Podcast Summary
Discovering the Interconnection of Fitness and Financial Wellness: Both fitness and financial wellness are essential components of a balanced life. Setting goals, striving for improvement, and embracing challenges can lead to success in both areas.
Fitness and financial wellness are interconnected aspects of personal wellness. Mick Shaw, the host of RP Strength podcast, welcomed his special guest Jeremy from Personal Finance Club, who is also a Michigan football fan and a former track athlete. They discussed their shared experiences and discovered numerous similarities between their backgrounds. Although they have different areas of expertise, Mick emphasized the importance of both fitness and financial wellness in leading a balanced life. Jeremy encouraged listeners to follow him on Instagram, and they reminisced about their Michigan track and field days. Despite their differences in height and track events, they both had impressive records. Mick ran a 159 in the 400-meter dash, while Jeremy ran a 117 in the 600-meter race and a 46 in the 800-meter race. The conversation highlighted the importance of setting goals, striving for improvement, and embracing challenges in both fitness and finance. Overall, the podcast episode emphasized the significance of holistic wellness, which includes physical fitness and financial stability.
From Track to Business: Adapting to Unexpected Changes: Personal experiences and circumstances can lead to unplanned paths, but finding purpose and learning new skills can lead to success.
Personal experiences and circumstances can significantly influence one's life trajectory, even if initial plans don't work out as intended. The speaker, Jeremy, shares how he started college at a young age and had aspirations of running track and field at the university level. However, he didn't make the team and instead turned to weightlifting and eventually started a successful business. After selling the business, he retired at 36 but soon realized a lack of purpose in his life. He then turned to personal finance as a passion and began sharing his knowledge on Instagram. Jeremy's story highlights the importance of adapting to changes and finding purpose in unexpected areas. He also emphasizes the value of learning about personal finance and investing to secure a financially stable future. Some of his favorite personal finance books include "The Simple Path to Wealth" by JL Collins.
Consistent effort and long-term commitment are keys to building wealth and getting in shape: Focus on proven methods for building wealth and getting in shape, which require patience and discipline, rather than seeking shortcuts that may provide temporary results but don't lead to lasting success.
Building wealth in personal finance, just like getting in shape in fitness, requires consistent effort and long-term commitment. The simplest advice is to spend less than you earn and invest the difference in a diversified portfolio, such as an index fund. This approach, as Warren Buffett demonstrates, can lead to substantial wealth over time. However, many people are impatient and seek shortcuts, which often leads to poor decisions and setbacks. In the finance world, this might mean speculating on stocks or cryptocurrency, while in fitness it could mean following fad diets or quick-fix workouts. These shortcuts may provide temporary results, but they don't lead to lasting success. Instead, focus on the proven methods that require patience and discipline, and trust the process for long-term gains.
Focus on long-term goals and behaviors for success: Small changes in behavior towards long-term goals can lead to significant results, ignore distractions and stay consistent.
Focusing on long-term goals rather than short-term instant gratification is essential for achieving success in various aspects of life, such as finance, fitness, or personal growth. While it may not be possible to attain significant results overnight, small changes in behavior can significantly impact your trajectory and set you on the path to reaching your goals. For instance, in finance, instead of aiming for a $1,000,000 windfall, consider saving $500 a month and investing it consistently over a long period. In fitness, focus on establishing healthy habits like meal prepping, exercising regularly, and getting enough sleep, rather than fixating on a specific weight loss goal. By focusing on the behaviors that lead to the desired outcome, you'll be more likely to succeed in the long run. Additionally, try to ignore the noise and distractions that may cause you to deviate from your trajectory, and stay consistent with your actions. Remember, small changes today can lead to significant results tomorrow.
Stay focused on personal goals and metrics: Avoid comparing oneself to others and stay focused on personal goals and lead metrics for success in fitness and finance.
Focusing on personal goals and metrics, rather than comparing oneself to others, is key to success in various areas, including fitness and finance. The speaker emphasizes the importance of identifying and tracking lead metrics, such as workout hours and macros in fitness, or hours worked and investments in finance. Comparing oneself to others, whether it's through social media or the news, can lead to distractions and poor decision-making. Instead, trusting the process and striving for personal bests is a more effective and fulfilling approach. The speaker also warns against the dangers of "big fish stories" in finance, which can lead to making poor investment decisions based on incomplete or misleading information. Overall, the message is to stay focused on personal goals and metrics, and avoid getting sidetracked by external comparisons.
