The 3 Basic Money Skills You Need To Know

00:06:50
https://www.youtube.com/watch?v=3m3-lMdIlJw

Resumen

TLDRRicky from Washington is struggling with the emotional aspect of spending money, even though he has savings and is out of debt. He feels a strong attachment to his savings and finds it difficult to part with money, particularly when it comes to buying a reliable car. The discussion emphasizes the differences between savers and spenders, noting that savers often find comfort in having money saved, while spenders are more comfortable enjoying their money. It highlights the importance of balancing spending, saving, and giving, suggesting that giving can help individuals feel more at ease with spending. Ultimately, the conversation encourages Ricky to enjoy his money and consider purchasing a reliable vehicle, as well as to engage in acts of generosity to foster a healthier relationship with his finances.

Para llevar

  • 💰 It's common for savers to struggle with spending money even when they have it.
  • 🚗 A reliable vehicle is important for daily life and well-being.
  • 🎁 Giving can help ease the emotional burden of spending.
  • 📊 Balancing spending, saving, and giving is essential for financial health.
  • 💡 Enjoying money is a key part of financial success.
  • 🤝 Savers and spenders can learn from each other for better money management.
  • 📈 Wealth allows for larger purchases without financial strain.
  • 🛠️ Building wealth can enhance the ability to enjoy life.
  • 💵 It's okay to enjoy the fruits of your labor after saving.
  • 🌱 Generosity can lead to a healthier relationship with money.

Cronología

  • 00:00:00 - 00:06:50

    Ricky from Washington expresses his struggle with spending money on a nicer car despite being out of debt and having an emergency fund. He finds it hard to part with his savings, which he has worked hard to accumulate. The speaker discusses the emotional aspect of spending, noting that savers often find comfort in having money saved rather than spending it on things like a reliable car. He emphasizes the importance of balancing spending, saving, and giving, suggesting that giving can help individuals feel more comfortable with spending. The speaker encourages Ricky to enjoy his money, particularly by purchasing a reliable vehicle, and to consider giving a portion of his funds to those in need, as this can help alleviate the emotional struggle associated with spending. He concludes by discussing the balance between enjoying money and being responsible with it, using an example of a wealthy friend to illustrate that spending should be proportionate to one's financial situation.

Mapa mental

Vídeo de preguntas y respuestas

  • Why is it hard for some people to spend money even when they have it?

    It's often an emotional struggle, especially for those wired as savers who find comfort in having money saved.

  • What are the three basic money skills mentioned?

    The three skills are spending properly, saving for emergencies and investments, and giving generously.

  • How can giving help with the struggle of spending money?

    Giving can provide a sense of permission to enjoy money, making it easier to spend.

  • What should Ricky consider when buying a new car?

    Ricky should enjoy his money and consider purchasing a reliable vehicle since he has the funds.

  • Is it okay to enjoy money after saving?

    Yes, enjoying money is important, especially after reaching financial goals.

  • What does it mean to be in balance with money?

    Being in balance means giving, saving, and enjoying a portion of your income without overspending.

  • How does wealth affect spending decisions?

    Wealth allows for larger purchases without significantly impacting financial stability.

  • What should someone do if they feel guilty about spending money?

    They should evaluate their financial situation and consider giving to feel more comfortable with spending.

  • Can savers and spenders find common ground?

    Yes, both can learn from each other to achieve a balanced approach to money.

  • What is the significance of having a reliable vehicle?

    A reliable vehicle is essential for daily life and can enhance overall well-being.

