On this episode we had a ton of fun covering finances this is the 102 version of the episode. We covered CSP not a budget. This is borrowed from Ramit the CSP is conscious spending plan.
Net worth on topline just to have it.
Fixed Cost -50% to 60% of income (rent, insurance, utilities, fee's etc)
Investment -10% (Roth, 401K)
Savings -5% to 10% (trips, emergencies, gifts, weddings)
Guilt Free 20% to 30% have fun do what you want
Reach out to us give us insight!
Find our contact info on our website: https://adultingdecrypted.com/contact/
Learn more from Ramit Sethi through his website:
https://www.iwillteachyoutoberich.com/
On this episode we had a ton of fun covering finances this is the 102 version of the episode. We covered CSP not a budget. This is borrowed from Ramit the CSP is conscious spending plan.
Net worth on topline just to have it.
Fixed Cost -50% to 60% of income (rent, insurance, utilities, fee's etc)
Investment -10% (Roth, 401K)
Savings -5% to 10% (trips, emergencies, gifts, weddings)
Guilt Free 20% to 30% have fun do what you want
Reach out to us give us insight!
Find our contact info on our website: https://adultingdecrypted.com/contact/
Learn more from Ramit Sethi through his website:
https://www.iwillteachyoutoberich.com/
Welcome to Adulting Decrypted. We are your hosts. I'm Gene, and I'm starting my first year of college. I'm Ashton. I'm a music performer, composer, and educator. I'm Gene, a high school senior. I'm Roscoe, the dad. Those are my three sons, and this is Adulting Decrypted, where we discuss ways to become adults and the things we need to know to be successful in life.
Dad:Welcome to Finance 102. For a quick recap for the listener. What did we talk about last time when we were doing the financial episode? What did we talk about?
Gideon:Talked about net worth.
Dad:Perfect. Love it. Yep. We talked about net worth. Anything else you guys gleaned from that conversation?
Gene:Financially secure versus financially independent.
Dad:Perfect. listener, have you thought more about being financial independent versus financially secure? Have you guys thought any more about it since our last meeting? A little bit. It's crossed my mind made any decisions or any aha moments from it. Not yet Okay fair. So I thought a lot about it, the financial independence and I think I ran it past you ashton The other day it was fire financially independent retire early And you heard fired and you're like, you got fired. No, no, I'm trying to get fire.
Ashton:I heard the deans. I was trying to figure out where that went in the I was gonna say anagram. That's not the right thing. What's the word for when there's lots of letters and it makes words acronym acronym. Yep.
Dad:thank you. good point. financially independent for me means that my investments are making enough money that I have not him to work. For somebody else that I get to decide how I want to spend my day. It doesn't mean that I'm going to stop working, right? I joked with you guys all the time that I'm going to work until I'm dead. And truly I love what I do. I love podcasting. if we can figure out how to monetize this, I'll do it forever. If I can figure out how to teach, I would do it forever. It's just, it's in my blood. So for me, financial independence means that, right now I'm okay doing RV trips or living up at the cabin and renting out the house. You know, I'm okay with a little bit less of a lifestyle. I'm actually fine not eating out more than Once or twice a month, I don't need those lavish vacations, but that's for me mom and I had an interesting conversation She said for her it'd be more travel. She'd like to go do some not luxury travel What did we just do recently mexico? Did we do that on a budget? Do you guys think or did we go all out?
Gideon:It felt all out
Dad:Interesting.
Ashton:it was definitely on a budget for sure. Yep. I definitely know there was plenty of sky a mile points and other. Okay.
Gideon:Okay. I know there were money saving happening and backing up on other things, but at the same time, We did a lot.
Dad:We did do a lot. And that's one thing that mom and I pride ourselves on. Like we did a big New York trip. We were gone for almost 30 days. Back actually, I think you were 16. So that's been what, nine years, nine years ago. We did that. And we did almost 30 days and I, bragged to everybody that would listen, how cheap I did that trip. You know, I was like, we were gone for this long and I spent 8, 238. sounds like a lot, but it was 30 days. How many times did we eat out? Hardly at all. What did you guys joke about? If I have to eat one more, what? You're gonna, you're gonna hit somebody. You guys remember these?