Long-term financial strategies for wealth: Focus on saving, investing, and living below your means for long-term wealth. Prioritize financial education despite lack of emphasis in traditional education.
While there may be exceptions where people have made significant money quickly, focusing on long-term financial strategies, such as saving, investing, and living below your means, is a more reliable path to wealth. The lack of proper financial education in schools contributes to a lack of understanding and potentially dangerous financial decisions. This situation benefits corporations and politicians in the short term, but could lead to negative consequences, such as increased inequality, in the long term. It's crucial to prioritize learning about personal finance and making informed decisions, despite the lack of emphasis on the subject in traditional education.
Focus on basics for long-term progress in fitness and personal finance: In fitness and personal finance, simple strategies like compound exercises and spending less than you earn can lead to significant progress over time. Engaging storytelling can help capture and retain audience attention.
In both fitness and personal finance, the most effective strategies may not be the flashy or exciting ones, but rather the tried-and-true basics. For instance, in fitness, focusing on compound exercises like squats, presses, and rows, instead of trendy workouts, is more beneficial for long-term progress. Similarly, in personal finance, following simple principles such as spending less than you earn, investing in low-cost index funds, and avoiding market speculation, can lead to significant wealth accumulation over time. However, as content creators and influencers, it's essential to make this information engaging and compelling for our audiences. This means finding ways to connect with them where they're at and telling compelling stories to illustrate the power of these basic principles. For example, sharing success stories of individuals who have overcome financial struggles by following these principles can be an effective way to inspire and motivate others. Overall, while the message may be boring, the way we deliver it can make all the difference in capturing and retaining our audience's attention.
Using stories to connect and inspire: Sharing stories of successful individuals and their journey can make complex concepts more relatable and motivating, highlighting common threads between various areas of success.
Stories are a powerful tool for engaging and inspiring people. Whether it's in the context of fitness, finance, or any other area of life, sharing the stories of successful individuals and the steps they took to achieve their goals can be incredibly compelling and motivating. This is because stories allow us to connect with the human element behind the success, and they make complex concepts more relatable and accessible. As the speaker shared, he has found that when creating content, focusing on telling a story is key to making it resonate with his audience. By highlighting the common threads between various areas of success, such as fitness and finance, we can better understand the universal principles of what it takes to achieve our goals and be inspired to take action.
Consistency and intensity in fitness and finance: Consistency and intensity are essential for progress in fitness and significant growth in finance. While consistency is important in both, finance offers the potential for exponential growth through compound interest.
Consistency and intensity are crucial in both fitness and finance for optimal results. In fitness, being consistent with workouts and maintaining intensity leads to progress, while in finance, consistent investments and high intensity (or high returns) compound over time for significant growth. However, unlike fitness, there is no ceiling in finance, allowing for exponential growth through investing. While consistency is important in both areas, the concept of compound interest is unique to finance and can lead to exponentially larger returns over time.
Starting Out: 4 Essential Money Management Steps: Take advantage of employer 401k match, pay off non-mortgage debt, save an emergency fund, and start investing for retirement
If you're just starting out with managing your money, focus on these first few steps. The first step is to take advantage of a 401k match from your employer if available. This is essentially free money that you don't want to miss out on. The second step is to pay off any non-mortgage debt you have. Being in debt can hold you back financially and prevent you from getting ahead. The third step is to save an emergency fund. Having some cash on hand can provide peace of mind and help you avoid going back into debt during unexpected financial emergencies. The fourth step is to start investing. This includes getting your financial foundation in place by paying off debt and saving an emergency fund before you start investing for retirement. Remember, these steps are essential to setting yourself up for a financially secure future.
Secure income, save for emergencies, retire comfortably: Focus on income, emergency funds, retirement before buying a house or complex investments. Use robo-advisors for long-term investing and avoid complex trading strategies.
Prioritizing financial steps correctly is crucial for long-term wealth. The speaker emphasizes the importance of first securing a steady income, then saving for emergencies and retirement, and only then considering buying a house or investing in more complex financial instruments. He recommends using simple, automated tools like robo-advisors for long-term investing and avoiding the temptation to engage in complex trading strategies that can lead to losses. Additionally, he stresses the importance of consistency and automation in investing and highlights how human instincts about the market are often incorrect.
