Podcast Summary
Monetizing Existing Resources: Airbnb Hosting and Dental Assistant's Struggles: Explore Airbnb hosting for extra income or use existing skills like being a dental assistant creatively to tackle rising costs.
Monetizing what you already have, such as hosting a space on Airbnb, can be an easy and effective side hustle. The speaker, Nicole Lappin, shares her personal experience of writing in remote cabins but feeling uneasy about leaving her house empty. She turned to Airbnb hosting as a solution, which she finds to be simple and accessible. For those new to side hustles or feeling anxious about getting started, Airbnb offers ease and support. Additionally, inflation may have decreased, but prices for goods have not followed suit, leaving many feeling the pinch. The speaker, Danielle, shares her struggles with making ends meet as a dental assistant with two children and the rising cost of groceries. Overall, the discussion highlights the importance of utilizing existing resources and finding creative solutions to financial challenges.
Imagine a prosperous future for motivation and direction: Visualize your desired future, create a spending plan, and take small steps towards financial goals for peace of mind
It's important to envision your future self and the life you want to live in order to make decisions about your current financial situation. When facing financial struggles, it can be overwhelming to focus on the present, but imagining a prosperous future can provide motivation and direction. By creating a spending plan or budget, you can gain control over your expenses and work towards your goals, even if they seem scary or uncertain at first. Remember, your current situation is temporary, and taking small steps towards a better financial future can bring peace of mind. So, take some time to reflect on your long-term aspirations and create a plan to make them a reality.
Create a balance sheet to list assets and liabilities, and record income and expenses to gain a clearer financial picture.: Create a balance sheet to list assets and liabilities, record income and expenses, and gain a clearer understanding of your financial situation to make informed decisions towards your goals.
Understanding your financial situation involves creating a balance sheet to list both your assets and liabilities, and then creating a spending plan by recording all income and expenses. Your assets include things you can easily access, like cash, and those that are less liquid, like a house or car. Liabilities are what you owe, and they can be categorized as short-term, like credit card debt, or long-term, like a mortgage. Your balance sheet provides an objective view of your financial standing, and acknowledging your financial situation is the first step to improving it. By listing all income and expenses, you can gain a clearer picture of your financial situation and make informed decisions to reach your financial goals. Remember, the only money problem you can't solve is the one you're not aware of.
Understanding Monthly Spending with a Spending Plan: Create a spending plan to track income & expenses, allocate 70% to essentials, 15% to savings & future goals, and 15% to fun spending. Review & adjust regularly.
Creating a spending plan is crucial for understanding where your money goes each month. Start by reviewing your bank statements line by line to identify spending categories. Make sure you have a category for all types of expenses to avoid overlooked spending. Add up your income and expenses to determine if you're able to cover your essentials, which should be about 70% of your overall spending plan. Housing should make up about half of that, while 15% should go towards savings for emergencies, retirement, and future goals. The remaining 15% is for fun and discretionary spending. Commit to this spending plan and consider additional income streams to help you reach your financial goals. Remember, having a spending plan provides structure and helps bring clarity to your finances.
Create a clear spending plan and be disciplined with money: Start by understanding income and expenses, explore side hustles or freelance work, use extra cash for investing or renting assets, and commit to a spending plan for a better financial future
Taking control of your finances starts with creating a clear spending plan and being disciplined with your money. You may find relief right away by understanding your income and expenses. Don't overlook your talents and hobbies as potential sources of income through side hustles or freelance work. If you don't want to monetize your hobbies, consider using extra cash for investing or renting out assets like a car on Turo. Remember, you may not need to make as much money as you think if you commit to a spending plan. It's important to confront financial issues head-on, as progress and a better financial future are possible. Your future self, the one you envisioned at the beginning of this discussion, can be a reality with the right financial steps. This is just one step on the path to financial stability and independence.
Balance in budgeting: Allow for small indulgences: Focus on managing big expenses while allowing for flexibility in budget for small pleasures, maintaining balance for financial health
While budgeting is important for financial health, it's not about eliminating every small pleasure in life. Small indulgences, like a daily fancy coffee, can bring joy and shouldn't be the cause of financial stress. Focus on managing the big expenses and allow for some flexibility in the budget for the little things that matter. Remember, it's the balance that counts. So, keep investing in yourself and your happiness, even if it means a daily latte. For more financial advice and insights, tune in to Money Rehab on Money News Network, follow us on Instagram and TikTok, and feel free to email us your money questions. Thank you for listening.
