Become a Creator today!Start creating today - Share your story with the world!
Start for free
00:00:00
00:00:01
Episode 37: Getting Over Financial Guilt with Phillip Ramsey and Bryan Dewhurst
203 Plays6 years ago
Money is deeply personal. When you go through a tough time and make a decision that winds up costing you money or just don’t pay close enough attention to where your money is going – that can create a sense of financial guilt.
We don’t get this sense of guilt out of nowhere. And yet, at least in North America, it is not a topic that gets discussed very openly.
In our most recent episode, a duo cast, we talk about where this sense of guilt comes from and how to get beyond it. There will be a path forward for you and often it can happen more quickly than you think.
So much of our context and understanding of money comes from our upbringing, how we saw our parents handle money, how they maybe even fought about money. Money is a huge topic, especially in relationships, and especially as we look backward to our past. This looking back can have a lot of impact on our financial shame and financial guilt. So let’s start looking forward.
When we work with people, they are often surprised when we help them see a path forward that is both hopeful and much quicker than they imagined. It does take discipline and planning, but guilt is counter-productive. We’ll share our perspective and tips you can use today for getting out of debt and creating wealth now and in the future.
what you will learn in this episode:- How to remove guilt from the equation and work on your financial present and future
- Getting beyond a mindset of failure
- Why you need a financial strategy beyond paying off debt
- Why asking for help is a great first step beyond financial guilt
- Tangible acts you can do right now to know your numbers
- Why it’s so important to know your personal profit every month
- How to build up your emergency fund
- Building cash flow beyond your monthly expenses
- Where to find encouragement to get beyond financial guilt
Recommended
Transcript
Inspiration for an Uncommon Life
00:00:02
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit. Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
00:00:27
Speaker
A life worth celebrating and savoring. Please welcome your hosts, Brian Dewhurst and Philip Ramsey.
Introduction and Listener Engagement
00:00:35
Speaker
Hello and welcome everybody to another episode of the Uncommon Life Project. I'm your host, Phillip Ramsey. And I am Brian Dewhurst. Welcome to another show. We're so glad you tuned in. Something that I really wanted to highlight today is if you could do us a huge favor and give us a review, rate us, give us a review, that's ideal. We're going to try to implore this and we wanted to highlight some of the fun reviews we got. This was in January of this year from 8035 CrossFit Iowa.
00:01:04
Speaker
I appreciate the research these guys do in each subject that they speak on. I also appreciate the questions that they are asked and when Brian and Phil hear something that they want to dig into they don't shy away from going down the rabbit
Understanding Financial Guilt
00:01:17
Speaker
hole. Welcome to another show and this is a duo cast for you with Brian and I. Today's topic and I need to start the clock.
00:01:27
Speaker
is financial guilt and how many times that we see this when we first meet with a client. Brian, on a scale, let's just do it percentage wise. How many times do you think we see this when we sit down with a client? I think like at least 30 to 40%.
00:01:44
Speaker
Wow. I was going to say higher, but I think here's, here's what I'd like to just say. I think there's always some degree of this. I think I should be in a different place. I struggle with it. Brian struggles with it. We all have this tendency to like want more and that's normal. Let's just address it right now.
00:02:04
Speaker
I think everybody thinks that's normal, but then when we tell them it's normal, you can see their shoulders kind of pulled
Growth in Financial Hardship
00:02:10
Speaker
down. You can see like a little, um, I'd say a reprieve and like, Oh, maybe I'm not as crazy as I think I am. So the two things I want you guys to get out today, uh, in this, I'd say podcast is.
00:02:13
Speaker
Um,
00:02:23
Speaker
I don't think you're as bad as you think you are and I don't think it's that long for you to start taking steps for you to get to where you want to be and I don't know if it'll ever go away completely depending on where you are in your personal life and just what you struggle with but maybe we'll never be at the place we want to be. I would say maybe that's me and just my competitive nature and just pushing myself to try to be the best that I can be but I
00:02:49
Speaker
I don't know if it'll ever go away, but something that I want to be very cognizant of, especially to myself, is this time, the times where you're struggling the most or the times you have to dig in the deepest are maybe the most character building times of your life. And so not to try to
00:03:09
Speaker
go through this quicker, but trying to understand what is the values and the principles that I can start learning today in this situation.
