saving tips

At age 12, Mark Cuban sold trash bags door to door. Further on, he owned a bar after college and he later hit it really big when in 1995 he sold his company Broadcast.com to Yahoo for $5.6 billion dollars!

Now you could say Mark Cuban is a lucky man and indeed he is. However, if you thought that, you may have missed the main point. 

Sure he was ‘lucky’, but if you read between the lines, he solved problems.

Mark has a lot of wisdom to share in the realms of life, business, and finance.

In this part 2 episode, Dave shares 5 more key financial lessons from Mark Cuban.

Winning with money isn’t always about taking huge risks, most of the time it's the little things you do every day like reading a book on investments or paying your credit card balance off every month. All these things will make you a winner.

So, what problem can you solve in your world today?

You heard some really good ways to save and invest your money, but now I want you to take one of those ideas and make it part of your life so that you can win with money!

Questions for Review:

• Did Mark Cuban's upbringing and entrepreneurial spirit sound relatable to you?
• What problem do you currently see in your savings or investing strategy (this can be habits as well)?
• What 1 lesson from the 10, that Mark taught on, can you go out and immediately implement?

Quote from the Episode: "It doesn't matter how many times you fail. You only have to be right once and then everyone can tell you that you are an overnight success." -Mark Cuban

Have you ever heard of Mark Cuban? Or better yet, Shark Tank? 

I’m guessing that if you do know who he is, it may be because of seeing him on TV with Shark Tank. Mark Cubans is a world-famous entrepreneur and the owner of the Dallas Mavericks basketball team.

In this episode, you're going to learn REAL ways to win with money as Dave shares some amazing financial advice from Mark Cuban.

Mark built several successful businesses at an early age because he did what any great entrepreneur does, he solves problems.

He's not only a good businessman, but he's also very savvy with his money and has a lot of great financial wisdom to share.

Listen to the episode as Mark shares 5 unconventional tips for succeeding with money.

Questions for Review:

• Does Mark Cubans early success seem achievable to you? [before he became a billionaire]
• Does getting rich slowly sound appealing to you? Remember, the fastest way to guarantee wealth is to get rich slowly.
• Which of the 5 tips shared do you feel that you can most likely implement?

Quote from the Episode: "Every no gets you closer to a yes." -Mark Cuban

If you invested $250 per week for 30 years and averaged 7% in a tax-deferred account, you’d have over $1.2M dollars at the end of those 30 years. 

Today, Dave is going to explain what the time value of money is and how it can affect you both positively OR negatively depending on what you do with your money.
 
The time value of money is a very interesting subject and one you would want to know at least a little bit about.

If I said to you I can give you $20K today or $20K five years from now, which would be a better deal? 

That’s easy, right? 

YOU my listeners would say ‘take the money’ and take it now! Why?

If you have been listening to this podcast for a while now and still have not started saving a portion for your retirement, by doing ‘nothing’ with your money, you are actually doing ‘something’ with it. YOU are in essence allowing your hard-earned money to lose value. 

Make sense?

The earlier you start, the better off you are because of the time value of money. Remember, an investment delayed is an opportunity lost.

Start today to win with money.

Questions for Review:

• Do you feel like you fully understand the concept of the time value of money? If not, how could you grow in your knowledge?
• How can you put your money to work today so that it earns for you tomorrow?
• If you have a healthy amount in your savings account, is there some money stored away that could be used to grow your retirement?

Verse From the Episode: "You shall remember the Lord your God, for it is he who gives you power to get wealth, that he may confirm his covenant that he swore to your fathers, as it is this day." -Deuteronomy 8:18

11% of workers plan to retire at age 55. 

Are you one of them? 

You get Dave’s vote if you do, however at the same time, it’s important to think it through though. Otherwise, you may be in for some unpleasant surprises, and financially speaking that could ruin your dream retirement. 

Hear what Dave has to say on today's episode.

