Speaker 1: Welcome to Money Making Conversations.
Speaker 2: It's the show that she is the secrets of success
Speaker 2: experience firsthand by Marketing and Brandon expert Rashan McDonald. I
Speaker 2: will know he's giving me advice on many occasions. And
Speaker 2: in case you didn't notice, I'm not broke. You know
Speaker 2: he'll be interviewing celebrity CEOs, entrepreneurs and industry decision make
Speaker 2: because it's what he likes to do, it's what he
Speaker 2: likes to share. Now it's time to hear from my man,
Speaker 2: Rashan McDonald money Making Conversations.
Speaker 3: Here we go.
Speaker 1: Money Making Conversation Master Class is a show that I
Speaker 1: bring information to you. Is for everyday people and I
Speaker 1: always tell people, you know, don't let anybody stop you
Speaker 1: from following your dream. Live your dream, be your dream.
Speaker 1: Your dream can happen if you want it to happen.
Speaker 1: That's why I created this show. My next guest is
Speaker 1: one of the leading people in the financial market. We're
Speaker 1: going to get into detail about her, but her new
Speaker 1: book helps younger savers find long term saving success by
Speaker 1: overcoming their behavioral biases. Please welcome the Money Making Conversation
Speaker 1: Masterclass and Lester, how are you doing?
Speaker 4: Ann and I'm great. How about you?
Speaker 1: Well? And you know I always tell peop when they
Speaker 1: come on the show, you know, Toalding all this financial knowledge,
Speaker 1: I need a little background, need a little history. What
Speaker 1: makes an so financially smart? Talk to us?
Speaker 4: Oh well, I don't know about smart, but I I
Speaker 4: guess I managed billions of other people's money for about
Speaker 4: twenty five years. Did it pretty well according to some
Speaker 4: folks who gave me some awards for it, morning Star.
Speaker 4: But the reason I wrote the book Your Best Financial
Speaker 4: Life is because I made every single mistake you could make.
Speaker 4: And you know, it took me a while to figure
Speaker 4: out how to not make all the mistakes I was making.
Speaker 4: So for me, the book is really kind of combining
Speaker 4: what I learned after you know, I guess almost thirty
Speaker 4: your career in asset management with you know, kind of
Speaker 4: fifteen years of just stupidity and you know, trying to
Speaker 4: help people not make those same mistakes.
Speaker 1: Right, And the book you're talking about is your Best
Speaker 1: Financial Life? Say smart? Now? For the future you want,
Speaker 1: because we're always talking about the future, is there a
Speaker 1: And I know you have to answer to this, but
Speaker 1: I just want to hear our public because we always
Speaker 1: get to a certain point we think we can't save anymore.
Speaker 1: Is there a lockdown point that people need to just
Speaker 1: stop talking like that? Because you can save at any
Speaker 1: age as long as you have a plan. Is that correct?
Speaker 4: I think it is for most people. But you know,
Speaker 4: I think we have to be honest, like, at some
Speaker 4: points in your life you just may not you know,
Speaker 4: you may just be scraping by to make the rent.
Speaker 4: And you know, I don't want to say that everybody
Speaker 4: can just dig a little deeper and squeeze a little harder,
Speaker 4: because there are some folks I'm sure who are listening
Speaker 4: to this who can't do that. But one of the
Speaker 4: things I talk about in my book is you may
Speaker 4: not be able to do it this second, but you
Speaker 4: certainly can do it in the future. And the way
Speaker 4: you get there is to make a commitment. You make
Speaker 4: a promise yourself that the next time your income goes
Speaker 4: up a little bit, the next time you get a
Speaker 4: little bit of money, that's what you save, because sometimes
Speaker 4: you cannot squeeze it out of where you are right now.
Speaker 1: You know, It's really interesting because as you go through
Speaker 1: as you as you gain financial success, we tend not
Speaker 1: to you know, like instance, if I if I operated
Speaker 1: on the lifestyle I had while I was going to college,
Speaker 1: but then I got a job, then I upgraded the
Speaker 1: car and upgraded the apartment next to the arm in
Speaker 1: the house. We keep upgrading, We keep upgrading. And when
Speaker 1: you talk about ways to hack your brain to make
Speaker 1: saving easier, is that the hacking part to stop the upgrades?
Speaker 1: And we tend to invite ourselves to when we get
Speaker 1: certain levels of financial uplift or how do we is that?
