3086: [Part 1] Earn Like A Boss Spend Like An Intern by Chris of Keep Thrifty on Financial Freedom

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[00:00:30] This is Optimal Finance Daily. Earn Like A Boss Spend Like An Intern. Part 1 by Chris of Keepthrifty.com Today, I'll share what I've learned over the past 15 years about how to manage both sides of this equation, with the goal of getting you well set up to do the same. Along the way, I'll mention some books that I've read and have really helped me in each of these areas. Every book here is one I've read and loved.

[00:01:00] How to earn like a boss. Here are the methods and approaches I've used over the last 15 years to grow my income an average of 8% a year, definitely beating inflation of about 2.5% during that same time period. I can't promise these will work in every situation. That said, if these things don't bring you success in the company you work for, you may want to look for a different company.

[00:01:26] Number one, keep the mission first. When you and your team have something important you're working on together, everything becomes a whole lot clearer. Decisions are easier, priorities are clearer, and everyone just seems to work together better. If you find yourself in a job where everyone seems like they're running around like chickens with their heads cut off, then there's a good chance your team is missing a worthwhile purpose.

[00:01:52] What do you accomplish? Why do you exist? And no, to make money is not a good enough answer. Spend time talking with your team members and bosses about what the mission of the company and your team are so you can make the biggest impact there. Most other things are just a distraction. A recommended book on team purposes is Start With Why by Simon Sinek. Number two, improve yourself.

[00:02:19] The skills or potential you showed that got you in the door at your job aren't going to be enough to keep you successful for the rest of your career. You need to keep learning and growing. Sure, your employer has an interest in contributing to this, but make it your responsibility to identify how you want to grow and how you want to do it. If you're struggling for ideas, go out and grab a few leadership or business books from the library or the bookstore.

[00:02:46] A recommended book on what makes businesses successful is Good to Great by Jim Collins. Number three, improve your team. Improving yourself helps your company a bit and you a lot. Improving your team helps your company a lot and you even more. This might come in the form of sharing things you've learned with your team members, or it might come in the form of suggesting and implementing improvements to the processes your team uses.

[00:03:13] But if you see something in your team that isn't working, come up with a solution. In the end, if you're looking to make your team more efficient and effective, you'll be a great asset to your business and show that you're more than a person who can do the job. You're a person who can improve the job. A recommended book on things that are often wrong in teams and how to do them better is a rework by Jason Fried and David Heinmeier Hansen.

[00:03:40] Number four, take on the hard or undesirable jobs. This is one of the biggest ones. There are always going to be pieces of a job that people avoid because it's hard or undesirable. These things always get left for last and the person stuck with them usually complains about having to do them. I'm going to suggest something unconventional. Volunteer for these jobs.

[00:04:05] Undesirable jobs are ones that can almost always be improved and hard jobs are the best places to learn. By tackling the jobs that nobody else wants, you'll also show major initiative, which will go a long way with your bosses. Having a reputation as an employee that has a clear understanding of the mission, is continuously improving themselves and the team, and is willing to take on the tough jobs, puts you in a position of being an employee that every manager wants to keep around.

[00:04:33] When you do this, you'll find yourself better able to advocate for raises, promotions, and increased responsibility. Taking this road gives you the ability to increase your income at a rate way faster than inflation, which puts you on the path to financial freedom. How to spend like an intern. Okay, the income side is looking good. Now let's take a look at spending.

[00:04:57] Here are the methods we've used to keep our annual spending growth to roughly 1% a year over the last 10 years, much better than inflation at 2.5%. But first, some backstory on what my life as an intern was like. Hear that on tomorrow's episode. You just listened to part one of the post titled, Earn Like a Boss, Spend Like an Intern, by Chris of Keepthrifty.com.

[00:05:27] I thought these were really good suggestions on how to become a more valuable employee, which should then lead to increasing your income. I'd encourage you to also think about the people you love working with and what makes them so special. For me, I love working with people who communicate well and who seem to effortlessly navigate conflict. I remember sitting in a meeting with a client once who was basically telling one of his vendors all the reasons why they were doing a bad job.

[00:05:55] But the way he did it was masterful. It didn't make the vendor become defensive at all. And everyone left the meeting with a sense of commitment in working more closely together. One of the best books I've read on this kind of communication is called Crucial Conversations, Tools for Talking When the Stakes Are High by Carrie Patterson. The other kind of person I love working with is someone with a can-do attitude. Work can be stressful at times,

[00:06:25] and it's so refreshing to be around someone who can see opportunity through the challenges. When I would sometimes vent to one of my favorite colleagues about something I was trying to work through, I loved it when she'd say, here's why this is a good thing. And she'd help broaden my perspective just enough to find a creative solution. One of the best books I've read on gaining perspective is called The Obstacle Is The Way by Ryan Holiday.

[00:06:54] That should do it for today. Have a happy rest of your day, and I'll see you on the Thursday show tomorrow, where we'll finish up this post and where your optimal life awaits.