Critiquing Traditional Financial Focus
00:03:17
Speaker
And it's very biblical, right? James chapter 1 verse 2 says, trials produce endurance and steadfastness and character. So that's what I think my biggest thing is for this talk, but let's just dive into it because
00:03:31
Speaker
One, my first point is I don't think you're as bad off as you think you are. And this is mainly because people normally have this shotgun approach with finances. And you know, Brian, you can speak into this too, but it seems like they're always been told that they have to put money in all these different accounts and they never really feel like they're getting traction. One of the biggest culprits is your 401k. Keep putting more money in your 401k. You could be a millionaire.
00:03:59
Speaker
in your 401k and still feel broke as a joke. Cause it really doesn't help you tomorrow, like tomorrow, tomorrow. It helps you 30 years down the road or 10 years down the road, but does it really help you tomorrow? Um, so Brian speak into it. Let's go. Yeah, I think this is a, I'm glad we're covering this cause we see this a lot and I think it's that balance as a human being and as even a Christian of contentment joy and um,
00:04:28
Speaker
that gratitude of what you do have and what we do have. We're so blessed. I mean, we're in the top 1% of wealth in the world. Um, but also driven
Strategic Debt and Saving
00:04:37
Speaker
competitive. I think that's a great point, but yeah, the shotgun approach, you know, we see it a lot or hear it a lot, you know, all I got to max out my 401k or get the match even it's free money. All the while, you know, that person's paying 18 to 22% on a credit card.
00:04:56
Speaker
I can guarantee you you're not earning that in the market as consistently as they're charging you that card. And so, yeah, I think it's tackling things and slaying the dragon, so to speak, of wiping out that debt and getting your ability to save to double. You know, I don't think people think about that. You know, like, well, I could save five to six percent in my 401k and get a match.
00:05:24
Speaker
That's certainly true. But when you look at it, if you could pay off all of your debt, what would that free up your ability to save on a monthly basis? And is that, you know, two or three times more than what you're saving now, if you just got it done in two to three years?
00:05:41
Speaker
So I think that's where we approach it.
Family Involvement in Finances
00:05:43
Speaker
And I think too, you know, a lot of the other culprits, you know, college savings accounts, uh, you know, you're saving a hundred bucks for your child, which is noble. Uh, but you're paying that an interest on a credit card in your name. Um, those types of things, you know, where it's, you're funding all these different accounts when, you know, you really need to focus that cash flow at one thing and just get it done. Yeah.
00:06:07
Speaker
Very self-sacrificing. We see this a lot where they'll try to do whatever they can and even put themselves in a bad situation so their kids don't have to be in that same position. Which is noble, like you said, but is it the wisest, even for your children, or maybe pull them into the plan and say, hey, here's what we're going to do as a family. Let's work together and get this goal, this goal done, and then we'll work on this goal, which is your college tuition.
00:06:35
Speaker
Yeah. Instilling those, I'd say, core values in them at an early age could be way more valuable than a 529. Could be, right? Might not be.
Critique of Dave Ramsey's Approach
00:06:45
Speaker
So here's where I'd say, if you're a new listener, this is where Brian and I, I'd say, is our niche. I feel like my uncle Dave Ramsey does an amazing job at helping people understand their budget, helping them get out of debt. But then he does an absolutely horrific job of helping people build wealth.
00:07:04
Speaker
His strategy is to put it all in the 401k or qualified accounts and start doing passive income. And here's why Brian and I inherently think this is wrong. Because that's not one, how Dave Ramsey built wealth. And it's two, not what got people out of the situation that they were currently in.
00:07:26
Speaker
What got them out of where they were currently at was discipline, principles, and budgeting, right? So those three things are huge components of what we need to help people focus on for the rest of their life. So what does that look like, right? A lot of times Brian and I will see Dave Ramseyer's killing it and then they get to their mortgage and halt quickly because it's a huge elephant.
00:07:52
Speaker
And what they've done has never been as big as what their mortgage is. So they kind of like lose track, lose focus, and then eventually kind of go back to where they were.
Alternative Wealth Building Strategies
00:08:02
Speaker
There are strategies to help you eat the elephant, the mortgage, quickly.
00:08:09
Speaker
And if that's part of your goal, Brian and I love to talk to people like, all I want to do is just kill my mortgage. Awesome. Let's help you. Right. Or we have some people who are like, Hey, I'm not too worried about that mortgage. I kind of want to start doing more investing instead of going off that mortgage. Great. Whatever your, I would say goals are, are amazing. We just want to come alongside you. So, so Dave Ramsey does a good job of helping people create a budget, get out of debt.
