Hello and welcome to Screw the Stock Market!
Embark on your journey to financial freedom with a crucial first step: a meticulous examination of your personal expenses. This episode delves into the significance of eliminating non-essential costs, laying a solid foundation for a future of financial autonomy. Tune in to arm yourself with strategies that propel you closer to your financial aspirations.
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- Reviewing Our Expenses: Our first step towards financial freedom is a comprehensive review of our individual expenses. It's crucial for us to reduce unnecessary costs as we work towards our financial freedom goals.
- Our Budgeting Techniques: We discussed various techniques, and one of us has found significant success with the "envelope system." By allocating specific cash amounts to envelopes for different expenses, we can better manage our spending.
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- Our Principle of Budgeting: For us, it's all about planning ahead rather than reacting to expenses as they arise. It's essential for us to list our mandatory costs, allocate our income to these costs, save where we can, and genuinely understand our financial situations.
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- Awareness of Our Bills & Our Power to Negotiate: We often lose track of recurring subscriptions or services we no longer use. It's vital for us to regularly check our bank statements and be aware of where our money is going. Furthermore, we've realized that many of our bills can be negotiated, and by doing so, we can save significantly.
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- Balancing Our Income and Expenses: We've observed that as our income grows, our expenses often increase in tandem. We believe that by exercising discipline in our early stages of financial growth, we'll lay a solid foundation for managing even larger incomes in the future. If we find budgeting a challenge at our current income level, it might be time for us to explore ways to enhance our earnings.
We encourage all of you to reflect on your expenses and evaluate your budgeting strategies based on the insights we've provided. We also welcome your feedback and questions and look forward to diving deeper into this topic in our future episodes.
