Podcast Summary
Six daily choices for reducing anxiety: Incorporating daily practices like meeting with friends, going back to church, moving your body, getting enough sleep, practicing gratitude, and focusing on the present moment can help reduce anxiety and build a non-anxious life.
Building a non-anxious life is possible, and it's not a complicated or expensive process. Dr. John Deloney, author of the best-selling book "Change Your Past" and soon-to-be-released "Building a Non-Anxious Life," emphasizes that everyone is dealing with stress and anxiety in today's fast-paced world. He suggests six daily choices to help refill the emotional cup and reduce anxiety: meeting with friends, going back to church, moving your body, getting enough sleep, practicing gratitude, and focusing on the present moment. By making intentional commitments to these practices, individuals can begin to live a less anxious life. The book, which is available for pre-order with additional bonuses, is a call back to humanity and a simple yet effective path to reducing anxiety.
Launch Event for Dr. John Deleny's new book 'Building a Non-Anxious Life': Attend the launch event at Ramsey Event Center in Nashville, meet Dr. Deleny, get a signed copy of the book, and participate in a Q&A session for $35.
Dr. John Deleny, in partnership with Ramsey Solutions, is launching a new book titled "Building a Non-Anxious Life" on October 3rd, 2023. The launch event will take place at the Ramsey Event Center in Nashville, Tennessee, where attendees will get a copy of the book, have the opportunity to attend a talk from Dr. Deleny, and participate in a Q&A session. The event costs $35 and tickets can be purchased at RamseySolutions.com/events. The goal is to create an unforgettable experience that leaves attendees feeling inspired and motivated. Dr. Deleny, who is known for helping people overcome anxiety, will share insights from the book and answer questions from the audience. The event is open to the public, and attendees will have the opportunity to meet Dr. Deleny and get their books signed. The event is just one of the many ways Ramsey Solutions aims to help people budget for and enjoy the important moments in life, including the launch of a new book.
Transitioning to a Therapist: Focus on Billable Hours: To efficiently reach the goal of becoming a licensed therapist, focus on increasing billable hours and communicating with employers for more opportunities, rather than paying off debt or working additional jobs.
The individual in this conversation is currently in a transitional phase towards becoming a licensed therapist, which she views as an extension of her graduate degree due to the requirement of accruing 3,000 hours before obtaining her license. During this period, she is making around $53,000 per year and anticipates a significant income increase once licensed. To reach this goal as efficiently as possible, she is advised to focus on increasing her billable hours and hours towards her licensure, rather than paying off debt or working additional jobs, which may not contribute significantly to her progress. By treating this phase as an internship or residency, she can potentially shorten the two-year timeline to one or 18 months. It's essential for her to communicate with her employer about her need for more billable hours to expedite her progress towards licensure.
Creating a Clear Plan for Increasing Income and Paying Off Debt: Focus on raising hourly rate or finding a better-paying job, make minimum payments on student loans, and tackle smaller debts. Consider temporary work or therapy for support.
While increasing your income and paying off debt can be challenging, having a clear plan and perspective can help reduce stress. Focus on raising your hourly rate or finding a better-paying job, while making minimum payments on student loans and attacking smaller debts. Don't be discouraged if your dream job doesn't pay enough to cover your bills – consider temporary work in another field to get back on track. Remember, it's not a forever situation. Stay tuned for the student loan live stream on September 12th for more advice. Lastly, consider seeking help from a therapist if navigating energy levels, boundaries, or finding social support becomes overwhelming. BetterHelp offers flexible, online therapy sessions that can be tailored to your schedule.
Consider renting before committing to a mortgage: Before making large financial decisions like buying a home, ensure a solid financial plan and ability to pay off debt quickly. Consider renting first to ensure a good fit.