Sounds amazing to retire early, doesn’t it?

Well, it can be, but before you take the plunge, take a look at your assets... NO take a very close look and be sure you have enough to really enjoy your newfound freedom.

Ultimately, it’s NOT rocket science and you don’t have to be an engineer, a doctor, or a lawyer to win with money. It takes having a plan, educating yourself on personal finance, and following through with that plan.

Life happens and your plan will not look like Dave's did. I dare say it will be VERY different. That said, our wish for you is to have your own personal plan and then focus on that plan and you will win with money.

If you dare, if you are serious about winning with money, send Dave an email with a 1-page plan with how you are going to win with money. Let Dave be that accountability partner to better enable you to keep on track and win! 

Questions for Review:

• Would you like to retire early?
• If so, what are you currently doing to make that a reality?
• Take time to put together a 1-page plan with how you will win with money.

Verse From the Episode: “'All things are lawful for me,' but not all things are helpful. 'All things are lawful for me,' but I will not be enslaved by anything." -1 Corinthians 6:12

Did you know that ‘sweat equity’ is tax-free?

If for example, you and your spouse buy a fixer-upper, work hard and bring it back to life and then sell it 2+ years later, any gain up to $500K is free for the two of you.

Today, Dave is going to share 6 great ways to save money by not paying taxes.

All these 6 ways are amazing and completely legal thanks to the U.S. government.

Look out, there just may be one idea that’s just right for YOU!

Free money is always a good thing in my book. 

Take advantage when you can with one or even a few of these benefits.

As always, listening to this podcast or any worthy advice is all good, however, the most important step is to make these great ideas a reality. 

Is there one you particularly liked? If so, make a decision this week to make it happen.

Questions for Review:

• Were you familiar with these 6 tax-free benefits for Americans?
• Is there 1 or 2 of these ways that you can begin implementing today?
• Can you think of any other ways to pay less in taxes (legally)?

Verse From the Episode: "Then he said to them, 'So give back to Caesar what is Caesar’s, and to God what is God’s.'” -Matthew 22:21

74% of teens don’t feel confident about their financial education!

Well that’s not very encouraging, is it? 

Surprise, all is not lost, there is some good news regarding today's teenagers!

Today, Dave will share what that is all about and why SOME are winning with money... And guess what, YOU may even learn a thing or two about money from these teenagers!

Listen to this episode and you will learn why personal finance is critical for everyone... including kids.

It is a skill you will use your entire life.

Thank you to all who have been listening to the podcast and please continue to educate yourself about money. You will be glad you did!

Questions for Review:

• Does your spouse or child understand personal finance? If not, how could you teach them?
• Where can you go or what can you do to get more financially educated?
• If you have a teenager think right now about 1 or 2 ways you can incentivize or teach your child personal finance.

Verse From the Episode: "Train up a child in the way they should go, and when they are old they will not depart from it." -Proverbs 22:6

17 out of every 100 people are millionaires at 65.

There is a very good chance that you are friends or have a relative that is a millionaire.

The question today is do YOU want to become one?

Today Dave will discuss 10 ways to help you win with money and make it to that special million-dollar threshold.

As you'll find out in the episode, it’s not all: save, save, save.

It also means cutting expenses, putting your money to work for you, and saving on taxes. All 10 of these ideas will help you on your journey towards winning with money and becoming a millionaire by 65 (or sooner!).

You don't have to implement all 10, but you should manage your finances with intentionality.

In the episode, Dave shared how he got started saving and investing regularly and how he managed to reach a million dollars before the usual retirement age... All that despite earning just an average full-time income for 30 years.

Now it’s your turn! Make a plan and implement it this week.

Questions for Review:

• Does earning a million dollars before 65 seem doable to you?
• Are you on track to earning a million dollars before you expect to retire?
• What 1 thing from the episode can you begin implementing today?