Speaker 1: Is that what we're talking about when you're hacking the brain?
Speaker 4: That is a big one. Right. Make sure you you
Speaker 4: know the rule that I give people to save at
Speaker 4: least half of every raise. And as you say, right,
Speaker 4: nobody wants to live a life that they were living
Speaker 4: in college, right or their first job. Right, it's just
Speaker 4: not very much fun. But if you let yourself take
Speaker 4: all of your raise and use that on the brand
Speaker 4: new car, right, you were just talking about Tesla's right,
Speaker 4: you just want to go buy the fancy Tesla or
Speaker 4: the fancy whatever, right, And your whole raise goes into
Speaker 4: that new car payment, you're not getting ahead. And then
Speaker 4: the next raise you get, you're like, well, I want
Speaker 4: to remodel the kitchen and there goes that raise again. Right,
Speaker 4: So what you need to do is get into the
Speaker 4: habit of not letting yourself use all of that. You know,
Speaker 4: I call it consumption creep. Right, Your lifestyle just keeps
Speaker 4: getting better and better and better, and if you don't
Speaker 4: increase your savings rate at the same time, you're really
Speaker 4: creating a world of pain for yourself in the future
Speaker 4: because you will need to have saved more money to
Speaker 4: maintain that lifestyle when you retire, except that you're not
Speaker 4: saving anymore.
Speaker 1: Well, you know the interesting thing, Like my daughter you
Speaker 1: called me the other day. She said, Dad, I want
Speaker 1: to come sit down with you, because I always talk
Speaker 1: about you know, honey, if you start saving early and
Speaker 1: your in twenties, it's going to be a fantastic life
Speaker 1: in your fifties and sixties. It's something people told me,
Speaker 1: and I kind of did it, and but I didn't
Speaker 1: do it.
Speaker 4: You know.
Speaker 1: I saved, and I took some money out. A saved,
Speaker 1: took some money out, and so I kept beating up
Speaker 1: the plane. I had the plan, but I kept beating
Speaker 1: it up, kept pulling that and diverting it. I guess
Speaker 1: I should use the word diverting it. And now, now
Speaker 1: when you sit down, when I sit down with my daughter,
Speaker 1: and what advice should I initially start communicating with her
Speaker 1: about the future and money.
Speaker 4: So this is the same conversation I had with my
Speaker 4: son when he graduated from college five years ago, which is,
Speaker 4: you have to start saving, and if you could only
Speaker 4: save a teeny tinne little bit, that's fine. And he
Speaker 4: started working for a startup that didn't offer a four
Speaker 4: to one K plan and I was like, all right,
Speaker 4: then you build up your emergency fund first. Make sure
Speaker 4: you get three to six months of your living expenses
Speaker 4: saved up in that way, if that startup fold, you
Speaker 4: know you're not going to be freaking out and moving
Speaker 4: home if done. But you know he didn't want to.
Speaker 4: We didn't. You know, nobody would have liked that outcome.
Speaker 4: But right, but you know, if you start, you know
Speaker 4: the building blocks, right, So that first building block is
Speaker 4: an emergency savings fund. And if you can only put
Speaker 4: in twenty five or fifty bucks a week or a month,
Speaker 4: like just start right. It builds the habit and then
Speaker 4: you change the way you look at yourself and you're
Speaker 4: suddenly a person who is a saver, Right, you're a saver,
Speaker 4: and you suddenly are like, yeah, I can do this,
Speaker 4: even if it's not a lot. And then the next
Speaker 4: time you get that first raise, like he got a
Speaker 4: raise and I was like, all right, you're saving half
Speaker 4: of that, and then his emergency savingstone was built up
Speaker 4: I don't know, not that long because he got kind
Speaker 4: of a nice raise and so he threw all that
Speaker 4: news emergency savings fund. And then his company got bought.
Speaker 4: The company that bought him had a four to one
Speaker 4: K plan. I'm like, all right, take half of that
Speaker 4: raise that you just got and start throwing it in
Speaker 4: your four one K plan. Right, that's how you get going.
Speaker 4: And if you start in your twenties, you can start
Speaker 4: really small, like one, two, three percent of your salary,
Speaker 4: and you know, five years later, suddenly you're saving fifteen
Speaker 4: or twenty percent of your salary, which is a huge number.
Speaker 4: But that's really what most people should be targeting out
Speaker 4: of their paychecks. And you can't do that all at once,
Speaker 4: like it's just too painful.