When considering a mortgage or a large purchase, it's important to have a solid financial plan and the ability to pay off the debt quickly. A mortgage of $80,000, while manageable for someone making $150,000, could still be worth considering renting first to ensure the area and living situation is a good fit before committing to a mortgage. Additionally, having a large sum of money saved up, such as $125,000, can be used to buy a home outright or put into a high-yield savings account instead of investing in the stock market for short-term goals. The key is to have a clear plan and financial stability before making large financial decisions.
Down payments and housing affordability: In high-priced areas, aim for a 5-10% down payment and keep housing payments under a quarter of take-home pay. Avoid letting housing costs consume a large portion of income, and prioritize debt freedom and savings.
While putting down a large down payment on a house can help avoid additional costs like private mortgage insurance, it might not be the best long-term play, especially in areas with high housing prices like Los Angeles, California. Instead, aiming for a down payment of 5-10%, and keeping housing payments under a fourth of take-home pay is recommended. Home prices in Los Angeles are not expected to decrease significantly, so waiting for them to drop may not be a good strategy. Additionally, it's important to focus on debt freedom and not let external advice sway decisions. In the case of a medical emergency, it's crucial to prioritize financial stability and savings.
The importance of community support during cancer recovery: Though dealing with debt and future medical expenses, focus on the love and support from community during cancer recovery. Seek clarity from insurance company regarding future medical costs and remember the value of community.
Despite facing significant debt and the uncertainty of potential future medical expenses, it's important to remember the love and support of a community during difficult times. The speaker's husband is making progress in recovering from brain cancer, and while they have debt from student loans and a car, they have also received a generous donation from their community. The speaker is unsure what to do with this money, but it was given out of love and without strings attached. The focus should be on the importance of the cancer recovery journey and enjoying the support of their community, rather than solely on financial concerns. The speaker is encouraged to gather more information from their insurance company regarding future medical expenses and to advocate for clear communication and written guarantees. Ultimately, the community's love and support is more valuable than any financial worries.
Understanding finances and insurance brings peace of mind: Focus on debt repayment, leave excess in high-yield savings, consider charitable giving, build a solid financial foundation, seek expert advice.
Having a clear understanding of your financial situation and receiving assurance from insurance companies can help alleviate anxiety and uncertainty when deciding how to use savings. The speaker recommends leaving excess funds in a high-yield savings account until there is confidence that it won't be needed. This approach allows the individual to focus on paying off debts while the money earns interest. The speaker also encourages using the funds for charitable causes if desired, once debts are eliminated. Additionally, the speaker emphasizes the importance of having a solid financial foundation and seeking expert advice for managing wealth and relationships.
Net worth and housing expenses: A third of net worth can afford a home, but emotions and comfort levels matter too, allowing for financial freedom and generosity later in life.
The size of one's net worth significantly impacts the proportion of it that goes towards housing expenses. For someone with a net worth of $1.6 million, a third of it, or $500,000, can be afforded for a home purchase without causing financial strain. However, it's not just about the numbers; emotions and comfort levels also play a role. The speaker, who has a net worth of $1.6 million and lives in a $200,000 house, is considering buying a $500,000 house but feels uneasy due to the emotional discomfort of the unfamiliar larger figure. It's important to remember that living below your means and saving for the future allows for greater financial freedom and the ability to be generous later in life.
Living like no one else now for financial freedom: Living below your means, saving for taxes, and being generous can lead to financial freedom. Prioritize taxes, then personal expenses and savings.
Living below your means and being financially disciplined, no matter what your job or income level, can lead to financial freedom. Dr. John Deloney, a guest on the Ramsey Show, emphasized the importance of living like no one else now so you can live like no one else later. He also encouraged being outrageously generous. Mark, a listener, asked about using business income for the baby steps or building an emergency fund for the business. The advice was to set aside one fourth of income for taxes before allocating funds to personal expenses or the baby steps. Mark, making a significant income as a pooper scooper, was praised for his financial progress. The Smart Conference in September was mentioned as an opportunity to learn about career mental health and money. Overall, the message was to take control of your finances and make smart decisions, no matter the circumstances.