Verse from the Episode: "Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment." -1 Timothy 6:17

In today's podcast episode, we discuss what it means to be average financially speaking vs. where you stand in the median group.  

There is a big gap between the two and today we will focus on those median numbers (the number right in the middle of the highest and the lowest number).  

You see, the average numbers are the total of a group averaged into one and those numbers can be skewed wildly if you add Elon Musk or Jeff Bezos into this average. When you do that your number can be much higher than what is ‘normal’ in society.

Using the median net worth, we think, is a more accurate number to determine where you stand.

On the last podcast, we spoke about your net worth. Knowing your net worth is a statement that quickly shows you where you stand financially and knowing what the average net worth is in your age group can help you determine how you are doing. 

YOU don’t want to be average, do you? Of course not!

The purpose of this podcast today is to give you a tool to see if you're winning with money.

It’s not a be-all, end-all, but it should help you at least see how you compare and our hope is it just may help you get fired up, or excited and refocused to win with money.
 
Are you winning or… something else? Let's find out!

Questions for Review:

• Are you happy with where you are financially?
• After listening to the Podcast, did you find yourself in the average for your age group, or better or worse compared to your peers?
• What's one thing you can do today that will help make you better than average financially?

Verse from the Episode: "Do not weary yourself to gain wealth, Cease from your consideration of it. When you set your eyes on it, it is gone, for wealth certainly makes itself wings like an eagle that flies toward the heavens." -Proverbs:  23:4-5

1984 was the year Dave first began to keep track of his finances with the help of a Net Worth Statement.

Every year since, Dave takes an hour or so on the first week in January and determines that number. 

Now 35+ years later he has a simple 1-page record of what his net worth is. That first year it was just $50K.

In this episode, Dave is going to explain what a Net Worth Statement is and why it’s helpful to do it annually. He outlines a simple process so that you can complete it in (likely) less than an hour's time.

We really recommend you do this as it gives you a quick visual of where you are financially… and frankly it’s very encouraging to see your year-to-year growth!

Listen in to this week's episode as you will discover why completing a net worth statement is important and how you too can succeed at it with very little effort on your part.

Questions for Review:

• Do you know what your net worth is?
• Do you now feel comfortable with calculating your net worth statement?
• Add a 1-hour timeslot to your calendar, sometime this year, to calculate your net worth statement.

Verse of the Episode: "My Wealth Has Come From A Combination Of living in America, some lucky genes, and COMPOUND INTEREST." -Warren Buffett

I know a couple who both have a great job in sales and have an awesome salary, are married, have 2 kids, and have a house with a picket fence.

Many people would say that they have got it all figured out. Their family is a success, they are living the ‘American Dream’. 

Well on the outside they were, but on the inside, they were drowning in debt.

In this episode, learn how minimum payments changed this family's life forever.

Dave shares how one couple got into a complete mess because of their credit card misuse and he will share a very simple solution for you if you are struggling in this area and want to really win with money!

Don't worry, the story does have a happy ending, so make sure you stick around for the entire episode.

Questions for Review:

• Are you only paying the minimum payment on credit cards or other forms of debt [thus paying more in interest]? 
• Are you or someone you love spending more money than you are making from month to month (borrowing the difference)?
• Think today if there is a mental shift you need to make to stop paying credit card interest. Does that mean perhaps you only pay with cash going forward?

Verse from the Episode:  "The Rich Rule Over the Poor and the Borrower is Slave to the Lender." -Proverbs 22:4

It doesn’t really matter what age you start to save, what matters is that you do it.

It’s never too late or too early to start saving.
 
Let me put it another way, it’s not ‘how much should I save,' but it should be ‘how much can I save’?

Today, Dave is going to tell a story about a good friend that, unfortunately, has not been able to win with money. He'll also share how he would have done it differently and how you can avoid his friend's mistakes and win with money.

You see, Dave's friend once shared that at one point in his career he made over $100K/year... And that would have been over 20 years ago!