Gideon:Peanut butter and jelly sandwich.
Dad:Peanut butter and jelly sandwiches, that's right. A mom normally made them when I was driving 90 miles an hour down the road. And she's in the middle seat with the seat down making you guys all sandwiches. We probably ate out three times at Chicago was one of them cause it was a big deal. Just like in Mexico, we only ate out once, but, for me, financially independent isn't luxury, but it might be for you, right? You guys need to experience what you want to in your life. I just had a person that worked for me say, They make about 15 an hour. And they were talking about going on a 6, 000 vacation this summer. Do you think I belittled them?
Gideon:No,
Dad:no, not at all. Good for them. If that's how they want to spend their money, more power to them as long as they've covered the basics. And that's what we're going to talk about today. A lot of times we talk about budgets right out of the chute. So financially independent, keep thinking about that, what that means to you. And as well as financial secure, there's a form that I've stolen from a, I don't know that it's stolen. He sent it to me. Rameed. he'd. Runs, I'll teach you to be rich and a shout out to him That's where I'm going to get a lot of my information from. And then I'm going to couple it, sprinkle in some Dave Ramsey or maybe some, Gordon Ramsay any Gordon Ramsay Gordon sprinkles and some stuff in his food. There you
Gene:go I don't know if you want to take all your eating habits from a Gordon Ramsay cookbook If you want to keep your pocketbook in check, but again, that's up to you that's your choice of financially independent Whatever makes you feel good. Honestly at this point.
Dad:I like that gene. I like that. That's a good point and Ashton That's fair. As long as you made the decision and that's why this conscious spending plan at the very bottom gives us guilt free money. And so to your point, Ashton, Hey, if you feel good about it, spend the money on it, but we need to take a step back and look at what's in the first few lines and I'll share this. It's obviously a resource that he's willing to share and put out there. the first thing you do is you look at your net worth. We discussed our net where did everybody get a chance to go look at their net worth? And where they were at. How did we calculate net worth just to remind everybody
Gideon:You calculate your assets like how much that is your investments your savings and then take that number And minus out your debt.
Dad:What kind of debt
Gideon:like student loans credit card debt mortgage, etc
Dad:All that We live in utah. So more than likely you're gonna have a car, But like we see up there at the asset. He even puts cars and asset on his account Where other people would debate that but it's really if you've paid for it It's an asset if you're still paying on it There's gonna be a little bit of an asset and maybe a little bit of liability if you actually owe more than your car's worth, you want to do different kinds of insurance. And we've talked about that. So we'll talk more about insurance, maybe in like financial one Oh five and what insurance means. But in one Oh two, we're going to just spend a lot about this conscious spending plan. What's the big dreaded word that a lot of people use is a budget, How many times have I said you need to budget your money? If you guys were to guess. Have I ever shared that with you guys? Have I ever talked budget? Yeah. Oh, once or twice. I'd say maybe, maybe three times, maybe seven. Okay. So here's the question. 45 get in. Do you have an active budget?
Gideon:No, sir.
Dad:Gene, do you have an active budget? Nope. So obviously my teaching isn't working. Ashton, budget or no? Funnily enough,
Ashton:Kind of, but I have a very specific budget for other programs that I run. I was thinking on the irony of me having budgets that I'm following very diligently for programs and not for myself. Thought there was some irony there.