00:08:34
Speaker
And then does a horrible job casting vision for building wealth and so what Brian and I would say is because you just did this and you just prove it to yourself that you you can Be disciplined have a budget and help people or help I'd say get you out of debt then what we need to do is either take out that mortgage or This is gonna be crazy Dave Ramsey would probably roll over and slap me my uncle
00:09:02
Speaker
But he would say, don't ever go back into debt. And Brian and I would say, but that's the tools that got you successful. So would it make sense to go in wise financial debt and go buy an asset that produces cash flow?
00:09:18
Speaker
and then go shred that debt. But the difference now is that you have an asset that's helping you pay off that debt, but you just proven to yourself that you can do this. Now you totally can do this if you have some tailwind of other people helping you pay off that debt. So there's where I think Dave Ramsey, I think kind of loses the ball on building wealth.
Aligning Finances with Personal Goals
00:09:37
Speaker
I think too, we talked about this in the last podcast, the two types of money, now money, later money or qualified money, non-qualified money. It just, I just don't think people appreciate
00:09:48
Speaker
when you cross that fence of putting your money in a retirement plan, you're losing the use and control of it to some degree for what you want to accomplish now. And when we meet with people, it's not, their goals are never like, Oh, I can't wait to retire in 30 years. It's like, Oh, I need to buy this or take my family on a trip. It's all like one to three years stuff. And so I, it's just bizarre to me that they, that he crosses that line, we'll put all your money in your 401k after you have your emergency fund done. And it's like,
00:10:18
Speaker
Or he then, you know, you'll see his podcast and the person's like, should I pay off my student loan or over fund my 401k? And he said, I'll over fund the 401k if it's about a rate of return and that type of stuff. And it's like, those are two different things. Totally two different things. Um, and we've covered that before, but I think it's interesting to hit it again.
00:10:35
Speaker
I agree.
Learning from Financial Mistakes
00:10:36
Speaker
And the thing that I think the reason we're, how we start helping people with this uncommon mind shift, if we're going to call it that, is by letting them talk about a lot of people are super excited about the retirement and they know exactly what they want to do in retirement.
00:10:52
Speaker
Brian and I then just challenge them and be like, why are you waiting? What does it look like to help you start getting into more of your excitement level, your passions, your enthusiasm earlier? Let's try to figure out that. Does that make sense? And so that's the way we can kind of help people shape, okay, if this is what you want your future to be when you retire, let's zoom it back and see how quick we can get you to retire.
00:11:15
Speaker
Hey, let's start thinking about tomorrow, investing differently to get you to that end goal of what you're really excited about. Okay. So there's, I think, I think that's a great point. And I think too, a lot of times people have these ideas of things that they want to do, or they're consuming other content online, you know, about rental properties or Robert Kiyosaki or some of these things.
00:11:36
Speaker
but they failed you know and that goes back to the financial guilt and like they're not where they thought they would be stuff happened and then it's just that it's like roadblock and another roadblock and another roadblock and I think that's where we try to come along with people and saying like well just because something happened in the past
Seeking Financial Help
00:11:55
Speaker
doesn't mean that has to be your future you know totally when you start shooting a basketball you don't make every shot and with money when you start making mistakes it's extremely painful
00:12:05
Speaker
And especially with the way the world covets money. Jesus talked about the money is like 25% of the New Testament. And so money is a big deal and there's a lot of emotion attached to it. And so if you don't work on yourself and get your mind right around money and almost just ask God for forgiveness, I fail to forgive yourself type stuff.
00:12:30
Speaker
You know, you've got to put that in the rear view mirror and understand what you're passionate about. And that's actually how you unlock your ability to make more money. And I think too, a lot of times with financial guilt, people get trapped into their current situation. Like, well, this is my lot in life. These are the resources that I have. This is my, I'm destined to fail. And you're going to fail with that mindset. And it is going to be the same and it is going to be boring and it is going to suck.
00:12:55
Speaker
And so if you want new things in your life, you've got to recruit them and you've got to have a different mindset. I think the other huge mistake that we see with people in financial guilt or shame is they're really, they're really hard pressed to ask for help and to pay someone for help. You know, that's like the biggest thing is you're spending money to get financial help. It's counterintuitive to get out of the situation you're financially in. Yeah.
00:13:25
Speaker
when you, when you admit that you need help, which is, you know, the 12 step deal is the first thing you got to admit, you got a problem. Um, you, you're going to be surprised at what you can do. And I think that goes back to your previous point of like, I, you know, people should be surprised. I think at how fast they could get out of it, you know, with a copilot, with somebody like you and me are with another,
00:13:46
Speaker
type of advisor or whatever but you've got to get a plan and you've got to recruit help and you've got to look at your resources differently.