Unfortunately, he is now almost 80 and lives off his small pension and social security check.

In this episode, Dave is going to share what went wrong and how to fix it.

Are you ‘sick and tired of being sick and tired’?

We want YOU to win with money. It's time to change yourself today and start winning with money.

Questions for Review:

• Are you 'sick and tired of being sick and tired'?
• Are you becoming like Dave's friend, making lots of money but nothing to show for it [in savings]?
• What one thing can you do today to start saving in a way that has a real impact on your future?

Quote from the Episode: "You can be young without money, but you can't be old without it." - Tennessee Williams

According to Time magazine, it is estimated that for a millennial with 40 years until retirement, $1 million in savings is not likely sufficient.

Taking into account 3% inflation over that time period, it would be worth just $306,000 in today's dollars.

See, if you are young, because of inflation, that $1 million will be considerably less in purchasing power in say 40 years. In other words, if you are 25 today that $1 million would be worth about $300K in real purchasing power.

Now that is pretty discouraging, huh? 

Well today, Dave is going to give you some encouraging news.

Listen in on today's episode as Dave gives you a simple strategy to get you to $2 million at retirement age.

You might be thinking getting to $2 Million isn't possible, but with time on your side, YOU can do this. YOU can win with money.

Think outside the box in regard to your future. Read books that interest you and dream big! Life is an adventure and it can be an exciting one.
 
As you find what you love to do, save faithfully toward your goals, and one day you will enjoy the fruits of your labor.

Questions for Review:

• Does saving 2 million dollars sound like an impossible goal?
• After listening to the episode, what steps can you take to up your savings rate?
• Are there any other hidden ways (legitimate) that you haven't thought of yet that might help you up your savings or savings growth?

Verse of the Episode: "For as he thinks within himself, so he is." -Proverbs 23:7

Saving money for retirement can be difficult.

For one thing, it seems SO far off. Many people tend to kick the can down the road a bit longer than they should and then at retirement they are not happy with the results.

At age 30, the average American has saved $45K for retirement. At 40 it’s $63K, at 50 it’s $124K, and at 60 it’s $172K. 

Are YOU AVERAGE?

Today I’m going to show you how YOU can save $1M for retirement. Listen in today to find out how YOU can do it.

Yes, it can be done. With faithful saving and a long-term view, YOU will do it. The earlier you start the better.

With compounding, your money doesn't just add up like 2 plus 2 equals 4, but it really compounds or in a sense it multiplies.

See, every year, your money earns money, and then the next year that money plus the growth earns money, and on and on. The longer the time horizon you have the greater that exponential growth will be.

Earning $1M in your lifetime is very doable if you plan and beginning early will make it much easier to accomplish.

For those who have started late, don’t despair! I didn’t even factor in the raises you will likely get or the job changes that could bump your pay up significantly.

Questions for Review:

• Does $1 million dollars in your lifetime seem attainable for you?
• Run the numbers, what would it take for you to earn $1M at retirement? It's time to chart out a plan.

Verse from the Episode: "His lord said to him, ‘Well done, good and faithful servant; you were faithful over a few things, I will make you ruler over many things. Enter into the joy of your lord." -Matthew 25:21

Your life is to a large extent the sum of all your habits – good or bad.

Research has shown that over 40 percent of what you do is habitual. It takes on average 21 to 66 days to fully learn a habit.

Do you have what it takes to make saving money a habit?

Here are 6 steps to change your behavior according to the International Journal of Behavioral Nutrition and Physical Activity, and other sources: 

1. Identify Cues.
2. Disrupt.  
3. Replace.  
4. Keep it Simple.
5. Think Long-Term.  
6. Persist.  

Learn all about how you can apply these 6 simple steps in this Podcast episode.

Now the habits I’m encouraging you to develop are related to your money. However, they could even apply to other areas of your life too. 

Want to lose weight? Want to exercise more? Want to develop a side hustle and earn more money? 