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Desplazamiento automático:
  • 00:00:02
    today's questions from Ricky in
  • 00:00:05
    Washington he said David just can't gone
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    through my second beater car tired of
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    being on a first-name basis with the
  • 00:00:11
    triple a tow truck driver I'm out of
  • 00:00:13
    debt I have my emergency fund saved and
  • 00:00:15
    I have the money to get a little nicer
  • 00:00:17
    car having a hard time parting with it
  • 00:00:20
    because it works so hard to save it can
  • 00:00:22
    you talk a bit about the struggle people
  • 00:00:23
    have with spending money even when they
  • 00:00:27
    have it to spend yeah it's so hard to
  • 00:00:31
    finally get some in savings it's hard to
  • 00:00:35
    release it especially if you're wired as
  • 00:00:37
    a saver now I'm wired as a spender
  • 00:00:40
    my wife is wired as a saver you usually
  • 00:00:44
    we fall in one of two categories I think
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    you're wired as a saver she gets great
  • 00:00:48
    comfort from having that pile of money
  • 00:00:50
    more than she would get great comfort
  • 00:00:52
    from having a reliable car me I'd rather
  • 00:00:54
    have a reliable car past the emergency
  • 00:00:58
    fund you're at them you know this is an
  • 00:00:59
    emotional thing at this point it's not a
  • 00:01:01
    financial thing it's a I have the money
  • 00:01:03
    but I have trouble releasing it and so
  • 00:01:06
    what that says is you're just getting
  • 00:01:08
    some you know it's a normal thing and
  • 00:01:10
    it's not a bad thing but it's it just
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    says I get Security Act from that extra
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    money beyond my emergency fund and I'll
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    tell you this I I think it's something
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    we all have to work at one of our money
  • 00:01:26
    skills there's really three basic money
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    skills that you have spending properly
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    reasonably learning to enjoy money falls
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    under spending learning to enjoy life
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    with your money which is kind of what
  • 00:01:45
    your questions about the second one's
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    saving and learn to save money for
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    emergencies for college for retirement
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    to change your family tree to build
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    wealth and learn to invest you learn to
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    ride the investment waves like we've had
  • 00:02:00
    in the stock market in the last couple
  • 00:02:02
    weeks right and giving the power of
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    generosity to completely change you
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    when you learn to give as the natural
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    rhythm of your life it changes
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    everything
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    so giving saving and spending everyone
  • 00:02:23
    has at least one of those that they
  • 00:02:27
    struggle with - saving I'm a spender no
  • 00:02:34
    trouble for me to enjoy money it's also
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    no trouble for me to give money a lot of
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    spenders it's easy from them and be
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    generous because the the release of
  • 00:02:43
    money doesn't bother us as much as it
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    does a safer and if and so but I'm weak
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    at saving and that's why God makes me
  • 00:02:51
    teach this every day I'm no longer weak
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    at saving but it wasn't my natural
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    default I had to intellectually decide
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    to have an act of my will to save and
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    invest and really what drove me to do
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    that as a spender giver is that I would
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    have more to spend and give if I built
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    more wealth I can spend more and get
  • 00:03:12
    more and that's my only reason for
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    saving it's not because I just love
  • 00:03:17
    saving money
  • 00:03:17
    I still don't there's a day it's not
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    that so you're on the other side of this
  • 00:03:21
    Ricci is what we're saying
  • 00:03:23
    you know you you don't enjoy spending we
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    don't know about giving you didn't
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    address that in your thing sometimes I
  • 00:03:34
    can get spenders or savers like this to
  • 00:03:37
    turn loose of their money first by
  • 00:03:40
    increasing their giving and then that
  • 00:03:43
    kind of gives them permission to also
  • 00:03:45
    enjoy the money themselves but it would
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    be a shame to save and work and not
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    enjoy some of your money and one of the
  • 00:03:55
    things you should enjoy is a reliable
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    vehicle and you don't have a reliable
  • 00:04:01
    vehicle you've been drink you know
  • 00:04:02
    you've been doing beaters and so you you
  • 00:04:06
    know you need to go buy the car you
  • 00:04:07
    already knew that
  • 00:04:08
    you weren't asking about that but you
  • 00:04:10
    already knew that but maybe also take a
  • 00:04:14
    little bit of that money and give it
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    find someplace to be generous at your
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    church or find a couple that's
  • 00:04:20
    struggling or a single mom then
  • 00:04:23
    like bill for a year or whatever but
  • 00:04:26
    find something to do because there's
  • 00:04:28
    something about giving that kind of then
  • 00:04:33
    gives you permission down inside your
  • 00:04:35
    spirit to also enjoy money as money's
  • 00:04:38
    fun if you got some you ought to enjoy
  • 00:04:40
    it you don't enjoy some nice things now
  • 00:04:44
    if that's all you do and you don't save
  • 00:04:45
    you know give then you're just a shallow
  • 00:04:47
    tor right but you know to assume that
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    just because someone has the ability to
  • 00:04:53
    join and enjoy money means that they're
  • 00:04:55
    greedy or shallow that's just bogus and
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    the way you can tell is what percentage
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    of their financial situation is going
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    towards stuff of them and and if if all
  • 00:05:12
    the money you make is going to buy you
  • 00:05:13
    crap then then you're out of balance you
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    know but if you're if you're giving a
  • 00:05:18
    percentage of your income and you're
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    investing a good percentage of your
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    income and you're enjoying some of your
  • 00:05:27
    income on lifestyle purchases travel
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    cars clothes whatever it is then that's
  • 00:05:32
    in balance once you're at baby step
  • 00:05:35
    three and beyond and the end and that's
  • 00:05:39
    where Ricky is but it's a really good
  • 00:05:41
    question Ricky it's a good question for
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    me to stop and just kind of rant on or
  • 00:05:45
    vent on for a second here teach on for a
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    second because sometimes people think
  • 00:05:50
    well you know no one should ever have a
  • 00:05:53
    car like that why would anyone need a
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    house like that for now I've got a
  • 00:06:01
    friend that's worth about three billion
  • 00:06:02
    dollars now a billion is a thousand
  • 00:06:06
    million he has three thousand million he
  • 00:06:11
    has three thousand million he spent six
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    million on his house and people sent him
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    hate mail no I said I was like that his
  • 00:06:29
    house as a percentage of his net worth
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    and his income is like you going through
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    the drive-through at chick-fil-a and
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    buying a biscuit it didn't affect his
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    life one I own I'd have spent six
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    million dollars on a house as a matter
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    of fact that's a very conservative house
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    for someone who has three billion
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    dollars
Etiquetas
  • spending
  • saving
  • giving
  • financial advice
  • money management
  • emotional spending
  • reliable vehicle
  • wealth
  • balance
  • financial goals