Speaker 1: Okay, cool. So the word we keep using this word
Speaker 1: is savings, and that Yeah, I want to slow that
Speaker 1: down because we're not talking about the traditional saving account
Speaker 1: that you hear that has very little interest return. We're
Speaker 1: talking about investing type savings or that's when we're referencing
Speaker 1: R one.
Speaker 4: Hundred percent, and I use that as a shorthand. But
Speaker 4: it's a saving and investing. It's a two step process, right.
Speaker 4: Number one, You've got to save the money and for
Speaker 4: something like your emergency savings, you could put it in
Speaker 4: the traditional bank savings account. Right now, you don't get
Speaker 4: paid any interest, so that's not great. You should find
Speaker 4: a high yield savings account for that, but that should
Speaker 4: be in a place you can access it quickly and
Speaker 4: that I would not invest that emergency savings at three
Speaker 4: to six months. I would not invest that in like
Speaker 4: the stock market. But your retirement money, right, long term savings.
Speaker 4: If you think you might want to buy a house
Speaker 4: in ten years, right, if it's if you're saving money
Speaker 4: for something that's longer than five years away, you should
Speaker 4: definitely be investing that in a mix of stocks and bonds.
Speaker 1: Now, your book or your best financial life, save smart
Speaker 1: now for the future you want Now. What I want
Speaker 1: to also look back on is that you know I'm older,
Speaker 1: you know and look back on mistakes you can't look
Speaker 1: back on the spilled milk decisions that you may financially,
Speaker 1: because that can hurt your decision making in the future.
Speaker 1: You have to really stay focused on the plan and
Speaker 1: you put that plan in place. Do you if you're married,
Speaker 1: do you put the plan in place as as a
Speaker 1: couple and you present it as an individual presented to
Speaker 1: your your partner? How does that work?
Speaker 4: I wouldn't do that. I don't think that'll go very well.
Speaker 4: I think, you know, ideally, this is something you talk
Speaker 4: about when you're dating. Right, Ideally, you like you have
Speaker 4: a conversation where you're creating some financial honesty with each
Speaker 4: other about what debt you might have, right, what kind
Speaker 4: of lifestyle you like living? You know I talk about
Speaker 4: in my book, like what kind of spender are you? Like?
Speaker 4: Are you a saver? Are you a spender? Are you
Speaker 4: the kind of person? I call them ostriches. It's just
Speaker 4: like I don't even want to know about it. Don't
Speaker 4: make me look are you know? Like they're different kinds
Speaker 4: of behaviors, patterns, personalities, whatever that we all have with money,
Speaker 4: and that's something that you and your partner should hopefully
Speaker 4: have a handle on, Like before you tie the knot
Speaker 4: like before you get married. But I don't think it's
Speaker 4: ever too late to start having a conversation. The trick
Speaker 4: is right that money is something that a lot of
Speaker 4: people feel some shame about, some guilt about. Maybe it's
Speaker 4: something they never heard, you know, anybody talk about at
Speaker 4: home without a lot of anger or emotion. So it
Speaker 4: can get pretty uncomfortable. So, you know, I think it's
Speaker 4: it's a good idea to try to talk about what
Speaker 4: you want to talk about and kind of create a
Speaker 4: roadmap for the conversation and then ideally so to say
Speaker 4: here's what I think, here's what I feel, here's what's
Speaker 4: important to me. And you know, if one person thinks
Speaker 4: it's really really important to always you know, have the
Speaker 4: newest whatever and make sure you're you know, presenting well,
Speaker 4: like have new clothes, you know, if that's really important
Speaker 4: to you, and your partner is like, you know what,
Speaker 4: I don't actually want to spend my money on that.
Speaker 4: If we're not doing X or Y, Like that's a
Speaker 4: negotiation and you've got to figure out how you're going
Speaker 4: to handle your finances together.
Speaker 1: That's a great Now I'm now I'm going to tap
Speaker 1: into your mind your financial mind. I'm gonna have ask
Speaker 1: a series of questions that a lot that I that
Speaker 1: I want to know about. Here's my first one. Three
Speaker 1: questions to answer before you tap into your emergency savings
Speaker 1: that you've been talking about. Three of those what what?
Speaker 1: What are those questions we should we need to answer?
Speaker 4: So question number one is is is do I have
Speaker 4: to spend this money? Is it really an emergency? Like, like,
Speaker 4: is there any way I can avoid dealing with this? Right?