YOU get the picture right. 

If you really want to win in any area, you must change the behavior that you are currently failing in and develop new habits that are moving you in the right direction to win.

Questions for Review:

• What's one habit that you want to change or create?
• Is there a bad habit that you are currently doing that you can switch with a good habit?
• If creating that one habit was easy, what would it look like?

The verse from the Episode: "Owe no one anything, except to love each other, for the one who loves another has fulfilled the law." -Romans 13:8

Ep20. Lachy and Archie run through 10 simple ways you can save money on everyday bills, items and spending. Plus how to weight up CONVENIENCE with VALUE.  

• Choice - Groceries: https://www.choice.com.au/shopping/everyday-shopping/supermarkets/articles/cheapest-groceries-australia 
• Petrol Spy - https://petrolspy.com.au/map 
• 7-Eleven Fuel Lock: https://www.7eleven.com.au/my-7-eleven.html
• Choice - Washing Powder: https://www.choice.com.au/home-and-living/laundry-and-cleaning/laundry-detergents 

👉 Follow us on Instagram for tips and money hacks: @waymakerfinance

📧 Send us your money questions for future Q&A shows:  hello@waym.com.au

Mind Over Money is a podcast that helps Australians change their money mindsets - so that they can live a life of freedom, generosity and joy.
waymakerpodcast.com.au

IMPORTANT: All of our content including this episode is only for education and entertainment purposes only. Never get financial advice from a podcast!
It does not take into account your personal objectives, financial situation or needs. Please consider if the advice is appropriate to you and your needs, before acting on the information. We always recommend you seek personal financial advice from a Financial Advisor that’s tailored to your goals and situation

Presented by Waymaker Finance 🇦🇺   & hosted by Lachlan Nicolson and Archie Franz.
www.waym.com.au

🎙 Recorded using Riverside.fm

A recent study shared that people between 18 and 37, Generation Z and Millennials, are saving nearly 16% of their annual income away for retirement, including employer contributions.

That is amazing! Now, are you one of them?

If not, don’t despair, today Dave is going to share money hacks, and if YOU are willing to implement them,  they can change how you think and live financially.

In this episode, you will learn 10 simple little hacks that will help you to save more money.

I'm positive you will be able to go out and immediately implement one or two of these clever ideas.

The goal today is to stimulate you to think differently from what you’ve done in the past, and create a new, more successful process to save more of your money.

You too can win with money! Remember this phrase: "Just because you can buy something, doesn't mean you can afford it."

Questions for Review:

• What 1 clever way from the 10 mentioned can you immediately implement today to start saving more money?
• If saving was easy, what would it look like?
• Is there another hack or tip not mentioned in the Podcast episode that you can start using now to win with money?

The verse from the Episode: "But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever." -1 Timothy 5:8

Less than a third of parents educate kids about saving money for retirement and only 30% of parents teach about investing money with their kids.

Those statistics are not so good! 

Maybe you are one of those kids that just didn’t get the information you needed on basic finance.

Schools are really challenged to teach all that is needed for a student to succeed in life and, unfortunately, financial literacy many times falls by the wayside in both school and family life.

Whether you are the parent or you are the student today, my hope is that by the end of this podcast you will have learned one thing that you can use to succeed with money.

Parents are the #1 teacher of their kids.

It's important to teach by example, NOT just by lecturing.

So you parents out there, take a step back and ask, how am I doing? As the saying goes, "more is caught than taught."

Chose one thing today that you can share with your loved ones that will have an impact on their lives financially.

Questions for Review:

• Did you grow up learning about finances? If not, how can you catch up and improve your knowledge?
• If you have kids, what is 1 thing that you can teach them about finance and investing this week?
• Start to think about how you can begin to teach by example and NOT just by lecturing.

The Verse from the Episode: "Death and life are in the power of the tongue." -Proverbs 18:21

4 out of 5 parents wish they learned more about money as a kid and 59% of parents are uncomfortable talking to kids about money.