Balancing Budgeting with Visionary Strategies
00:13:55
Speaker
Not just money but your talent, your time, your passion, your expertise, all those different things, the experiences that you've had, the people in your life,
00:14:04
Speaker
and um and you can forge ahead yeah all of it so that brings me up you mentioned robert kiyosaki so this is where the other end i think so robert kiyosaki i feel like uh if brian and i were going to niche uh in this whole thing it would be
00:14:21
Speaker
Robert Kiyosaki does a great job casting vision and helping people think about building wealth, but never really gives them a true structure or plan to do it. So, Brian and I are the person that casts vision, love Dave Ramsey's budgeting, love they help people get out of debt, but then we cast a vision.
00:14:39
Speaker
like a Robert Kiyosaki but then help people get to that point. So that's kind of where we fit in and so we really have broken this down to four different tranches I would say and we probably should do another podcast on all of these but it's very interesting to me that if you don't have a plan and you feel a financial guilty the number one thing you can do is just know your numbers by budgeting.
Four Financial Stages
00:15:04
Speaker
So, D. Ramsey, shout out to you, homie. We do. I think D. Ramsey nails the budgeting thing. He gives people the envelope system as one of the most tangible solutions to managing your budget out there. There is over hundreds
00:15:20
Speaker
of budgeting apps. And to me, with just our experience with hundreds of families, it basically comes back to the envelopes in Microsoft Excel for most people. I would say 9 out of 10 people that are actually managing their budget. Those are the two tools that we see the most.
00:15:38
Speaker
Yeah. So quickly talking through that, like we don't care if you use credit cards in those, if that works for you, like, okay, awesome. As long as you know your numbers and you know your budget, here's the number one thing that we want you to get out of the budget is what is your profit?
00:15:53
Speaker
every month. What is that? Now it's going to probably vary, but what on average can you and your family expect to be saving every month? That's the goal of budgeting and like it's daunting, but to know your profit is worth it. And people with financial guilt, if you don't know your profit, I would say start there.
00:16:14
Speaker
There are especially, I mean to cut you off, but especially if you're going to go down this entrepreneurial path and you're going to buy a rental property or you're going to start a business or you're going to do X, Y and Z, you're going to invest in a stock market.
00:16:27
Speaker
How many people listening to this know they're ready to return on their 401k last year and the fees that you paid? Probably not many, but you've got to treat this stuff like a business if you truly want to retire sooner than later. And here's what I would say that Dave Ramsey has missed completely is this whole budgeting thing is for now and forever. Could sound daunting, but for people who retire, if you don't know how much you're spending,
00:16:54
Speaker
I mean, it is going to be a rough ride. Number one variable to financial planning. What do you spend a month? And if you don't know that, so like what I think Dave Ramsey does is a good job understanding the budget and doing it, but doesn't cast a vision to like, this is going to be the key components to casting wealth.
00:17:12
Speaker
and helping you get out of this position where you're in. And Robert Kiyosaki has this game called Cash Flow, and the whole point of the game is to try to get out of the rat race.
Effective Budgeting for Freedom
00:17:23
Speaker
The way you get out of the rat race in this game, and I think in life, I think it's a good concept, is by having income that comes in, passive income or residual income, that covers your monthly expenses. Once you do that, you're out of the rat race.
00:17:38
Speaker
And so to me, that would be like the goal of everybody is one, understand what is your budget. So if you don't know what that is, how are you ever going to get out of the rat race? I mean, you probably could, some people could, but I don't think as, I don't know. I look at just the people that we are around that are most successful with money. They manage a budget. And if you look at Dave Ramsey and all of his businesses that he's running, you can't tell me those businesses don't have a budget.
00:18:04
Speaker
Oh yeah, for sure. Okay, so the first tranche is budgeting and trying to figure out what your profit is. The second thing, and I think this is a Dave Ramsey idea, I know it is, is then you need to try to collect cash.
Building Savings and Emergency Funds
00:18:19
Speaker
You need to start building up your savings to have your emergency fund. We'll just use as vernacular. So once you have that emergency fund, and we'd say three to six months in that emergency fund, that would be stage two.
00:18:34
Speaker
Stage one, budgeting, try to figure out your profit. Stage two is savings to get your emergency fund. That's the goal is to fill the emergency fund up. And I think what we would say, if you're going to be entrepreneurial and buy assets to produce cashflow and you're going to try to go out on your own or quit your job, those types of things.