Dad:Oh, that is actually kind of interesting, isn't it? When you're held accountable to somebody else to actually account for the money, you're more conscious with it. We talked the other night. I thought it was very interesting that you said, well, I need to make sure that I've got everybody else paid first and you're very line itemed on it versus with your personal. Sometimes you might not think, as detailed as that. Right? So this is a little bit different. Mom and I have budgeted and there's, multiple ways you can do a budget, There's the envelope method. there's the, Dave Ramsey likes the zero sum budget. you get to the bottom of your list and there's no money left over. But the reality is, is most of us struggle with doing a budget like that. So when I was listening to Ramee talk to some of his clients, he's got a great podcast. I'll teach you to be rich. He's got some YouTube videos. They're a lot of fun. Get more education there. He's got a lot of information, but what I enjoyed about it is that he actually said, look, most of us don't budget. we hate the word budget. And so what he's challenged us to do is to think of it different and think of it as a conscious spending plan. So instead of some budget that you have to hold yourself accountable, you're saying, Hey, this is what I've decided. He was studied at Stanford. Is that a popular school? Big school. Stanford is a big school. Yeah, and he was actually studying psychology of all things and then he realized that people have this weird Psychology with money. I was sharing today with somebody that when you grow up very poor there's three different ways to think about money They're really not not money But poverty has a very distinct way of thinking about money and if you think about it in the way you eat is the easiest way for me to think of it if you're in poverty, what question do you think's being asked? go ahead might have shared this
Gene:is there enough is there
Dad:enough right if you're middle class, what's the conversation taste? How does it taste and then if you're? super wealthy How does it look? That's right. You know, and that's why I think buffets are kind of fun to go in there and look at the way different people respond and how they act at a buffet. and it leads you to understand that concept a little bit better. think of this conscious spending plan and saying, Hey, I'm going to make a decision. I'm going to be conscious about what I'm buying because at the very end of this. plan there's what's called guilt free spending. How many times have we heard don't buy the avocado toast or don't buy rock stars? Don't buy don't don't don't or you just need to give up and then we insert that favorite thing I should I probably said that about your audio gear. Hey, you don't need to buy another Would be true, but it's not my place as long as you've covered your conscious spending plan if that's what you've decided if that's your guilt free money the difference is that's a business Expense for you, so up there might be an asset. I think you could list some of your Equipment is an asset when you think yeah, I think so. Yeah, cuz it's got some value I could sell it and get me some money Back from it. Yeah. So the first thing you got to come up with is how much do you make a month? Now this one's a little bit weird for how many of us sitting around this table? No for me in particular Gideon's, you know much make your month.
Gideon:No, I don't
Dad:Ashton and
Gideon:Wait, I do zero zero
Dad:times zero is still zero. So gross monthly income. So this would be all your income before taxes added up. So Ashton, for you, you could sit down and look at what you made this month, Cause you're going to go out as a matter of fact, tonight, you're going to go hang out with cousin Paul. And you could add that up. You could add up all the different ways I make money. Now, the hard part is, with you being in the gig economy and then junior in school, getting, you're still in school, you might want to look at that and say, okay, how much do I make each month? And you say, okay, I really don't know. So then what you need to come down to here, start looking at your fixed. Costs like what stuff has to cost and this is why I challenge us as a gig economy guys to do this math and Almost set goals for us. How much do we need to earn so that these work out? Right. So the fixed cost rent mortgage How much is everybody's rent? Gideon?
Gideon:My rent is zero dollars. Yeah, your parents are pretty nice.
Dad:Gene?
Gene:my rent for next semester is going to be like 1, 700.
Dad:Yeah, 1, 700, but it's divided by four months, right? So you could actually break it up by month. But you're right. It is all in one chunk. So if I were you, I would put that in, divide it by the, four months that you're going to work over the summer and put that in. It was a number because you're going to work over the summer to earn enough money. You say, okay, how much do I need to cover that rent? My rent, it's a mortgage, It's 1350. So I know what my mortgage is. Ironically though, then you get into the variables because my mortgage isn't held at a traditional mortgage company, so I don't have my property taxes or my homeowner taxes put in there, but most people do. They put in property taxes and homeowners insurance in there. So I would add mine back in there and say, okay. My mortgage is 1, 300 a month, but my taxes and some of these other things are about three grand. I'm going to add that but divide that out by 12 and I'm going to put an extra 400 in there. So I'm going to put like 1, 800 a month in a mortgage. Does that make sense? Yeah. It's all part of what it costs to live in a house that would normally be tied to a mortgage utilities. What are some of the utilities that you covered? You cover any utilities, Gene?
Gene:yeah, I have to pay for electric and heating but it's split amongst the four people that live there.
Ashton:Yeah, you can get electric, gas internet, it's a big one, water, oh yeah, water, I was like, are you playing the piano? Gideon was trying to give me signs.
Gideon:Yeah, I was trying to give you water signs.
Ashton:That was better, I would have gotten that one. Thank you. He did waterbending.
Dad:Internet. Do you have to pay for internet separate from where you're at, Ashton, or is that all included in your utilities? Separate? Yeah.