On this Podcast, we are going to discuss some financial words that you may have heard but don’t really ‘get’. 

I hope it helps a bit on your financial journey and a few suggestions to take you to the next step on YOUR way to financial success.

Do you understand the basics of finance? 

Here are a few financial terms to test your knowledge. Let's see how well you understand:

1. Being debt free
2. A monthly budget
3. An emergency fund
4. Compound interest 
5. Investments and insurance differences

These are just a few basic terms that you need to know on your journey to success in finance!

Don’t let some of these financial terms scare you.

Make ‘Having a monthly budget and an emergency fund’ part of your normal vocabulary and you will be one step closer to winning with money!

In the end, it is up to you to become educated in finance. I know you are interested, so now it is the time to take action!

Questions for Review:

• Do you consider yourself financially literate?
• If the above answer was no, what would it take for you to become financially literate?
• Do you have an emergency fund setup and if not how can you begin to start saving for one?

Verse from the Episode: "The way of a fool is right in his own eyes, but a wise man listens to advice." -Proverbs 12:15

One of the first steps in overcoming poverty is to receive an education.

With each year of schooling, an individual’s income potential increases by around 10 percent.

With more education, one has more opportunities.

Today, Dave is going to get into specifics on how YOU can become educated in personal finance.

He is going to show you a simple process to help you to understand how to navigate the messy business of saving and investing.

What will you take away from this week's episode?

Dave will share some great resources and walk through a simple, step-by-step process to getting a financial education for free.

Once you have some resources, begin to educate yourself via one of the sites I mentioned on the episode.

Then, when you have some good basic knowledge, put some of your hard-earned money to work for you in a financial brokerage firm and YOU will be on your way to succeeding with money.

Educating yourself does take some effort on your part, just like growing a muscle, mastering a favorite sport, or learning a new language, by taking charge of your life, and in this case your financial life, YOU will WIN with money!

Please don’t put it off! I know you want to get better at it so please begin today.

Questions for Review:

• Would you consider yourself educated in personal finance?
• What areas do you most need help with to become a good saver or investor?
• Can you put aside 20-30 minutes this week to learn more about personal finance? If so, schedule it on your calendar and make sure it actually happens.

Verse From the Episode: "The fear of the Lord is the beginning of knowledge, but fools despise wisdom and instruction." -Proverbs 1:7

When Dave was younger, he learned a bit about finance but he soon realized he needed a professional to go to the next step.

In 1991 he bought 100 shares of Microsoft @ $47 a share and 11 months later he sold it at $78. He made $3,100 in less than a year and proceeded to think he was a genius.

Unfortunately, that's not the whole story.

Listen in to this week's episode to learn from one of Dave's early investing mistakes. Learn now so you don't make the same mistake later!

In today's episode, you can learn all about choosing great mutual funds with Dave's step-by-step instructions.

He's going to show you the exact details you need to confidently select the right information and to choose great mutual funds that fit your particular life stage and needs. 

When Dave did this exercise, he looked for "balanced" funds with good returns and average risks. In just a snap they showed 6 funds (from over 1000’s) and of those 6, it breaks those down even more. 

Selecting the right mutual fund is not rocket science and just about anyone can make a reasonably good determination of what to buy.

Lastly, in this podcast, Dave shared resources you can use that are usually free and that will greatly assist you in your journey.

So now you know where the information is… it may now be time to take action and purchase your first Mutual Fund.

Questions for Review:

• What's holding you back from investing in your first mutual fund? Is it a lack of finances or lack of knowledge?
• Are you looking for a fund with higher risk with the potential for higher returns (over time) OR are you looking for a lower-risk option with steadier returns over time?
• What's one thing that you can do right now to get started in the mutual fund game?

The Verse from the Episode: "Trust in the LORD with all your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths.” -Proverbs 3:5-6