ever been there, you know how stressful this can be. That's where Indeed comes in. When it comes to hiring, Indeed is all you need. Instead of struggling to get your job post noticed, Indeed's sponsor jobs help you stand out and hire faster. Your post jumps up to the top of the page, making sure it reaches the right

Starting point is 00:14:58 candidates. And it makes a huge difference. Sponsored jobs on Indeed get 45% more applications than non-sponsored ones. And there's no need to wait any longer. Speed up your hiring right now with Indeed. And listeners of this show will get a $75 sponsored job credit to get your jobs more visibility at Indeed.com slash personal finance. Just go to Indeed.com slash personal finance right now and support our show by saying you heard about Indeed on this podcast. Indeed.com slash personal finance. Terms and conditions apply. Hiring, Indeed is all you need. 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.

Starting point is 00:15:44 And when your life grows, your responsibility grows with it. That's something I've been thinking about more this spring, making sure the safety net we have in place actually matches the life that we're building. And that's where PolicyGenius comes in. PolicyGenius isn't an insurance company. They're an online marketplace that helps you compare life insurance quotes from some of the top insurers in America, all in one place for free. And their licensed team works for you, not the insurance companies. So they help you find the right coverage for your situation without all the guesswork. And they walk you through everything. Answer your questions, handle the paperwork, and help you get the coverage that actually fits your life today and where it's going. So protect your

Starting point is 00:16:23 family with a policy that grows with your life. With PolicyGenius, you can see if you can find 20-year life insurance policies starting at just $276 a year for $1 million of coverage. Head to policygenius.com to compare life insurance quotes from top companies and see how much you can save. That's PolicyGenius.com. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play-Ojo. The online casino with all the latest slot. and live casino games. What you win is yours to keep

Starting point is 00:16:56 with no wagering requirements, instant payouts, and no minimum withdraws. Hey, I just won. Woohoo! Feel the fun. Play, Ojo. Honey, forget about the lasagna. Let's celebrate!

Starting point is 00:17:07 19 plus Ontario only, please play responsibly. Concerned about your gambling or that of someone close to you. Call 16-531-2600 or visit conexontera.ca. Amazon presents Jeff versus Taco Truck Salsa, whether it's Verde, Roja, or the orange one. For Jeff, trying any salsa is like playing Russian roulette with a flame thrower. Luckily, Jeff saved with Amazon and stocked up on antacids, ginger tea, and milk. Habiniero, more like habanier, yes.

Starting point is 00:17:38 Save the everyday with Amazon. The next thing you're going to do is you're going to track your net worth with personal capital or another tool. Now, personal capital is by far the best way to track your net worth in my opinion. one, it's free. Number two, it allows you to sync all of your accounts in one app, and you can see all of your accounts and how much your net worth grows or shrinks depending on what you're doing. You can track your progress all in one dashboard. That's why I love personal capital, because it's absolutely free for you. So utilizing personal capital to track your net worth is extremely important here. Now, there's a bunch of reasons why we want to track our net worth. And we have an

Starting point is 00:18:14 episode talking about net worth, but I'm going to go through some of those here today. Because first of all, your net worth is a good indication of your overall financial health. Now, if you don't know what your net worth is, all it means is it's your assets minus your liabilities of what that comes out to. So for example, let's say you have $100,000 invested and you have $20,000 in cash and you have $20,000 in student loan debt. What that means is you have $120,000 in assets and $20,000 in liabilities. So you have $100,000 net worth. So looking at your net worth, you can see how healthy is your financial situation. The second one, your net worth is actually more important of a measurement than your income

Starting point is 00:18:52 because people with high incomes can be spending their money all day long, but they may not have a high net worth. You can see these with athletes that go broke. They have zero net worth. But people who actually have a high income and keep their money, those are the people who have extremely high net worth. So you can make $50,000 a year and there's someone out there making a million dollars a year and you have a higher net worth of them because you know how to manage your money better than

Starting point is 00:19:14 they do. It's a much more important indicator than income. your net worth provides a measurement for your progress. So this is extremely important as well because each month as you track your net worth, you're going to see that number tick up. And it's so incredibly motivating to see that. Because as you see your net worth tick up, that means your wealth is rising. And you're seeing your wealth build in real time.

Starting point is 00:19:35 That's absolutely amazing to be able to see. And once you start doing this, you don't have to do this every single day or every single week, but it's something I would continue to look at through this challenge so that you can see the difference. So within this challenge, I would check it more frequently than normal. But then after you get the hang of this thing, you can check it every couple of months or whatever you want to do and see that progress taking up. It's absolutely amazing. It's addicting, quite frankly, watch your progress tick up. And watching your progress go up means that it motivates you to do the next thing you have to do.

