I would say the number one advice for
anyone if they're thinking about doing
this even if they aren't the number one
thing that I think everyone should do is
keep track of expenses you can
completely automate that through a
service like mint or personal capital
information and then they track it and
they'll categorize it but I prefer to do
it a little bit more manual way so what
I've created is a spreadsheet and I can
give you only to this with a Google form
that creates a survey so every time I
buy something I pull my phone punch in
my expense it puts it in a spreadsheet
and then I can create pivot tables which
are tables that show exactly where the
category where every dollar is going so
I would say do that because it might
surprise you the thing that surprised me
about last year is we spent like six
thousand dollars on restaurants and I'm
always making fun of people going out to
eat but then we spent six thousand
dollars I have no right to be making fun
of anyone and we at home pretty much all
the time but anyway do that because the
results might surprise you and like I
said it's a good exercise for anyone
because you might you just might not
realize what you're spending money on
then after that the number two thing
would be really learn how to invest it's
not that difficult people want to make
you think it's difficult because they're
trying to sell some product or their
financial advise mint services but
investing is not is not that difficult
it's learning about 401ks learning about
index funds Roth IRAs maximizing your
tax efficiency and stuff like that so
keep track your spending and then once
you do that learn what to do with the
excess money that you have and if
you're young and like start now if
anyone's listening to this who's in
their twenties like don't wait the time
to do it is now I will say you you asked
about a switch flipping in my head when
I was in college my girlfriend dragged
me to this financial seminar thing and I
don't want to go at all she was a
business major I was biology and
chemistry and I get to this room and
I'll never forget it the first thing I
noticed was that everyone was like over
60 and we're here and we're like 20 so
at one point the guy starts talking
about compound interest and I'm sitting
in the back row eating this cookie and
his guy locks eyes with me I'm like how
am I
like what's he gonna say is like your
advantage is your youth if you have any
excess money like start saving it now
cuz compound interest will make you rich
I'm like holy I was like I think a
rainbow went over my head in unicorns
jumped over the building or something
like that because that always stuck with
me and then the cookie probably fell out
of my mouth no I don't think it was that
dramatic but but that saw me to start
saving now and it's interesting because
now our net worth is far greater than
the amount of money we've earned in our
life so it's it's much better to have
money working for you than to work for
money indeed yeah and I was I didn't
have this similar cookie drop out of my
mouth moment but for whatever reason as
soon as I got even the coop job so I was
like 19 or something we were eligible
for their 401k I worked at Nortel
Networks back in the day you probably
yeah Nortel until they liked it was
right right before like 99 so yeah they
tanked but yeah I started saving then
and then maxing it out like even when I
was a caller I was paying as much as I I
could afford in there and still pay for
school and everything and as soon as I
got a job I was maxing house stuff so
did you guys do that too
yeah we did I want to ask you a question
cuz uh sorry a little tangent here
there's a controversial topic that comes
up in the personal finance community
whether people are born savers or not
and I think it's true I definitely think
people are born to save or not and it
sounds like you are and I knew I was to
like I remember growing up I was always
the one who wanted to put money in the
way how put money in the bank I was
knocking on doors to shovel people's
driveway to earn money and at the same
time my sisters were like why are you
saving this just spend the money and my
younger sister was only two years
younger than me so we grew up under
pretty much the same conditions but a
completely different mindset around
money and still to this day it it's
still the same way so what do you think
about that do you think people are born
is save or how did you get those values
I think I don't necessarily think people
are born to save and I think they can
change what they're doing because I've
had some phases where I had like some
credit card debt right when I got out of
school with my first job and bought a
house another store
it was a terrible purchase in 2005 would
you know what happened yeah what
happened that so for me I I was similar
I remember asking my dad's like hey I
want to get a CD player and he was like
sure if you get it then how are you
gonna get CDs like come up with a plan
and the next day I was pushing the
lawnmower around the neighborhood go
into you know people that have like
clearly grass that needed to be cut and
then started a you know a six year
career as a lawn maintenance you know
engineer throw the engineer on there but
I saved a ton of money then and at this
point I'm like if I just would have put
that whatever twelve thousand dollars
instead of like paying for college if I
would have put that in like twenty three
years ago wow that that would be great
yeah even despite two recessions
including probably the worst one of the
worst ones of all time right it's
amazing like yeah yeah crazy yeah so I I
saved a lot of money and to the point
where I think I was in I guess I was in
college but my older sister who's like
six years older was buying her first
place and I lent her money for the down
payment
so like I saved that much money and she
she was a pharmacist right so she had
yes I'm decent cash right and then like
I said at some point I was around a
bunch of other people who were running
credit-card debt buying homes and I was
like oh this is like the normal activity
we're going out drinking having a good
time and whatever and then my wife is
much more of a saver so once we started
dating she kind of reeled me back in
what are you doing man you're crazy like
why why do you have a payment on this so
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