The less involved, the better the outcomes: Focusing on automatic contributions and regular checks in personal finance, and eating fresh foods and staying active in dieting and fitness, leads to better results than trying to actively manage or constantly guess in these areas.
The less involvement one has in certain areas, such as investing and dieting, the better the outcomes can be. This idea is based on a study by Fidelity which found that the best investors were those who forgot they had an account or were deceased, as they made fewer decisions and therefore incurred fewer costs and mistakes. Similarly, in personal finance, focusing on automatic contributions and regular checks can lead to better results than trying to actively manage investments. In the context of dieting and fitness, the tried and true methods of eating fresh foods and staying active are more effective than relying on quick fixes or fad diets. It's important to create an environment that supports positive habits and avoid the temptation to constantly try and guess or speculate in areas where long-term consistency is key.
Follow a balanced approach in investing and health: Invest 90% in stable index funds, 10% in speculative investments. Focus on basics like calorie balance and macronutrients. Avoid hasty decisions based on single studies or anecdotes. Minimize risk and focus on long-term gains. Educate yourself to avoid misinformation.
Having a balanced approach is key to success in both investing and health. The speaker recommends following a "90, 10 rule" for investing, where 90% of your portfolio should be in stable index funds, while 10% can be used for more speculative investments. Similarly, in health and nutrition, focusing on the basics like calorie balance and macronutrients should come before trying out new supplements or fad diets. The speaker warns against making hasty decisions based on single studies or anecdotal evidence, and instead encourages waiting for solid research to back up new ideas. In both cases, the goal is to minimize risk and focus on long-term gains. The speaker also emphasizes the importance of education and avoiding misinformation, whether it comes from well-meaning friends or cleaning personnel.
Living below your means and smart investing: Building wealth needs intentional spending choices and automated investing, resulting in long-term savings and financial security.
Building wealth requires a combination of disciplined spending habits and smart investments. The hard work comes in the form of living below your means and making deliberate choices about your spending, such as cooking at home instead of ordering out or buying a used car instead of a new one. The payoff is worth it, as these small decisions can add up to significant savings over time. Additionally, investing should be automated and planned out, while the frugal lifestyle choices require intentional effort. A related example given was a challenge to eat on a $5 budget for a day, which required careful planning and execution but ultimately left the person feeling full and healthy. Overall, the key takeaway is that wealth building requires a commitment to both the easy and the hard parts, and the rewards are worth the effort.
Eating Well on a Budget: Planning and Effort Matter: Planning and calculating costs upfront can lead to healthier, budget-friendly food choices and save time and energy in the long run.
While it's easy to opt for convenience and indulgence when it comes to food, making healthier choices, even on a tight budget, requires some initial planning and effort. The speaker shared their experience of eating well for $5 a day in SoCal by consuming protein-rich foods like canned tuna and discounted chicken, along with rice, potatoes, green vegetables, and fruits. They acknowledged that this approach may not be ideal long-term but could still provide adequate nutrition. The speaker emphasized that the upfront work of planning and calculating costs was worth it, as it led to easier execution and fewer impulsive, unhealthy food decisions. While it may take some time to set up a plan, following it can ultimately save time and energy in the long run. This concept can be applied to various aspects of life, not just diet, to achieve greater efficiency and well-being.
Effective planning and execution are crucial for success in personal finance and fitness: Living below your means and investing early and often are the two most important rules for building wealth in personal finance. Having a coach or advisor can provide valuable guidance, but ultimately, it's up to the individual to follow through.
Effective planning and execution are crucial for success in both personal finance and fitness. Having a coach or advisor can provide valuable guidance, but ultimately, it's up to the individual to follow through. When it comes to personal finance, living below your means and investing early and often are the two most important rules for building wealth. While financial advisors can be helpful for navigating complex tax matters, many wealthy individuals choose to manage their investments themselves to minimize costs. To learn more about personal finance, follow Jeremy on Instagram @personalfinanceclub or visit his website personalfinanceclub.com. Remember, the best time to invest is always yesterday, but the second best time is today.
"Give me that which I want, and you shall have this which you want."
