Budgeting Sucks! Financial Expert Garrett Gunderson Explains Why... est Education Page #Online Earning

hey this is stefan from

projectlifemastery.com i'm at the

amazing summit this is Garrett Gunderson

the best-selling author of killing

sacred cows he's got a book that's

coming out on budgeting sucks how you

doing man I'm doing great man

just been talking about budgeting sucks

with a group of people so yes seems to

resonate I love that book title

budgeting sucks do you want to tell

people why budgeting sucks and what's

the solution for that

yeah number one is you don't shrink your

way to wealth and so budgeting elicits a

scarcity mentality where it's all about

what you can eliminate and if you think

about all the mental energy that it

takes to cut something out so you go

through comb through all your bills you

cut it out you double coupon clip you

think about all the time you you don't

do things you enjoy eventually life

becomes pretty miserable and you use too

much energy towards something that

doesn't build lasting sustainable wealth

if we sat down with people that have

really made it and said did you cut

expenses out completely

no one shrinks their way to wealth and

when you get that then you get it's

about production it's about value

creation so adding value what are some

of the best ways you find for people to

be able to you know change their

finances you know what tips do you have

for someone that might be struggling

financially right now that wants to take

their finances to a whole new level so

I'm sure you've heard to live within

your means it doesn't sound too exciting

the first way you can do that is by

budgeting but the second way is by being

efficient so if you improve your if you

improve your credit score you can

negotiate better interest rates you get

better interest rates then also you have

more cash flow or if you start paying

attention are you overpaying on taxes

and really kind of spent some time there

most people are so if you can save tax

that's money to your bottom line or do

you have hidden fees or commissions with

investments that's money that can be

back in your pocket or insurance so it's

like just paying a little bit of

attention to your finances and using

that time that most people use budgeting

to be more efficient that's key or the

third thing that you can do a little bit

than your means is expand your means

actually go out there and think how can

I deliver more value how can I serve

more people how can I have a greater

impact what unique skills do I have that

if I leverage properly will bring in

more income and instead of thinking

about waiting for retirement

think about building cash flow today and

focus on improving and creating cash

flow whether that's from your

investments whether that's from starting

a business or even in today's world

there's a bunch of like ways to start a

business without having any capital

right we've seen companies pop up like

air B&B and who bring all this kind of

stuff so there's ways to be a you know

even have a job and do something on the

side or we're sitting here right now at

amazing dot-com where people are selling

stuff on Amazon with a really low

investment it's not like they have to

raise a bunch of money to do that so

think about ways that you can increase

your reach and impact and dollars full

of value so I always ask how can you

create more value for people I love that

one thing we were talking about before

you're mentioning the 18% model they

want to share what that is so budgeting

is about what you can cut out I still

believe that you have to have

infrastructure so what you do is you pay

yourself first anytime you go to you

know pay like if you're getting paid by

a company a lot of times you can

automatically have a certain percentage

of every deposit set to a separate

account so you go set up a separate

account checking savings money market I

don't really care what interest rate it

gets just that it's separate from your

business or your personal checking

because you don't want it to mingle

there's something about Parkinson's law

which says if you don't have an

infrastructure and you have an increase

in income but then three to six months

your expenses will rise to meet or even

exceed that income so you take 18

percent of every dollar now if it starts

with one percent or three percent you

just start to have it and paying

yourself first and then finding a way to

make everything else work so that

there's something for you first before

it just gets gobbled up and you know and

18 percent is because one I want you

know I want 1/6 of that to go to you to

just blow and spend anyway you want

without guilt so you reward yourself

right that's different budget yeah and

then the other 15% is so that you can

have more money in the future even after

taxes and inflation and you have to

replace things that break down

or you have you know luxuries once

enjoyed become necessities so you want

to improve your life and there's

technological change so there's things

you're going to buy in the future that

you don't even know exist today so the

easiest way to get to that 18 percent is

by finding lost money right improving

cash flow by not overpaying on financial