Ashton:Yes.
Dad:The internet's separate. Yeah. so that's stuff to be aware of, right? And you'd list all that in there. And this is what we call fixed cost. Does it change very much? Sometimes my electricity bill goes down a little bit, but not much. And if I know that I'm going to have some peak, when would I peak on my electric bill in Utah?
Gideon:In the winter.
Dad:Or summer. Or summer. Yeah. I don't, I really peak in the summer because we run our AC. In the winter because our, heater doesn't draw as much. But different Gideon up at the cabin. I never run the AC up at the cabin. Oh, wait, cause we don't have AC up at the cabin, but we do have heater use when you don't have it, but we do have electric heaters. And so I have to add that there. So I just take my, I'd look at my utility bill, and then divide it by 12. If I had to multiply it, you know, look at my biggest months. Nice thing is you can pull up a statement from your bank and just kind of do the math on it. Insurance, Is that mandatory? Actually, not you and I were debating this the other day. I dislike the principle, but yes. Yeah. In order to drive in Utah, it's a mandatory that you have insurance for your car, but there's also other there's medical, And the home and renters is down here and that probably makes more sense. I said, maybe I'll put my mortgage, but maybe I'll put it down there because it does fluctuate a little bit. My mortgage wouldn't. And you guys might need to have renter's insurance. Do you have renter's insurance where you're at? Gene
Gene:I haven't set anything up, so I don't think so.
Dad:And really all you've got is a computer down there. So if it burns up, you're like, okay, big deal. Right.
Ashton:I've done renter's insurance. You had to
Dad:have renter's insurance because of the value of your gear.
Ashton:Well, that, and it was required by the landlord. There you go. So kind of dual, dual purpose there.
Dad:Yeah. You put in your car payment or any transportation. like we talked about here in Utah, you have a car payment. You'd also put in transportation if you lived in a big city, you know, you're taking the bus, you're taking the subway, you're taking an uber groceries. This one's a hard one. How much do you spend a month on groceries? Well, if it were me, the quickest way to find what I spent last month is where do you think I see that at?
Gene:an online banking app.
Dad:Yeah, my banking app, but it shows me right now on food and dining. I spent 770 I think that's a little bit high So I might go and I might look at the month I might open up and look at all transactions because i'm not going to do this every month This is to do it one time So i'm going to spend a couple hours on this Right this one time. So I'm gonna go do the math and say, okay, really is it 769 or 768 or whatever it was? It might be it might be 805. I don't I don't know until I try it Oh debt payments You need to put your debt payments in there. Yep. What what are you paying on your monthly debts? Then close if that's a if that's a category you spend in gene. How much do you spend on your clothes?
Gene:I have not spent money on clothes since I've moved out.
Dad:so some people are going to buy clothes a lot. That's their thing, but other people won't. Right. So this clothes to me is one of those. Holding areas. If you have something that you like to spend money on phone, I love phone. That's in there because most of us have separate from our cell phone plan. We are making payments on some type of a phone, right? Or something. Subscriptions. This is where you'd put in Disney plus for me what did I just get rid of last month?
Ashton:Prime. I think, yeah. Amazon
Dad:prime said, you know what? You guys can raise the prices and start putting ads on, and I'm not going to play. So I took my 150 they wanted to charge me and I'm going to put it to work somewhere else. That being said, I still bought enough crap and I just bought it all at one time. So I still got free shipping. It's just here four days later and I'm, not bugged at all. It works fine for me. But you know, so you'd still have other stuff in there, maybe a gym membership and stuff like that. miscellaneous. I love this. I love that, that he put this in here because Ramit has told all of his people go through there and that those brown boxes and put all your different line items in there and then add 15 to 20 percent because you missed something. You didn't think about something that you normally spend money on and then you'd come up with that fixed cost total. So any questions on the fixed cost?
Gene:Yeah, so part of that 15 percent would that include gas or like bus tokens if that's one something that someone would use?
