Money On My Mind Money On My Mind

Welcome back to another insightful episode of "Money On My Mind" with me, Brennan Schlagbaum. Today, we delve deep into the core challenges hindering financial success. Joined by Tom, a skilled student success manager from Budget Dog Academy, we explore the five pivotal barriers that often hold many back from financial prosperity. This episode is tailored for anyone from high earners who underestimate the power of budgeting to individuals trapped in the paycheck-to-paycheck lifestyle, providing actionable insights and practical tips to revolutionize your financial journey.
Episode Highlights [00:40] - Unpacking Financial Challenges: Tom introduces the five critical obstacles to achieving financial success. [02:10] - The Budgeting Myth: High earners often neglect budgeting. Tom explains why it's essential, regardless of income. [03:28] - Journey from Budgeting to Wealth: Real-life success stories demonstrating the transformative power of effective budgeting. [09:30] - Mastering Cash Flow: Strategies for managing newfound cash flow and the importance of purposeful investing to avoid financial stagnation. [14:13] - Avoiding Investment Mistakes: Common errors in investment strategies that can impede long-term growth. [22:45] - Navigating Investment Risks: The importance of understanding and managing risks to maintain and grow wealth. [33:44] - The Psychological Side of Finance: How emotional factors impact financial decisions and overall financial health. [38:19] - Living for Today and Tomorrow: Tom shares a poignant story highlighting the necessity of enjoying life while securing a financial future. [43:05] - Conquering Financial Shame: Tips on how to confront and overcome the shame and guilt associated with financial struggles. [45:30] - Steps to Financial Recovery: Practical advice for anyone feeling financially left behind. Links & Resources Budget Dog Academy: https://budgetdog.com/ Closing Thoughts If you're aiming to break free from financial constraints and step towards a life of abundant wealth, don't miss this episode. Make sure to subscribe, follow, and share "Money On My Mind" if you find this discussion beneficial. Your ratings and reviews help us reach and help more people like you achieve financial freedom. Tune in next week for more empowering financial insights!

In this conversation, Lindsay Stamp shares her journey of overcoming debt and achieving financial freedom. She discusses her upbringing and the money mindset she developed from her parents' hard work. Lindsay talks about the impact of a traumatic event on her perspective on life and money. She emphasizes the importance of being willing to make sacrifices and take action to achieve financial goals. Lindsay also highlights the significance of open communication and alignment with a spouse or partner when it comes to money management. In this conversation, Brennan and Lindsay discuss the potential for Lindsay to start her own business in personal finance and wealth building. Lindsay expresses her desire to create and build something for herself and feels pulled to teach people how to handle their finances. Brennan encourages her to pursue this path, highlighting her communication skills and relatability. He shares his own experience of building a business and emphasizes the potential for multiple revenue streams. They also discuss the dynamics of the Wealth Squad community and the different perspectives on Bitcoin within the group. Overall, the conversation inspires Lindsay to take action and pursue her passion for personal finance.
Lindsay Stamp's Twitter: @lindsaystamp3

In this conversation, Brennan discusses the shame and embarrassment that many people feel around money. He shares an email he sends to students who have fallen off track in their financial goals, emphasizing the importance of not feeling ashamed or embarrassed. Brennan highlights the need to set realistic goals and avoid self-blame when they are not achieved. He explains that our beliefs and behaviors around money can be rewired, and that success is within reach if we change our mindset. Brennan encourages listeners to disconnect their emotions from financial success and focus on building a new set of programs for financial freedom.
 
Takeaways: Shame and embarrassment around money can prevent people from addressing their financial issues. Setting realistic goals and avoiding self-blame is crucial for financial success. Our beliefs and behaviors around money can be rewired to achieve different results. Disconnecting emotions from financial success can lead to empowerment and freedom. Financial success is possible regardless of upbringing or past experiences with money.
Chapters:
 
00:00: Shame and Embarrassment Around Money
03:24: The Importance of Setting Realistic Goals
06:11: Overcoming Self-Blame and Shame
09:23: Rewiring Our Beliefs and Behaviors
11:21: Disconnecting Emotions from Financial Success

In this episode, Brennan shares his journey of paying off his mortgage at a young age and the reasons behind this decision. He discusses how he and his wife paid off their non-mortgage debt first and then started considering paying off their mortgage for financial freedom. Brennan emphasizes the importance of being prepared for life's challenges and how paying off the mortgage provided them with the flexibility to navigate unexpected situations. He also highlights the limitations of relying solely on spreadsheet math and the need to consider other assumptions in financial decision-making.