Starting point is 00:20:05 Maybe you want to invest more money. Well, it's going to motivate you to see that number go up or you want to eliminate debt. It's going to motivate you to reduce those liabilities. So all of this creates motivation for you every single day. and it results in better use of your money. And then another major one, and this is one of my favorite ways to see it, is it shows the actual impact of your financial decisions. Let's say, for example, you have a perfectly working car,

Starting point is 00:20:26 and you're trying to build real wealth. And then you go out and you buy a new car. But the new car doesn't really bring you value. You're going to see a massive difference on that vehicle and the debt that it brings when you buy that vehicle if you're not paying cash for it. Because all of a sudden, you have a $30,000 liability that just hits your money.

Starting point is 00:20:42 And if you only have, say, $100,000 net worth and you buy a $30,000 car completely financed, all of a sudden your net worth just dropped to $70,000. So seeing that makes a massive difference and impacts your financial decisions. So that's why it's extremely powerful to track your net worth. Make sure you're looking at it. I'll link up personal capital below

Starting point is 00:21:01 so that you can check it out and see if it's right for you. The next one is we're going to read 10 pages of a personal finance book or investing book per day. Now I'm going to link below a bunch of recommendations that I have. for personal finance books and investing books. So you can check those out.

Starting point is 00:21:19 And I'll put them in the printable as well so that you can see those on the printable. But in the original 75 hard, which we modeled this after, everyone has to read 10 pages of a personal development book. I love that concept because 10 pages a day means that you're going to read about a book per month if it's 300 pages.

Starting point is 00:21:35 If it's less than that, you're going to read even more books during this time. And throughout the 75-day challenge, you're going to end up reading about three books. Now, three books can really change your life on any subject. And if you haven't heard our episode, I talk about how I read a book per week, and I can talk about that system here as well, because it's a very simple system on how we do this. So what you do is you take a book and you look at the number of pages at the end of the book, you divide it by seven. What that means is it's going to give you the number of pages that you have to read every single day.

Starting point is 00:22:02 And you take two sticky notes, one for where you're going to start the book that day and one where you're going to end. You just keep rotating those sticky notes until you get to the end of the book. And that's how you read a book per week every single week. because what a lot of people do is they'll read a chapter or two, and they're like, oh, shoot, I've got to read a ton of pages now. Instead, just read 20, 30 pages per day. But in this challenge, all you have to do is read 10 pages per day, and you're going to hit that book per month,

Starting point is 00:22:24 and you're probably going to end up reading about three books by the end of this challenge. Because if you're not a reader, reading a book per week is going to be difficult. But reading 10 pages a day is something that you can do, and it's worthwhile within this challenge because you're going to build up your knowledge such you have that wealth trajectory to get to the next level.

Starting point is 00:22:39 The next one, you may be wondering, well, why is this on a money challenge? Well, this is extremely important for a lot of situations. It's do one workout per day. I don't care if it's 20 minutes. I don't care if it's 30 minutes. I don't care if it's 45 minutes. I don't care if it's two hours.

Starting point is 00:22:51 But do one workout every single day. Why? Because our goal is to increase our income. And how do we increase our income? Through our jobs, through our side hustles, through all of these different things. What do you need for those? You need energy.

Starting point is 00:23:04 And what working out does is it improves your sleep. It increases your energy. It decreases stress. It allows you to perform better. And performance is what we want. want to do every single day as we're on our wealth building journey. So you have to do one workout per day in this challenge. You didn't know you're going to get healthy and wealthy in this challenge, did you? Well, that's what we're talking about today, because you have to have an edge when it comes to

Starting point is 00:23:24 this life. And working out gives you an edge when you do that. So making sure you do one workout per day, I don't care what workout is if you like to go running. Go running. If you love lifting weights, lift weights. If you want to go for a walk for 45 minutes a day, go for a walk. But one workout a day is all you have to do. Now, this is a very simple concept. It's something that I just want you guys to understand, but just doing that one workout per day is going to absolutely help you in your wealth building journey. They are correlated. They are absolutely correlated. And I truly believe that because the more energy you have, the more motivation you have, the more motivation you have, the more likely you are to do these things, and the more likely you are to pursue increasing your

Starting point is 00:24:01 income, which we always talk about, increasing our income is the catapult to building wealth. It is how we do it. So the next one is you're going to target your next step. on the stairway to wealth. So if you haven't heard our episode talking about the stairway to wealth, it's absolutely required before you start this challenge. And I will link it up in the show notes for you so that you can check it out. We go through each of these in extreme detail. But our stairway to wealth, what that is, is it's the order to put your money. So no matter how rich you are, there's another step in the stairway to wealth that you have to hit because there's all these different goals that you want to hit. So the first one is building up a cash buffer, making sure you