00:18:52
Speaker
lean to the right six to nine months, tilt up, you know, or if you have good cash flow now and you're buying a rental property, that's maybe a little bit different. But anyways, that's where we get into individual planning. But from the book answer, I think we agree with Dave, you know, on that deal. Yep. So that's kind of tranche too.
Investment Stage and Cash Flow
00:19:10
Speaker
I'd say now tranche three is where it really gets excited for Brian and I. It's now you're going to be an investor. You are now in the investing sleeve. What are you going to go do? You have an overflow.
00:19:22
Speaker
Yep, you have an overflow. And that would be, to us, something that the 401k is an option. I would say probably, I don't want to tranche it, but maybe the last option that I would put money in, at least a lot of it, maybe get the match.
00:19:37
Speaker
But what we would really implore is the seven sources of residual income. Go after those because those are gonna help you produce cash flow tomorrow. And our number one goal for I would say investing for our clients is cash flow and trying to get them to have that income of cash flow exceed their monthly expenses.
00:19:59
Speaker
Totally. I mean, that's, that's it. Like if this is not rocket science. And I'd say if, if you love your job, which we have those people that are like, I just love my job. I don't really have a vision for going out and buying rental properties or going out and doing all this creative stuff. I just love the company I work for. They're paying me well. I want to do that for a long time. Like then you probably do need to knock
00:20:23
Speaker
knock out the retirement plan and do that deal and get the stock options. We got a lot of people work for publicly traded companies. You get the option to buy stock 15% below the lowest price of the year. All these different options are vesting. So yeah, there's
00:20:38
Speaker
legitimate big wealth built with that strategy. And if that makes you happy, go do it. But now you know, right? And so our thing is, is a lot of the people that we're meeting and coming in contact and I think are gravitating to our message aren't necessarily willing to give away the next 30 years of their life or 10 or five or whatever it is to that thing that they're doing. And they've got that drum beat inside of them. And it's like, man, I just don't want to go that long.
00:21:07
Speaker
you know, sludging along when there's this other idea that I have. And so I think it's an important contradiction. Yep. And so we're going to just beat this drop, but if you love what you do every day, you don't feel like you work at all.
Job Satisfaction in Retirement Planning
00:21:23
Speaker
When do you want to stop doing that?
00:21:25
Speaker
Well, never. You never want to stop doing that. That's to Brian and I. The key here is once you love what you do and probably getting paid for it, you don't really want to stop doing it. You want to just keep being more efficient and understanding it more and trying to do new ways to figure it out to help more people. Anyway, so that would be my challenge to those people who are like, all I want to do is put my money in my 401k.
00:21:50
Speaker
And I just, I love my job, which those people do exist. My question to you is like, well, do you ever want to stop doing what you're doing? Well, yeah, I want to, I want to travel. I want to, I want to do this. I want to do that. Well, like, let's talk more about that. And is there a way that we can start helping you in avenues and investments that can help you do that a little bit more, you know, and make your. I want to, I want to go between one other person. Cause I think you've done a good job triangulating our message. So I, we have Dave Ramsey on one.
00:22:19
Speaker
We've got Robert Kiyosaki on the other point of the triangle. I'm going to put Warren Buffett on the third point of the triangle. And we want to live in the middle of this. So I think it's, we get a lot of people that are like, you know, I grew up in Omaha, so I'm, I'm beaten to death with the Warren Buffett message and made a lot of people a
Lessons from Warren Buffett
00:22:36
Speaker
lot of money. I'm not saying he's wrong.
00:22:37
Speaker
But I think when you miss, it's easy to miss the context of some of the things he's saying, you know, just buy low cost index funds and start investing as early as you can. The thing that I think people miss with Warren Buffett is he was the CEO of a company and he had really steady cashflow because he's really good at business.
00:22:57
Speaker
for decades, you know? And so it's like, if you're an employee and you're putting all your money in the stock market and in a retirement plan for that matter, which you can't touch and you get laid off, you're in a different position than Warren Buffett is. And I think the other side of it is that people fail to miss is Warren Buffett's dad was a US Senator. Like he had a lot of money and he owned businesses. So I mean, he's done everything a lot right. But
00:23:26
Speaker
You've got to get this budgeting thing down. Warren Buffett's managed a budget. I guarantee it. You know, he was running all these companies. They all have a budget. I used to audit Berkshire Hathaway and that was one of my clients when I was at Deloitte and Touche. And I tell you what, those people manage a budget like you would not believe. They were so anal, retentive about their budget and the accounting and everything. I mean, like to the factor of no other company that I've seen. And so in that,
00:23:56
Speaker
he has residual income and more income streams than anybody probably out there. And they literally own over a thousand different companies. And I'm not talking about like stocks or investments. I'm talking about legitimately, he owns hundreds and hundreds of companies underneath the Berkshire umbrella, like an equity stake. He loves what he does and he keeps pushing. How old is he? I think he's 89 right now.
