In part two of our Better Budgeting series, we discuss the types of budget goals you can have, and plans you can make, to take control of your money.
Show Notes
- 2:01 - March breaks down the topic of budgeting into three parts: setting your goals, making a plan, and executing your plan
- 2:39 - Ian, Darren, and March share where they are in terms of setting financial goals.
- 7:25 - March shares a pro-tip for how his relocation to Ireland has saved him a lot of money on his kid's college tuition.
- 9:59 - Darren compares high-interest debt to running on a treadmill.
- 11:02 - We discuss how paying off high-interest debt (like credit card debt) is one of the first goals to set for yourself.
- 11: 28 - Darren shares a book recommendation: The Richest Man in Babylon by George S. Clason and introduces the concept of "pay yourself first."
- 16:53 - Different ways to think about your retirement goals: the "bounce your last check" method or the lump sum method.
- 19:54 - Ian shares that one of his near-term goals is to buy a home and we discuss the different perspectives on home ownership versus renting.
- 25:14 - The cultural aspect of home ownership, the utilitarian aspect of home ownership, and the financial aspect of home ownership.
- 33:20 - Trading hours for dollars and how to define financial freedom.
- 37:09 - How to think about budgeting using some practical budgeting models.
- 40: 21 - The 50/20/30 budgeting rule.
- 43:19 - March offers a tip for making saving easier by using the "boil the frog" method.
- 50:50 - Different financial vehicles for saving money including Traditional and ROTH IRSs.
- 59:45 - How to use positive goal setting techniques to make it easier to save money.
- 1:06:10 - After realizing how rich this topic is (no pun intended) we decide that it deserves a part 3 where we can dedicate more time on tips for executing a budget plan.
- 1:07:00 - The role of debt in your financial picture and how to tell the difference between "good debt" and "bad debt."
- 1:14:35 - The different types of insurance you can purchase and how insurance works.
- 1:17:40 - Why people buy insurance if the odds are against ever collecting it.
1:22:50 - Darren offers to sell Ian volcano insurance.
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