Are you struggling with budgeting and keeping money in your savings account? On this episode of the BYLU podcast, Daniel and Nathan discuss The Art of Saving article. This is one of the first articles Nathan wrote when they launched the BYLU Campaign in February of 2017. Tune in as they discuss the three different types of savers: The Checking Account #2 Saver, The Short Term Saver, and The Wealth Building Saver. As well as transitioning from college to adulting, the importance of paying yourself first, and how Nathan uses his Indexed Universal Life Insurance policy as a savings account.
Time Stamped Topics:
[3:50] - Adulting: Transitioning from College to Corporate America [14:11] - Checking Account #2 - Never Saving [16:50] - Short-Term Saver - Saving to Spend [22:10] - Stay Ready, Be Prepared [29:32] - Life Insurance [45:50] - Uninterrupted Compound Interest Saver - Saving to Build Wealth [53:10] - The BYLU Takeaway: The BYLU Takeaways:
Pay yourself first! Saving initially requires sacrifice. Live life like an investor. Save so you can take advantage of economic downturn/bear markets. Economic downturns expose the unskilled investors and reward the savvy ones. Make the sacrifices you wish your parents made to create the life for your children you wish you had. Competition: We are giving away 3 signed copies of the book Creating Generational Wealth: What the Super Wealthy Know that You Need to Know to the first 3 people who 1) Subscribe and write a review of the podcast 2) Post a screenshot listening to the podcast on their IG story tagging @bylucampaign 3) Share this episode of the podcast with 3 friends that will find it useful. After you have completed all three steps DM @bylucampaign and claim your prize.