Speaker 4: And and one of the questions is, you know, is
Speaker 4: this an unexpected emergency? Is this is this really an emergency?
Speaker 1: Right?
Speaker 4: Do I have to spend the money? That's the second one?
Speaker 4: And then do I have to spend the money now? Right?
Speaker 4: Because there there could be an expense that's not an emergency,
Speaker 4: Like you can I don't know your phone battery is dying.
Speaker 4: I talk about this a little bit in the book,
Speaker 4: Like you need to brand new phone. You can like
Speaker 4: limp along and like get a little cheap battery pack
Speaker 4: and like make a last save up a couple months
Speaker 4: and then buy a new phone. If you drop it
Speaker 4: down the sewer, like you need a new phone, Like
Speaker 4: it blows up, you need a new phone right, So
Speaker 4: so it's kind of like how do you how do
Speaker 4: you decide what's a real emergency?
Speaker 1: And that kind of happened to me recently, and you know,
Speaker 1: because it's called that splurging factor because my phone, you know,
Speaker 1: and I'm just gonna be honest with everybody. I got
Speaker 1: one of those fold phones, right, and I in the
Speaker 1: screen cracked, right, and my insurance because they said I
Speaker 1: dropped it. They said, hey, we're not going to cover that, Okay,
Speaker 1: so I had to. So this was that emergency talk
Speaker 1: to you was talking about. So they said, it's going
Speaker 1: to cost you five hundred and thirty dollars to repair
Speaker 1: it or two thousand dollars to buy a new phone.
Speaker 1: That's that decision, Okay, repair new, repair new, And that's
Speaker 1: the decision that a lot of people come to, going
Speaker 1: is there guarantee this repair is going to fix the problem. Well,
Speaker 1: I decided I'm going with the repair saved me roughly
Speaker 1: fifteen hundred dollars. And that's what you're talking about when
Speaker 1: you're talking about that emergency savings tapping into is it
Speaker 1: really an emergency? Is an emergency that you can look
Speaker 1: at and kind of like look at it on options
Speaker 1: until you don't tap into it? Is that an example
Speaker 1: a good example there?
Speaker 4: Maybe? I mean the way another way to think about
Speaker 4: it is is it unexpected?
Speaker 3: Right?
Speaker 4: Is it unexpected? Right? And you know, is dropping your
Speaker 4: phone unexpected? Yeah? I guess right, So yeah, is it unexpected?
Speaker 4: You know? The second question and I'm just going to
Speaker 4: quote for my book right now, right, am I I
Speaker 4: don't spend the money?
Speaker 3: M hm?
Speaker 4: You know, maybe like you need a phone, right, like
Speaker 4: you actually need a phone to function in the world.
Speaker 4: And then the third question is, am I screwed if
Speaker 4: I don't spend the money now?
Speaker 3: Right?
Speaker 4: Right? And that's that's like back to that example of
Speaker 4: the phone with the dying battery, like still works right.
Speaker 1: Well, I tell you my phone with des green was
Speaker 1: completely going and I'm telling you I couldn't even see
Speaker 1: numbers no more. It was pretty ugly there. I was
Speaker 1: pretty ugly that I think.
Speaker 4: I think I counted and then and then you had
Speaker 4: a decision, right right, And you know, do I how
Speaker 4: much of this emergency funder like my immediate cash do
Speaker 4: I want to do I want to spend on this thing? Right?
Speaker 4: And is it is it going? For the whole brand
Speaker 4: new phone? Or is it trying to limp along and
Speaker 4: then maybe knowing all right, I know I'm going to
Speaker 4: have to replace his phone sooner or later. I better
Speaker 4: start saving up.
Speaker 1: Oh wow, it's awesome and we're going to go to
Speaker 1: a break here. I'm talking to and Lester, the author
Speaker 1: of Your Best Financial Life, Save Smart Now for the future.
Speaker 1: You want Money Making Conversation Masterclass, We were Shawn McDonald.
Speaker 3: We'll be right back with more money Making Conversations Masterclass
Speaker 3: with Rushawn McDonald. Welcome back to the Money Making Conversations
Speaker 3: Masterclass hosted by Rashaan McDonald. Money Making Conversations Masterclass continues
Speaker 3: online at Moneymakingconversations dot com and follow Money Making Conversations
Speaker 3: Masterclass on Facebook, Twitter and Instagram.