Starting point is 00:24:36 just have a buffer against life, a simple cash buffer that's up to your deductibles. The second one is you're going to get a 401k match. That's the next step. So a 401k match after you have your cash buffer, then you're going to do a 401k match with your employer. If your employer doesn't offer a 401k match, that's where you can skip this step. But if they do, you want to get your 401k match because it's free money. The third one is to pay off any high interest debt. So if you have high interest debt, this is the next step that you need to achieve. If you don't have high interest debt, then skip on in the next one. The fourth one is your emergency fund. You need to start building up an emergency fund so that you have it in place to protect you

Starting point is 00:25:11 against life. The fifth one is maxing out your Roth IRA or HSA. The sixth one is to max out pre-retirement accounts, things like 401K, 403B, any of those. The next one is wealth accelerators, buying businesses, buying real estate, all of that kind of stuff. Now, if you're a big real estate investor, you know what you're doing when it comes to real estate, you can utilize that in the Roth and HSA. And we talk more about that in that episode. The next one is to prepay long-term expenses, your kids' college fund, a wedding fund for your kids, all of these different things fall into that category. And the last one is to pay off low interest debt if you have any.

Starting point is 00:25:45 So all of these are extremely important. We deep dive into those in that episode. So if you haven't heard that episode, make sure you check that out because that's the next step and you need to hit the next step. So whatever your next step is, if you have high interest debt, that's where you're going to go after. If you don't have a buffer yet, then you go to step one. If you haven't started setting up your 401k match, then you go to step two. If you haven't built up an emergency fund, then you go to step four.

Starting point is 00:26:07 If you haven't maxed out of your Roth IRA or an HSA, then you go to that step. But all of these are where you're going to go for the next step. And during this challenge, you're going to say, hey, which step do I need to go to next in my personal situation? And that's what you need to try to achieve. And then the last one, this is sort of a bonus for this challenge. But use something like acorns or something else, and I'll leave a link to acorns below, to invest a little bit extra every single month during this challenge. So what Acorns is, if you never heard of it, it's an app where you can link it up to your debit

Starting point is 00:26:37 card or your credit card or your bank account. And every time you spend money, it rounds up to the nearest dollars with change and then invest that change for you. Let's say, for example, you went and got gas and it was $20.50. But what Acorns is going to do is add 50 cents to that and take 50 cents out to round it up $21 and invest that 50 cents for you. So each time you spend money, you're going to be investing money as we're going to be investing money as well. This is just a fun hack to allow yourself to invest more dollars every single month.

Starting point is 00:27:06 So this is going to increase the amount that you're investing every single month. Now, over time, this is going to add up. If you do this for an entire year, you're going to have like an extra thousand dollars invested over that entire year. And as we know, small amounts of money over time equal larger amounts of money. So that's why this is really cool and it's a really great way to have bonuses. Anytime you spend money on groceries or gas or Amazon stuff, it doesn't matter what you're doing. You're boosting your investment rate. And that's why we're why this is so incredibly important. You don't even have to think about it. It's just something that you do every single day. So that's the totality of the challenge. So let's run it over again

Starting point is 00:27:38 one more time. You're going to review and create financial goals and systems for the year. You're going to choose a budget and budget every single month. And you're going to utilize your money to budget every single month. You're going to track your net worth with personal capital. You're going to read 10 pages of a personal finance book or investing book every single day. You're going to do one workout per day. You're going to target your next step on the stairway to wealth. And you're going to use acorns or another rest. to invest those extra little dollars throughout the whole challenge.

Starting point is 00:28:03 That is the 2022-75-day money challenge. I hope you guys take this challenge with me. We're all going to be doing this together for the new year. And let's see how far we take it. I'd love to hear your guys' goals. Send your goals over to me either on Instagram at MasterMoney Co. Or you can email them to me at Andrew at mastermoney.com.

Starting point is 00:28:23 And I'd love to hear your goals. I want to see your progress as we go through this challenge and see where you end up. Now, do you have to do this challenge only one time? No, you can perpetually be doing this challenge throughout the year. And if you do that, you're going to make massive gains to your financial wealth over time. And if you have any questions about it, hit me up on Instagram at Master Money Co. And follow us on Spotify, Apple Podcast, or whatever podcast player you love listening to this podcast to.

Starting point is 00:28:46 And if you want to have about the show, leave a five-star rating and review on Apple Podcasts. And don't forget to check us out on YouTube as well for extra content. We're releasing two videos every single week. Thank you guys so much for listening to this episode. Don't forget to download the principal in the calendar so that you can start this challenge. And we will see you guys on the next episode for the best year yet. You're going to have the best financial year you've ever had by doing. When a country's productivity cycle is broken, people feel it in their paychecks,

Starting point is 00:30:53 their communities, their futures. What does this mean for individuals, communities, and businesses across the country? Join business leaders, policymakers, and influencers for CG's national series on the Canadian Standard of Living. productivity and innovation. Learn what's driving Canada's productivity decline and discover actionable solutions to reverse it.

The Personal Finance Podcast - The 75 Day Money Challenge! (Get Your Money Right This Year!)

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.