Business emergency fund size depends on business stage: Startups may need a small emergency fund, but growing businesses and those with employees should set aside more. Personal savings and debt repayment are also priorities.
Having a business emergency fund is important, but the size of it may depend on the stage of your business. For instance, if you're just starting out and have a separate work vehicle, a small emergency fund could suffice. However, as your business grows and you hire employees, you may need to set aside more funds for payroll in case of unexpected expenses. It's also essential to prioritize personal savings and pay off debts, especially when unexpected events like having a baby with significant medical needs arise. Additionally, having life insurance coverage is crucial to protect your family's financial future.
Prioritize son's medical needs over debts: Focus on son's health, consider additional income or financial assistance, and seek emotional support during this challenging time
The family should prioritize their son's medical needs above paying off their debts in the short term. The earliest their son may need a transplant is one year, and during this time, they will require significant expenses for his care, including relocation and home nurses. While they have an emergency fund, they may need to consider additional sources of income or financial assistance to cover these costs. It's essential for them to focus on their son's health and wellbeing during this challenging time. Additionally, they should ensure they have a support system in place for emotional and mental health, such as close friends or counseling services.
Focus on building a cash reserve first: When facing financial challenges, prioritize savings and consider all options before taking on more debt.
When facing financial challenges, it's important to make tough decisions and prioritize savings. A small business owner discussed his predicament of having high debts and a child requiring an expensive medical transplant. The expert advised him to focus on building a cash reserve first, as the future was uncertain and the medical expenses could be significant. The expert also suggested creating a binder to keep all important financial information organized and accessible. For those in similar situations, it's crucial to prioritize savings and consider all options before taking on more debt.
Challenging limiting beliefs for financial growth: Beliefs about career or salary based on past experiences or religion shouldn't limit your potential for financial growth. Dedication and excellence in any industry can be a form of worship and service to God, leading to personal growth and financial stability.
Limiting yourself to a certain career or salary based on your beliefs or past experiences is not necessary. A person with multiple degrees in Christian studies can and should aim for higher earning potential if they're able, especially if they're dealing with financial burdens. It's important to remember that doing work with excellence and dedication, regardless of the industry, can be a form of worship and service to God. It's essential to challenge limiting beliefs and consider all opportunities for growth and financial stability. The idea that serving God requires making no money is not supported by the Bible. Instead, focusing on developing skills and providing value in the workplace can lead to personal growth and financial security.
Seeking inner peace and fulfillment through service and excellence: Focus on serving others and pursuing excellence for inner peace and true fulfillment. Avoid debt cycles, address financial issues promptly, and seek wisdom and guidance for education and career decisions.
Finding inner peace and true fulfillment often comes from serving others and pursuing excellence in the marketplace, rather than just focusing on academic degrees. Chronic pain can be a sign that it's time for a change in environment. It's important to avoid getting trapped in a cycle of debt and to seek help when needed. The speaker shares a story of someone who ignored debt for years and only woke up when faced with legal action. It's essential to be disciplined and address financial issues promptly. Lastly, the importance of wisdom and guidance in making decisions about education and career was emphasized.
Imagine a life-or-death situation to prioritize finances: Recognize spending habits, channel urgency into managing expenses, and make tough decisions to avoid financial distress
Sometimes it takes a significant wake-up call to get a handle on our finances. In the conversation, James admitted to spending beyond his means and having two residences due to work commitments. His expenses, including covering his girlfriend's costs and renting cars instead of buying, added up to a shocking $85,000 in six months. To get control, James was challenged to imagine a life-or-death situation requiring a large sum of money, which would force him to prioritize and be disciplined. The key is to channel that sense of urgency into managing everyday finances, cutting unnecessary expenses, and making tough decisions. It's essential to recognize our spending habits and take action to change them before the situation becomes dire.
Learning from Past Financial Mistakes: Identify personal triggers, seek out trusted advisors, and develop a new identity to overcome financial challenges and build a solid foundation for the future.