Speaker 1: Hi, this is Rushan mc You're listening to an interview
Speaker 1: with Anne Lester. More than thirty years JP Morgan, Asset
Speaker 1: Management of Retirement Solutions and former Head of Retirement Solutions
Speaker 1: JP Morgan Assetment Management, Incredible Award winning speaker business person
Speaker 1: on my shoulder. Data is talk about breaking down money,
Speaker 1: money that you're spending, money you need to save, and
Speaker 1: how you deal with that. Recently, you send us a
Speaker 1: couple of questions, and one of the questions that popped
Speaker 1: out of my head I really needed you to explain
Speaker 1: was called subscription detox. Seven ways to take back your
Speaker 1: finances from online subscriptions. You may not even know you
Speaker 1: are paying for it. Please explain to me what that is.
Speaker 4: So I talk in my book and you can actually
Speaker 4: take a quiz about this on my website about spending types. Right,
Speaker 4: So one of the first ones I talk about, I
Speaker 4: think the first one in fact, is called the over subscriber.
Speaker 4: So you might not know that, you may not be,
Speaker 4: you know, feeling like you're spending a lot of money,
Speaker 4: you know, wasting it. But you also may not have
Speaker 4: any idea how many subscriptions you have, right, how many
Speaker 4: streaming services do you have? How many apps? Did you
Speaker 4: sign up for something without even knowing it? So I
Speaker 4: have a whole checklist of things you can think about
Speaker 4: to start getting your arms around this. So Number one,
Speaker 4: avoid auto renew, Just avoid it, don't do it. If
Speaker 4: you can sign up for a service you think you need,
Speaker 4: if you're allowed to not have it automatically renew, don't
Speaker 4: do it. That's the easiest one. Another one that I
Speaker 4: like a lot and I use it myself if you
Speaker 4: happen to have more than one credit card, and please
Speaker 4: do not go get a second credit card if you
Speaker 4: do not already have one. But if you have more
Speaker 4: than one, when you sign up for a new subscription service,
Speaker 4: use the credit card that's going to expire sooner, because
Speaker 4: that way you'll get prompted to update your credit card information.
Speaker 4: And that's just an automatic break. Right. It's a point
Speaker 4: where you can ask yourself, do I really need this anymore?
Speaker 4: How many times did I watch a show like what
Speaker 4: am I? You know, you may find that you're subscribing
Speaker 4: to all kinds of stuff like I just went into
Speaker 4: my theory. If you have an Apple phone, you can
Speaker 4: go in there and you know, really quickly look at
Speaker 4: all the things that are that you subscribe to on apps.
Speaker 4: And sometimes you look at these things and go, I
Speaker 4: don't even remember signing up for this. I don't use
Speaker 4: this app. I deleted it from my phone. What you know,
Speaker 4: what the heck is this bill doing? You can go
Speaker 4: through your monthly credit card statements and just see what's
Speaker 4: popping up there and just go, really, like, why am
Speaker 4: I getting charged this? Think about a subscription in terms
Speaker 4: of its annual cost when you sign up right. A
Speaker 4: lot of times they'll say it's only whatever, nine to
Speaker 4: ninety nine a month at a zero, like multiplying by
Speaker 4: twelve is a little tricky. If it's nine ninety nine,
Speaker 4: it's over ninety nine bucks a year, like do you
Speaker 4: really need to spend that money? It's one hundred and
Speaker 4: twenty bucks, Like do you really need to spend that money?
Speaker 4: I think a great one for streaming is rotating your
Speaker 4: streaming services, so you know, subscribe to one, watch all
Speaker 4: the shows, cancel it, go on to another one, right anymore,
Speaker 4: you do not need all of them at the same time.
Speaker 4: If you really feel like this is the place a
Speaker 4: lot of your money is going, just try, you know,
Speaker 4: unsubscribing from one thing a month and see what happens.
Speaker 4: Like you may not know that you really did it,
Speaker 4: you may not miss miss having it, and then you know,
Speaker 4: last but not least, there's some free subscription services out
Speaker 4: there that can help you get you know, you can
Speaker 4: link up your credit card statement to it and they'll
Speaker 4: show you what you're doing and maybe make it more
Speaker 4: easy for you to cancel those things automatically. It's a
Speaker 4: way to track your spending and see what you're actually doing.
Speaker 4: I like that those you know, I don't off the
Speaker 4: top of my head and see, really, honest, I'm trying
Speaker 4: not to recommend thing.
