How to Be Better with Money in 2019 -- Spend Less AND Spend Smarter

TL;DR

Spend smarter, invest more, seek professional help for financial success.

Transcript

Alison Southwick: Let's transition to talk about some money-related resolutions that people often have. One of the top five New Year's resolutions is, "I'm going to spend less." Again, very vague. Bro, what should people actually be saying and doing? Robert Brokamp: I like to focus, first of all, on just spend smarter. Because you have to spend mon... Read More

Key Insights

• 🍉 Categorize expenses as providing long-term, short-term, or no benefit to optimize spending.
• 🤑 Invest money instead of just saving to achieve financial independence and long-term financial growth.
• ❓ Automate investments and budgeting to make financial decisions easier and more consistent.
• 🤑 Seek professional help like financial planners or daily money managers for personalized financial guidance.
• ⌛ Set specific time blocks to focus on financial tasks to overcome time and energy constraints.
• 🥅 Hiring professional trainers or advisors can provide the needed support to achieve fitness or financial goals.
• 💨 Monthly challenges can be an effective way to initiate behavior change and achieve lasting results.

Questions & Answers

Q: How should people categorize their expenses when looking to spend smarter?

People should categorize their expenses as providing long-term benefits, short-term benefits, or no benefit to determine where their money is going. This helps identify areas where spending can be optimized for better returns.

Q: Why is it important to invest more rather than just saving money?

Investing allows for wealth accumulation and growth, providing the potential for increased future spending or financial independence like in retirement. It offers a better long-term value compared to saving cash.

Q: What are some ways to follow through on money-related resolutions?

To follow through on financial resolutions, automate investments, separate accounts for specific expenses like dining out, and seek professional help from financial planners or daily money managers.

Q: How can seeking professional help benefit someone struggling with finances?

Professional help from financial planners or daily money managers can provide expert guidance on budgeting, saving, and investing, helping individuals make informed decisions and achieve financial goals effectively.

Summary & Key Takeaways

• Focus on spending smarter by categorizing expenses as providing long-term benefits, short-term benefits, or no benefit.

• Invest more rather than simply saving, as investments lead to financial independence.

• Seek professional help like fee-only financial planners or daily money managers for financial guidance.