Becoming financially responsible is a skill that can be learned with the right mindset and support system. Kyle, who recently became debt-free after selling his home, is worried about managing his remaining $30,000 and preventing himself from being irresponsible. The advice given was to identify personal triggers, seek out trusted advisors, and develop a new identity as a responsible money manager. By reframing past mistakes as learning experiences rather than defining characteristics, individuals can overcome financial challenges and build a solid foundation for their future.
Changing identity from borrower to saver: Identifying as a saver and setting aside an emergency fund can lead to financial security and stability, despite initial challenges.
Identifying as a person who doesn't borrow money and saving an emergency fund are crucial steps towards financial security and stability. The speaker, who used to have a scarcity mindset and believed in earning more money to cover up mistakes, learned the importance of setting aside an emergency fund and pretending it doesn't exist. This helped him avoid touching it and reinforced his commitment to not borrowing money. By changing his identity and focusing on saving, he was able to improve his financial situation and provide for his family. It's important to remember that it's not easy to make this shift, but the long-term benefits are worth it. Instead of being irresponsible with money, one can re-identify as a saver and build a solid financial foundation.
Considering the decision to sell a cherished home for a higher salary: Weigh financial, emotional, and logistical factors before deciding to sell a cherished home for a higher salary, as tax implications and debt repayment can significantly impact net profit.
The decision to move for a higher salary and leave a cherished home involves careful consideration of various factors beyond just financial gains. The emotional attachment to the house, the inconvenience of temporary living arrangements, and the potential tax implications of selling the house are all crucial aspects to weigh before making a move. The individual in this discussion is currently dealing with a significant amount of debt and is unsure of how much of the profit from the house sale should be used to pay off the debt versus saving for future expenses. It's important to note that the tax implications of selling the house, including capital gains tax and potential expenses related to the sale, will significantly impact the net profit from the sale. Ultimately, the decision to move or stay should be based on a thorough evaluation of all relevant factors, including financial, emotional, and logistical considerations.
Making thoughtful decisions during major life transitions: Take time to save money, adjust to new lifestyle, and ensure best choice for family during major life transitions. Communicate clearly and focus on what's meaningful, not just expedient.
During major life transitions, such as moving to a new area or starting a new job, it's important to take your time and make thoughtful decisions. Renting for a period before buying a house can allow you to save money, adjust to a new lifestyle, and ensure that you're making the best choice for your family. Additionally, maintaining clear lines of communication and keeping relationships healthy are crucial during these times. Remember, it's important to focus on what is meaningful, not just what is expedient. As the Bible says in Colossians 3:23, "Whatever you do, do it heartily as to the Lord and not to men."
Navigating significant life transitions together: Communicate openly, create a new roadmap, and build a support network to prevent unhappiness during significant life transitions.
When a significant life transition occurs, such as a career change or a move, it can lead to feelings of aimlessness and loneliness for one partner, even if the other continues to work and be successful. This disconnect can be detrimental if not addressed, potentially leading to unhappiness and misery for both parties. To prevent this, it's crucial for couples to communicate openly about their goals, desires, and feelings, and to create a new roadmap for their future together. This may involve taking a retreat, slowing down after a period of intense focus, and intentionally building a support network. The book "Half Time" by Bob Buford can provide guidance for men in particular as they navigate this shift from acquisition to significance in the second half of their lives.
Finding Fulfillment Through Generosity and Community: Instead of solely focusing on personal gain, consider the importance of generosity and community. Dolly Parton's foundation is an example of how giving back can bring fulfillment. Plan goals with loved ones and consider the impact on others and community while ensuring financial stability.
Instead of focusing solely on personal acquisition, individuals can find fulfillment and purpose through generosity and community. The speaker shares the example of Dolly Parton, who built a foundation to provide books to children in Tennessee, and encourages people to dream and plan goals together with their loved ones. The speaker also warns against impulsively leaving a job, emphasizing the importance of having a plan and community support. Overall, the message encourages listeners to consider how they can make a positive impact on others and their communities, while also ensuring their own financial stability.
