Episode Transcript
[00:00:00] Going on, you guys talking about finances, personal finances.
[00:00:05] So obviously everything's going up, inflation is going up.
[00:00:09] Groceries, gas, utilities, everything.
[00:00:15] Inflation is crazy right now. So it just comes down to basics.
[00:00:22] Budgeting and being out of debt, those are the two main things that will help any household to. During this time of inflation.
[00:00:32] A lot of us can't, aren't able to save money because of, because of inflation, because we have debt, because we're not on the budget.
[00:00:41] So one of the things that helps is, is basically going to help us is to get on a budget, get out of debt and stay out of debt. And that would help us to have to save for an emergency, to save for retirement, you know, and to, you know, to have money in our pockets. Right.
[00:01:04] A lot of, a lot of us are feeling the pinch right now and that we get, we're on a, when are unable to save for retirement, we're unable to have an emergency fund in case an emergency happens.
[00:01:20] And not having a budget and being a debt in debt is keeping us from that.
[00:01:28] When you get out of debt, your lifestyle changes. You, you stop looking at, at the things that you want and start looking at the things that, that you need basically.
[00:01:42] And you start thinking long term.
[00:01:44] It helps you to think long term when you do it. Just think about it. When you're doing the budget, it helps you to think about the rest of the week or the rest of the month. You're looking ahead, you're forecasting, right? What's a forecast and weather? A forecast and weather is. Could happen. This could happen. This. There's a 90 chance of rain or there's an 80 chance of whatever of clouds, you know, however the forecast is meant. But it does, it's not necessarily set in stone, right? It could change, it'd be so it could be subject to change, but it's just the forecast. Like this is how it, it may possibly happen. So by so much percentage, right? So when you do a budget, it's not set in stone. Like if you, if you over budget for one expense like groceries and under budget for another, then move, move that money around, put the under budget money, put the over budget money to the under budget money. You know, like say your grocery bill is so much and you under budgeted for gas, we'll put that over budget into the gas so you can have gas for the rest of the week in your car so you can make it to work, whatever you got to do.
[00:02:57] So being responsible with money, that's, this is a main thing that we have to do. We have to be responsible with money at this point in our, in time so that the next time that this does happen, we're, we're prepared for it. We're prepared for when inflation may strike again sometime in the future.
[00:03:18] It's like say for a rainy day, right? That's the old saying, safe for a rainy day. I get that from Dave Ramsey. He says save for a rainy day. That, you know, the old folks used to say that same for a rainy day. Why do you say for a rainy day? I mean something might happen to your house, your AC might go out, your water heater might go out, you know, the, the plumbing might mess up. There's so many things that could happen. And, and we want, and it is financially responsible to have a savings set aside for those times when those times do happen.
[00:03:56] So inflation is killer right now for a lot of us obviously because it's, it's more expensive and at the same time it, it's, it's killer for us because we don't have any money saved. We can't continue to save money and we're in debt. That's huge. Being in debt is huge.
[00:04:19] And, and we like to think, oh, debt is good, debt is good for us. It's good to have debt. I mean if you think about it right now, it's like it's not good to have debt because we have a $500, $600, $700, $800 car payment every month going to the bank instead of going to your savings or to your own budget so you can have more groceries on the table or you could have, you know, more gas in your car and you don't have to go into more debt to, to compensate for that. Cuz debt is keeping a, it's keeping a person from saving, right? For retirement, for saving, for emergencies, from having more money in their pocket every month, every month to budget elsewhere, right?
[00:05:08] So being out of debt is huge. Getting out of debt, staying out of debt, and, and, and building a lifestyle without debt is fin. Financially responsible I believe is going against the grain on a lot of things because some people are like, oh well, I need a credit score so I have to have debt all the time.
[00:05:28] And then something like this inflation happens. And then now what do you think about your debt? Now you're wishing like damn, I shouldn't have that car payment, I shouldn't have got that car. Or I need to pay this car off quick so I can have these extra money. This, this extra money for extra for these other expenses. You know what I Mean it's all fine and dandy until a crisis hits financially, so be responsible. Now it's like the, you know those old stories, like who's it, the three little pigs. Like the, the one that has a house of straw, the one that has a house of brick.
[00:06:05] How did they prepare? Like it's, it's as age old as that. Like you prepare, you get ready for when it does strike because it'll strike. Like how many times has inflation happened in America? How many times has, did the market gone down or the market gone up? You know, so knowing that the debt that is subject to happen, be prepared for it, be prepared for what's going to happen. And then I know there's like some people that are like, oh well, the government's going to take care of us and eventually it's not going to be like that anymore. Bro, have you seen the way the government spends money now?
[00:06:46] Do you really think they have our best interest at heart?
[00:06:52] I don't think so.
[00:06:55] It's like Dave Ramsey says, it's what, it's more important what happens in your house than what happens in the White House. So what do we do with our house? We get out of debt, we get on a budget. We, we don't buy things that we can't afford. We, we live, we live below our means, you know, and a lot of us are trying to live this millionaire million dollar lifestyle and we only make a certain, I mean we only make a certain amount of money. We can't do that. You know, why do we want to?
[00:07:30] It's like we're trying to live up here, but we're, we're actually down. This is where we at in reality, we're at a lower level. Unreality. Like just be realistic. Like where are you exactly? How much do you make? You know, and we're always trying to compete with one another. Like, oh, I make more money than that person and I'm going to show it by going into debt to get into an expensive looking car. That's dumb. You're being dumb with your money by trying to impress somebody else. Like for what? So you can be a slave to the bank for freaking what, five years, you know, three years. Why, why would we subject ourselves to that? I mean, and your lifestyle changes too when you get out of debt. Like for me, I stopped trying to get the new car. I have an old school pickup, you know, still, still running fine, you know, needs a car wash every now and then. I gotta admit, I really don't keep it that clean. But I mean it still serves its purpose. I don't have 500 to $800 going to car payments. I have that 500 to 800 going to my budget, going to my savings, going to my retirement, going to my emergency fund. You see what I'm saying? Going to kids college, going to the actual places where it's actually going to make a difference in your personal finances, in freedom lifestyle.
[00:08:52] But anyways, I don't want to miss any more you guys time. I just felt like this is an important topic to top talk about because here in society like I see other people that I work alongside with, you know, people in my community that they're struggling financially and I'm just like dude, if, if we had an understanding of, of the basics of finances we would bait, we would be better off. We would have more money in our pocket. We'll be less stressed out.
[00:09:22] We would have, we would be able to give more money, you know, if, if need be we'll be able to save, give, save and spend. Those are the three main things that we can do with money. I mean just have, being able to have it in our pocket helps. I appreciate you guys for listening, for watching this video. Stay tuned for some more. Have a good one. By.