Takeaways:
Paying off non-mortgage debt before the mortgage can provide a solid foundation for financial freedom.
Paying off the mortgage can provide the flexibility to pursue other goals and navigate unexpected challenges.
Life is unpredictable, and it's important to be prepared for unexpected events.
Spreadsheet math is valuable, but it should be complemented with an understanding of real-life assumptions and considerations.

Chapters:
00:00: Introduction
00:55: Paying off Non-Mortgage Debt
01:53: Considering Paying off the Mortgage
03:11: Paying off the Mortgage for Financial Freedom
04:35: The Decision to Pay off the Mortgage
06:02: Life Happens After Paying off the Mortgage
07:27: The Importance of Being Prepared for Life's Challenges
09:24: Quitting the Nine-to-Five Job
10:24: The Challenges of Parenting a Medically Complex Child
13:59: Moving Across the Country
17:03: The Limitations of Spreadsheet Math
18:32: The Importance of Considering Life's Assumptions
19:28: Conclusion

In this episode, Brennan shares his journey of paying off his mortgage at a young age and the reasons behind this decision. He discusses how he and his wife paid off their non-mortgage debt first and then started considering paying off their mortgage for financial freedom. Brennan emphasizes the importance of being prepared for life's challenges and how paying off the mortgage provided them with the flexibility to navigate unexpected situations. He also highlights the limitations of relying solely on spreadsheet math and the need to consider other assumptions in financial decision-making.
Takeaways Paying off non-mortgage debt before the mortgage can provide a solid foundation for financial freedom. Paying off the mortgage can provide the flexibility to pursue other goals and navigate unexpected challenges. Life is unpredictable, and it's important to be prepared for unexpected events. Spreadsheet math is valuable, but it should be complemented with an understanding of real-life assumptions and considerations.
 
Chapters: 00:00Introduction
00:55Paying off Non-Mortgage Debt
01:53Considering Paying off the Mortgage
03:11Paying off the Mortgage for Financial Freedom
04:35The Decision to Pay off the Mortgage
06:02Life Happens After Paying off the Mortgage
07:27The Importance of Being Prepared for Life's Challenges
09:24Quitting the Nine-to-Five Job
10:24The Challenges of Parenting a Medically Complex Child
13:59Moving Across the Country
17:03The Limitations of Spreadsheet Math
18:32The Importance of Considering Life's Assumptions
19:28Conclusion

This conversation explores the relationship between time and money and how they impact our lives. The host emphasizes the importance of understanding this relationship and how it can lead to a better and more fulfilled life. The chapters cover topics such as the role of time in wealth building, the implication of time in our financial future, maximizing money and understanding life's purpose, using money to gain more time, overcoming scarcity mindset, investing in oneself, the power of mentorship, and changing mindset to spend money wisely.
Takeaways Time is a crucial factor in wealth building, with compound interest over a long period being the key to significant growth. Maximizing money should not be the sole focus; it is important to have a clear goal and purpose for financial success. Using money to gain more time can lead to a more fulfilled life. Overcoming scarcity mindset and investing in oneself is essential for financial growth. Mentorship can provide valuable insights and accelerate one's journey to success. Changing mindset to view money as a tool for gaining time can lead to a more prosperous and fulfilling life.  


 
Chapters: 00:00The Importance of Time and Money
02:05The Role of Time in Wealth Building
04:09The Implication of Time in Your Financial Future
06:01Maximizing Money and Understanding Life's Purpose
07:27Using Money to Gain More Time
08:24Overcoming Scarcity Mindset and Investing in Yourself
11:20The Power of Mentorship
12:44Changing Mindset and Spending Money Wisely
15:08Spend Money to Get More Time Back