Dad:I would actually put that up maybe under my transportation, maybe, maybe it's not car payment. Maybe it's up in utilities. The reason why I wouldn't put it in that 15%, I think that 15 percent is saying, Hey, I don't, I don't know exactly what it's going to be. And one thing I liked that Rami talked about is that we're doing these all as a percentage. and the fixed cost as a percentage of your take home pay should be somewhere between 50 and 60 percent of your take home pay is all your fixed costs should be. And you know, what's cool about that for me as I'm thinking of that now, for those of us who are on variable incomes, we can do the math off of this and say, my fixed costs are to keep it real simple. So, if my fixed expenses are 3, 000 and I need 50 percent of it in that fixed cost category, and I say my fixed costs are 3, 000. It's like 6, 000. Yeah, 6, 000 would be a real easy number to say, okay, I got to figure out how to make that every month. I mean, it's almost, it's almost too simple. It reminds me of, and Gideon, I think you mentioned it do you want to share your analogy of what, what you thought it reminded you of? The budget and, and yeah, the conscious spending plan.
Gideon:Just as we were talking, I thought about all the correlations a budget had to a diet. Cause we talked about like the negative correlation they're involved, Like how we see a budget is like negative, I guess. And a lot of people see diets as negative when really it's dissecting it. Cause I do a lot of health stuff. Like I really like fitness and health and losing weight. Isn't about a diet. It's about counting your calories and just decreasing the amount of calories that you intake. And so a budget's the same thing in my brain, just calculating all the money that you have, all the calories. How much you need to spend, how much you make, like how much calories you need to eat to survive versus how many are excess. and I think it's just an interesting correlation.
Dad:Yeah, I like that. And I liked that you tied it to budgets. Now I'm going to take it one step further and say, how would it correlate to a conscious spending plan? Cause that's one thing. This isn't, this isn't a budget. this is really a conscious spending plan, meaning you're going to decide.
Gideon:Yeah, for sure. And a lot of people that we would look at as fit are not on diets, It's a lifestyle.
Dad:They made a conscious decision.
Gideon:Yeah. to the point where a conscious decision to the point where they don't really have to worry as much as a budget would.
Dad:Correct. Because you already know, like you already know, Gideon, that you're going to have so many, and you're a great example of it, is say, I'm going to have this much protein in the morning, I'm kind of know where my protein load is, I know where I need to eat these two or three meals, and you're like, nah, I've already had sweets today. Where a guy like me would have to look at that and say, okay, I've eaten, I can't remember, I ate two eggs for breakfast, you know, I'd really try and think through that. But if I had a conscious decision and say, look, my goal is to have a calorie deficit. I would be more conscious of my eating, versus I'm going to track everything I do. Cause for me, it hasn't been sustainable. I've done a calorie. I've done a budget. I get off them because they're hard. They're hard to keep track of. That's what I'm hoping. This is easier. So that you have one number that you have to review maybe once every six months, not every month. You should be able to open up that app that we talked about for us, it's America first. It's where we bank. I'm not saying it's the best. I'm just saying it's there. put it in month, categorize it once and don't think about it. Hey, this is Verizon. a, utility. Boom. I don't care. Call it a phone. Boom. I don't care. You know, whatever you call it, just call it that move on. I'm going to buy a computer in six months I need to have a conscious spending plan for it. You know, where am I going to put that? You know, I need a new phone in six months. Where am I going to put that on this line item? Boom. I don't think. Cool. So that should be about 50, 60 percent of it. And then the next one is, Finance 101 investing invest 10 percent of your take home. This one's going to be hard, especially when you don't have a take home. So you actually have to think of it different. Oh, one more thing I'd put on my fixed expense for me would be Gideon's mission. You know, I'd put it up on my fixed expense for at least two years, just so I know that it's there. Cause I don't have to pay it out all at one time. Then I'd also put charitable givings because I know that I'm going to do A tithing, and so I'd put that up in my fixed because I just know it's going to happen. And then the next one is the investment and I'm going to take 10 percent of my take home pay. And so what they're asking you is to look back over that chart and if I need to make 6, 000 every month, I'm going to take 600 of that and put it at a post tax retirement. Makes sense. We'll talk about what you do with your investments. This is an emergency fund. This is. Truly, this is longterm. I'm going to touch it when I'm 70 and I'm not going to touch it until then. And that's what it's for. And then stocks, if you want to play the market and you know, I want to take a percentage of that. I'm going to put a little bit in stocks, I'm going to put 8 percent in my retirement. I'm going to put 2 percent in stocks, and then there's a slot to add your own. We're going to talk like that in one Oh three about what we do with our investments when we're ready. Now what? just think of it there. The next one is your savings. This is where you'd save for stuff like a vacation. And Ramit actually suggests that you actually have a different account that says Hawaii and that every month you're just routing your paycheck money and some of it goes into your checking account to cover your 50 to 60 percent a percentage of it goes into vacation. You don't even think about it. It's an auto withdrawal thrown in here. So much of it is thrown in gifts, cause it's, big and different cultures to give gifts longterm emergency fund, to say, Hey, I want to be at that six months. I want to be financially secure. I'm going to divert some of the money to there. in my book, where we're at right now, I'd say, Hey, I don't need to fund that. So I probably wouldn't throw any money in that. I might throw a little bit more in vacation or gifts. or maybe even reduce just my little bit of take home. And then he has add your own. What are some things that you guys might add in the add your own something that you want to save for for me right now? I think cars are great.