Speaker 1: You know, when you peak my veriality, I gotta go
Speaker 1: there because I'm gonna tell you, honestly, I'm dealing with that.
Speaker 1: I'm dealing with you know, I'm a guy several credit cards.
Speaker 1: I'm gonna just tell you, not saying I'm bragging, but
Speaker 1: you know, you get these credit cards for business, you
Speaker 1: get the credit cards for personal. I have a daughter,
Speaker 1: my wife, and the another mistake I made is I
Speaker 1: may have a subscription on this credit card. I may
Speaker 1: have a subscription on that credit card, and so I
Speaker 1: can't track them. I can't hold everything. Like I might
Speaker 1: have my utility bills on this card. I might have
Speaker 1: my business utility bills on that card. So and hearing
Speaker 1: your advice is absolutely correct when I look at it.
Speaker 1: If I had to do it all over again, I
Speaker 1: would make sure that if I had any subscriptions, I
Speaker 1: would only put it on one card. I would make
Speaker 1: sure onlyn put it on one card. That way I
Speaker 1: can track it and understand it. But bad habits you're
Speaker 1: trying to get Apple, or you're trying to get Prime,
Speaker 1: and you just are Amazon or what any of these
Speaker 1: companies that require subscriptions. You just give them a card,
Speaker 1: and that can be a problem because you have to
Speaker 1: eventually track them down and sometimes you're paying for stuff
Speaker 1: that you really don't need.
Speaker 4: Are you absolutely? I think I think we all are right.
Speaker 4: It's really hard to stay on top of that stuff.
Speaker 4: And you know, sometimes I sign up for the monthly
Speaker 4: subscription just to make it easier to cancel, even though
Speaker 4: it's more expensive, because I'm like, I don't know if
Speaker 4: I really want this, let me try. And they're like,
Speaker 4: you know, it's cheaper, and I'm like, yeah, but I don't.
Speaker 4: I'm going to sign up for the annual thing and
Speaker 4: then I'm going to totally forget about it, and then
Speaker 4: the bill's going to happen. Then I will have paid it,
Speaker 4: and then you know, some of the good ones like
Speaker 4: remind you that it's coming up, but not all of
Speaker 4: it do.
Speaker 1: And you know, then the big number one trick move
Speaker 1: is you know, and is like, you know, these subscriptions
Speaker 1: say free sign up, but they want your credit card information,
Speaker 1: so it's not really a free sign up because if
Speaker 1: you forget, then the charge is going to hit your
Speaker 1: credit card.
Speaker 4: I tell you, what I've just started doing is putting
Speaker 4: a note in my calendar like calendar entry, cancel this right,
Speaker 4: Like I I just signed up for one right after
Speaker 4: the New year, and now I was just like it's
Speaker 4: I checked the date that the subscription was going to
Speaker 4: kick it, and I actually put a calendar note three
Speaker 4: days before. That's saying you got to cancel this because
Speaker 4: I wasn't sure I needed it, and I didn't need it,
Speaker 4: so I ended up doing it. But you know, if
Speaker 4: I hadn't put the calendar entry, and I totally would
Speaker 4: have forgotten to do it right.
Speaker 1: It was another note that really popped my eye into
Speaker 1: how student loan payments boost your credit score. I never
Speaker 1: would have thought that, please help me out.
Speaker 4: Well, you know, credit scores are based on how responsibly
Speaker 4: you pay your bills. So if you've got a lease
Speaker 4: and you're paying rent, that can show up on your
Speaker 4: credit cards. If you are, you know, you have student
Speaker 4: loans that can show up and actually boost your you know,
Speaker 4: your credit credit rating. So it actually makes a lot
Speaker 4: of sense to think about all of the things that
Speaker 4: you're paying routinely, that can be reported and that absolutely
Speaker 4: gets tracked. So you know, especially if you're in a
Speaker 4: financial pinch, you know, it doesn't make sense to start
Speaker 4: skipping some payments like that because it can really damage everything.
Speaker 1: Well, here's an interesting thing. I know I mentioned your
Speaker 1: book Your Best Financial Life, Save Smart Now for the
Speaker 1: future you want? Do you have a website?
Speaker 4: And I certainly do, thank you for asking. It's my
Speaker 4: name and Leicester dot com, so it's a N N
Speaker 4: E L E S T E R.
Speaker 1: Now, when you go to your website, what's available on there?