00:24:23
Speaker
Domino. So he loves what he does and that's the CEO of a company. Yeah. That produces cashflow. Now he doesn't take a huge salary, but that's his job. His job is not an investor. His job is the CEO of Berkshire Hathaway. And so I think that's an important
00:24:40
Speaker
Contradiction, I think a lot of what he does and the principles that he talks about are valid But don't miss the point that he has Run a successful profitable company to do that or to give him that platform And especially in the insurance space where the cash flow is incredibly stable incredibly stable
00:24:58
Speaker
And it's allowed him to pivot now to all these other companies and investments. But so I think that's where we want to live. If you need to invest, you need to own a business or you don't need to. But I mean, a lot of people do. And you need to monetize what you're passionate about. And at the end of the day, you've got to have a budget.
Encouragement in Financial Goals
00:25:15
Speaker
Yes, and I want to throw in another person since you threw in Warren Buffett, Tony Robbins. Like, we want to be the encouragement that Tony Robbins gives. Like, and that sounds stupid, but at the end of the day, this financial guilt, you need a little help to get out of this thing. And I'm telling you, you're not as bad as you think you are. I mean, there's a couple things and there's many of times that we meet with clients and they're like, wait, we can do this now? Or we can, we're in a different position than we ever thought we were just because somebody else with different eyes helped us think through this.
00:25:43
Speaker
Well, let's go back. I think that's an important distinction too is like so much of financial shame and guilt can come from
00:25:51
Speaker
your circle of influence. And I want to be careful of talking about family, but you know, a lot of our context and understanding of money comes from our family situation. Our parents are upbringing, how they handled money, how they thought about money potentially. Um, and we've met a lot of couples where they fought about their parents fought about money or, you know, one, one doesn't want to spend a dime and the other one, Hey,
00:26:15
Speaker
I'm not guaranteed tomorrow let's let's have fun you know and so money is a huge topic especially in relationships especially look backwards to our past and that can have a lot of impact on our financial shame and financial guilt and so i think it's you know talking about that in a healthy way and then like you said casting a vision.
00:26:34
Speaker
So that a husband wife or whoever can get on the same page shoulder to shoulder and saying like yeah We both want that we both can make sacrifices to get that we both can hold ourselves accountable To achieve that and let's make it a game and see how fast we can do it. Hmm
00:26:51
Speaker
gamify it, gamify life, which is so cool. Cause then you see married couples shoulder to shoulder beating something, you know, and it's, it's their life. That's their cashflow.
Recap and Invitation for Guidance
00:27:00
Speaker
It's their finances. So here's, I'm just going to go back through it. Cause we've covered a lot and we're totally out of time. So the first tranche is if you're having financial guilt, understand your, figure out what that is, trying to figure out what your profit is each month.
00:27:15
Speaker
Once you do that, then work on savings. Try to get three to six months of emergency funds. And then the third one is investing. Then our number one goal of investing is to try to figure out how to make enough money coming in that we can handle our monthly expenses. And then the fourth is just financial freedom. At that point, you have financial freedom.
00:27:36
Speaker
And then you can continue to tweak things to be more efficient and this, that, and the other. So those are, I would say, some things that you can take home from this. If you are experiencing financial guilt, please reach out to us. Schedule your consultation. We'll at least walk you through it. We've talked to many people and it was just the consultation and after talking to them,
00:27:56
Speaker
how encouraged they have been. And they're like, well, how much can we pay you? And like, no, how about you just go out and do this? Does that make sense? Give us a call after you've done the things we've talked about. And anyway, so that's, that's our deal that you've been listening to the uncommon life project. We are so thankful that you listened and tuned in. Don't forget to rate this thing for us. That would be huge. And yeah, you've been listening to the uncommon life project. My name is Philip Ramsey. And I am Brian Dewhurst and you can find us
00:28:25
Speaker
at www.uncommonwealth.com and you can schedule a free consultation on our website. Thanks for listening. Bye-bye. That's all for this episode of the Uncommon Life Project, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.