Ashton:I'd probably say gear for me.
Dad:Yeah. Your next big purchase, right? You're like, Hey, I know if I don't set it aside, I'm going to be frustrated. And at some point in time, I'm just going to throw down the credit card and buy that 3, 000 unit because now I need it. I don't have a choice versus I could start saving up to it slowly. I like that. Get anything on your thoughts?
Gideon:Yeah. As you're talking, I've been thinking about wanting to get a bass guitar, but at the same time, I'm not making money, so I struggle spending money. So when I start making money, I thought about, putting a little bit every time I make some to. Cause I don't need it. Right.
Dad:Yeah. And the other thing I'd like to see you put in there is your van savings, to say, Hey, I'm going to save for this van, you know, for me, I'm, putting a truck, I'm going to put a truck in mine because. My truck's got 120, 000 miles. It's not going to last much longer. Cybertruck's hitting the market soon and not going to buy it. I changed my mind. We can talk more about that later, but, but no, I've changed my mind. then they're saying go on vacations. and honestly, that's what we did for her Cabo. I think I already said that, but for Cabo mom and I set that money aside way early. I didn't want to spend it. I wanted to back out like I shared, but you know, I'm glad we did it. And I'm glad that you guys didn't think it was on a budget cause it was super on a budget. And then the last one, and this one surprises me. has everybody got their conscious spending plan pulled up? Yep. What is it? Guilt free spending. What does that really mean? Make it rain. Make it rain, baby. And this is where you put in those. I don't care if 20, at that point in time, if you've already invested 10%, 12 to 15% of your, he says investment's only 10. But if, you're behind like I am, I'm gonna change that. I'm gonna go like 15% and I know that I'm gonna reduce my guilt-free spending down to that 20%. I'm okay with it. But that's the stuff where I'm going, Hey, let's buy pizza tonight. Let's buy ice cream. that's not gonna be part of my normal food budget. He talks about, people who are spending, 2, 000 on a dinner. That's not me, but I can't fault anybody that's doing that. You know, if they're following this method, more power to them because it truly is guilt free and that's a hard concept I've trained you guys all to feel a little bit guilty about spending money, whether you want to admit it or not, I've trained you to do that. And it wasn't intentional. It came from my upbringing, I would go there and I have to look at the price of something. And my mom, who's ever been shopping with, grandma Allen. I have. What was it like? I don't know if she's changed. Here's the question. Has she ever, Grandma, we love you. I love you. You're my favorite mom. You're the best mom I could ever ask for. she listens to all of these too. I know. I know. She's gonna text me and either be real mad at me or real happy at me. That's fair. But did she, have you been on a shopping trip where she loads up her cart and then leaves it? No. No, I haven't. Yeah, I've been there where she does that because she starts feeling guilty about spending the money.
Ashton:Yeah,
Dad:she's put the the stuff in there that she decided that she didn't need and I've done it You guys have seen me do it. I'm like, oh, okay I load this up and then I'm like as I get closer to the cash register.