Speaker 1: Is it financial advice or is it like newsletter information?
Speaker 1: What's on that website?
Speaker 4: You can sign up for a newsletter. I've actually got
Speaker 4: a quiz that helps you understand your spending type, and
Speaker 4: I share some of those hacks. Like you take a
Speaker 4: little quiz you see are you an oversubscriber? Are you
Speaker 4: like a crypto bro? Are you a firefly? Are you
Speaker 4: an ostrich? Then you give you a couple of hacks
Speaker 4: to uh to figure out how to get get your
Speaker 4: arms around your saving and spending behavior. And then you
Speaker 4: can also sign up for my newsletter and then I'll
Speaker 4: be building out some more resources, and I will in
Speaker 4: fact be adding some you know, again with no personal recommendation,
Speaker 4: but just you know, these are some resources out there
Speaker 4: that you may be able to check out and find useful.
Speaker 4: So I will be building that in sood wow there today,
Speaker 4: but it will.
Speaker 1: Be yeah and so oh bottom line writing this book?
Speaker 1: Why why did you write the book?
Speaker 4: You know, I wrote it honestly for like it's the
Speaker 4: book I wish I had had when I was in
Speaker 4: my twenties. I grew up like my dad was a
Speaker 4: college professor. But you know, there was always enough money.
Speaker 4: I don't I don't think they had a lot of money.
Speaker 4: But my parents were born in the early thirties, right,
Speaker 4: and they just like the thought of like budgeting and
Speaker 4: talking about like financial habits never occurred to them because
Speaker 4: you just didn't spend money on stuff, like you just didn't.
Speaker 4: And so I never grew up with any like allowance
Speaker 4: or like sense of fixed moneies. I just grew up
Speaker 4: with like, if my parents thought it was a good
Speaker 4: thing to spend money on, they spent the money, and
Speaker 4: if they didn't, they didn't. And I was like, there
Speaker 4: was never any conversation about you have one hundred dollars,
Speaker 4: you have to figure out how to spend it on X,
Speaker 4: Y and Z, like you have to make choices. So
Speaker 4: and then I got a credit card and it was
Speaker 4: just terrible. So I made all these mistakes, and I
Speaker 4: it took me years and years and years to stop
Speaker 4: beating myself up right and feeling shame and blaming myself
Speaker 4: for making these decisions. And I just don't. It's so unnecessary,
Speaker 4: Like people should not feel ashamed of the decisions they made.
Speaker 4: You said it really well earlier. You know, you just
Speaker 4: have to accept what happened and move on. So for me,
Speaker 4: the key is our brains are wired to grab stuff
Speaker 4: in front of us. Our brains are not wired to
Speaker 4: help us make rational long term financial decisions, right right
Speaker 4: if they're wired to help us run away from the
Speaker 4: saber tooth tiger. So and you know we're hunting. Is
Speaker 4: we're supposed to grab what's in front of us and
Speaker 4: ron we're not supposed to say what's the rational choice here? Right?
Speaker 4: So just knowing that to me help me understand why
Speaker 4: I kept fighting myself, Right, I know I shouldn't do this,
Speaker 4: but wow, so and then hack yourself, right? So I
Speaker 4: wrote it for me. I wrote it for my kids.
Speaker 4: I wrote it for my kids' friends, like I really
Speaker 4: want to help people not make these mistakes and they
Speaker 4: don't have to make them. Love it.
Speaker 1: And thank you for coming on my show. And also
Speaker 1: I like to believe that I can bring you back
Speaker 1: because I try to. You know, you know your advice
Speaker 1: is dead on and I have a lot more questions
Speaker 1: I could have asked, but time, well you know time
Speaker 1: is what time is. But I want to thank you
Speaker 1: for coming on my show and now good luck with
Speaker 1: your book, and thank you for promoting your website and
Speaker 1: allowing us to be able to reach out to you
Speaker 1: in the future. I appreciate you.
Speaker 4: Thank you so much.
Speaker 1: I appreciate that fantastic and thank you everybody for listening
Speaker 1: to the show money Making Conversation master Class as usual.
Speaker 1: I'll be back next week and you can listen to
Speaker 1: my show on Moneymaking Conversation dot com.
Speaker 3: Thank you, thank you for joining us for this edition
Speaker 3: of Money Making Conversations Masterclass. Money Making Conversations Masterclass with
Speaker 3: rough Shan McDonald is produced by thirty eight fifteen Media Inc.
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