fees I mean I think it's at least 10

percent or more than anyone's losing and

you can find anyone no matter what your

situation is you can always find that

hidden money whether it's a credit card

and their taxes whatever it might be

watching this thinking wall you know I

you know I can't put aside that 15

percent or whatever but there are ways

you just have to be creative and

actually find it right and then so um

one thing I'm gonna ask you you know a

lot of people might wonder okay I'm

putting money aside what should I do

with that month you mentioned blowing it

spending the 3% spending that but the

15%

you know there's stocks there's mutual

funds or so many different options for

people what what would you recommend for

people to you know learn more about what

the deal the first thing is you automate

your savings but you get deliberate and

intentional and strategic with your

investing so don't have your investments

automatically deposit I have your

savings automatically deposit when

there's enough money get really

strategic of how you're going to

allocate that for some people they just

should pay off loans because their loans

are a higher interest rate cost than

they're earning on their investments as

a matter of fact you might even go cash

out some investments and pay off loans

because you'll save a guaranteed return

when you pay off a higher interest rate

than you're earning right so there's

that but the second piece is you learn

your investor DNA we all have our own

kind of abilities we have our own

competencies and what drives us we have

our own values we have our own focus and

instead of diversifying which is usually

like admission that you don't know what

you're doing I'll put some here and

there and hopefully not everything loses

at once diversification is that is kind

of diversification for some people

instead focus on just a few things that

you really understand that you really

would pay attention to anyway and if you

don't know where to invest invest in

yourself and your education and the

discovery of that investor DNA because

keeping your principle is more important

than missing out on an opportunity right

like some people like oh I miss on the

opportune

and they invest and then they lose

losses are too - you know it's like

throwing a puppet number one rule don't

lose money

number two refer back to rule number one

so you know I always look at creating

cash flow creating efficiency but build

up your safety and stability because

people that go bankrupt people that get

into financial trouble people to get the

high end straight debt that's because

they didn't have enough liquidity and

we're all in store for financial

surprises in the future we just don't

know what they're gonna be or when

they're gonna happen but if you have

enough safety and look there's just not

a lot of financial people they're gonna

tell you to do that because no one gets

paid a commission on that stuff right

right right but have at least six months

I mean if you have two years even better

and then you're more ready to invest

once you have that happen it's awesome

so I got one more question now I want to

ask fascinated about morning rituals you

know what people do that people they're

successful there's certain things they

do each morning just that allow them to

be successful so what's your morning

ritual I call it the three e's exercise

education and enlightenment as the order

is actually I start with meditation okay

and I mean I think back in 2004 I

started meditating for like 15 seconds a

day right it was fine so now I'm up to

an hour so I meditate and then I'll

either read or listen to something in my

field of expertise or in productivity or

it might even be in you know any area

when it really comes down to depending

on what I'm what I'm reading or

listening to but I always have that

stocked up ready to go and then I write

in my five minute journal so in the five

minute journal I do three things I'm

grateful for great things that would

make it a great day and a declaration

and that's kind of how I how I really

start the day and then exercise then

comes last for me and I don't do it

every day I exercise more like four days

a week and right

awesome man well thank you so much I

think this is gonna help a lot of people

how can people find out more about you

and what you're up to

well I don't know if it's gonna be up

just yet at budgeting sites calm so you

guys should go too well factory calm

about dr. calm and we have some killer

guides on there like how to produce more

cash flow for entrepreneurs how to do

right you know kind of like make sure

that investments right for you and the

right fit we have an investor's

scorecard on there I think we have one

other kind of cool bonus that are all

just kind of free giveaways and you can

really start to get entrenched an idea

of the opposite of budgeting called

cashflow banking or the opposite of

scrimping called value-based spending

which i think gives a lot more freedom

and allow people to really grow awesome

thank you so much I'll throw some those

links below this video all right thanks

man appreciate it

you

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