Gideon:Have you noticed it? Well, I have a pretty funny story We were literally at a gas station and we filled up drinks for this like road trip We were at the counter and we realized that they would be an extra what was 10 cents 50 cents a drink You Because the price that we had looked at was for membership at this gas station and here you were like we're in too much of a hurry we're just not gonna buy it and we just left it on the counter even though it was a dollar max for two of them
Ashton:my social anxiety could never
Gideon:i know i like i mouthed the guy i was like i am sorry like what and then we like huffed out of the store i was like because he was making
Dad:me sign up for membership and i wanted to keep my buck It doesn't make any sense. No. Not to me,.
Ashton:Yeah, the one I've seen is where it's like there becomes a perceived inconvenience I've seen a lot of that and I've felt myself with that But then what do you mean perceived inconvenience? Well, like you'll be going like not you know, I'm okay But like call me out. I call grandma out. She's gonna be mad at me trying to think well, like you'll be you can be walking through a store and it could be something as simple as like, I don't want to have to carry all this out. It just then becomes the justification for not having to purchase something.
Dad:I don't know. I'd probably admit that I'm guilty of that. Cause all of a sudden my anxiety, cause I don't know where my budget is, but if I knew I had guilt free spending and I'm going to have to convince myself, I mean, everything I've bought, I've regretted for a period of time because I feel like there's a badge of honor in that. And I promise I'm going to work on that. That being said, this is finance 102. When we get to one Oh three, I'm still going to talk about haggling because I think that's important. I think haggling we're just afraid of it as a group, but let's not, that's not what this is getting. I wasn't haggling with the guys being a punk. I was mad, right? For no real reason. Yep. I know.
Ashton:The difference between that and haggling, it's like, Especially when you're going to a store like Walmart's not gonna say hey Well, you know what since you talked to real nice we can drop the price by 20 bucks But your point is if you know the extra money you can spend then it's never a problem Right. It
Dad:truly should be guilt free Right. So the challenge for the listener the challenge for you young man is to go through and fill this out On your mandatory and then we can figure out what we need to earn every month And that way you can build this off of what you need to bring in monthly And then you can build your emergency fund to accommodate that so you might need to put more into your emergency fund ashton, let's assume next month you get seven thousand dollar check You might want to chunk some of that towards some of that college debt.
Ashton:Yeah.
Dad:Who knows? It might not be that much, but you might want to chunk some of that and you say, Hey, wait a second. Instead of doing that, let me put it, let me put some towards debt and let me figure out a reasonable percentage. Yeah. Let me put a reasonable percentage to this and, we can talk about negotiating debt and all that in our next conversation in one Oh three, but for right now, let's just get this conscious spending plan filled out. And realize it's not a budget. It is a way that you're going to set it up and you're going to glance at it for minutes, not hours every month. You're not going to categorize every little thing you spent.
Gideon:And how can the listener find this again?
Dad:It'll be linked to the show in the show notes as well as look on an adulting decrypted. We'll put a blog post out about it and we'll also be find it on Reddit and I'll have it a couple of different places.
Gideon:Sweet. And for anybody looking to talk to us about it, we would love to hear your stories about spending and any information that you have or anything that you want to share. We'd love to hear at any of our social medias, which can be found on our website as well as our email and we will talk to you next time.
Thank you for listening to this week's episode of Adulting Decrypted. We really enjoyed having this week's conversation and we hope you did as well. If you ever want to comment on our topics, you can send us a message through our website adultingdecrypted. com, our email adultingdecrypted at gmail. com, Or, through our Instagram, Facebook, and LinkedIn accounts at Adulting Decrypted. If you have any topics for the show that you would like us to talk about, or if you are a parent and want us to talk about something your kid should know, send us a message on any of the accounts mentioned. If you would like to be a guest or have an idea for someone you think we should have on our show, feel free to send us an email detailing your thoughts to adultingdecrypted at gmail. com. Adulting is teamwork. We have merch! If you want to show off your Adulting Decrypted pride, check out our website, adultingdecrypted. com, or our partner website, with shop. spreadshirt. com forward slash adulting dash decrypted. Lastly, if you enjoyed the show, please consider supporting us on our Patreon at adulting decrypted. Along with the benefits that come with our Patreon, and trust us, there are some pretty good ones in there, you will not only be helping us continue in the effort to make these videos Great content, but you will be part of a community of individuals all trying their best to adults. We appreciate you listening, enjoying, and leaving your positive reviews.