2486: How to Win at Money by Joshua Becker of Becoming Minimalist on Financial Success, Personal Values & Sufficiency

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[00:00:30] This is optimal health daily episode 24 86 how to win at money by Joshua Becker of becoming minimalist

[00:00:38] Dot com and I'm dr. Neomolic

[00:00:41] Hey there and welcome to another bonus Sunday episode where I share an article from one

[00:00:45] of the other podcasts in our network.

[00:00:47] Today's post comes from Optimal Finance Daily where articles covering all types of information

[00:00:53] on personal finance are read to you every day.

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[00:01:01] And with that, here's Diana with the post and commentary as we optimize

[00:01:06] your life.

[00:01:11] How to Win at Money by Joshua Becker of becomingminimalist.com

[00:01:17] Recently I received an email from a reader. It went something like this. We just don't

[00:01:22] feel like we're winning at money. Do you have any advice?

[00:01:26] I'm not going to include any details of the message.

[00:01:28] They're not necessary,

[00:01:30] but the sender phrased an important question.

[00:01:33] How can we win at money?

[00:01:35] When most people think of winning or succeeding at money,

[00:01:38] they do so in terms of comparison to other people.

[00:01:41] They wonder, do I have as much money as others?

[00:01:44] If so, they

[00:01:45] assume they are winning. One problem with this approach is that looks can be deceiving.

[00:01:51] One friend may dress a nice clothes or drive a nice car, but have so much debt their net

[00:01:56] worth is below zero. Another friend may drive a modest car but have investments well above

[00:02:01] the averages. We never win at money by comparing our possessions with others.

[00:02:06] In fact, we never win at life when we compare ourselves to others.

[00:02:10] Winning at money should be defined differently.

[00:02:13] The question we should be asking is,

[00:02:15] am I meeting my financial needs and spending my money

[00:02:18] in a way that's aligned with my values?

[00:02:21] If you are, you are winning at money.

[00:02:24] The goal each of us should pursue with our

[00:02:26] finances is to meet our needs and align our spending with our passions. How then do we

[00:02:31] win at money? Given my definition, here are the steps we should take to win at money.

[00:02:37] Number one, don't see money as a competition. One of the most joy robbing things you can

[00:02:43] ever do is compare your income, savings or net worth with another person.

[00:02:48] Remember, you have a 1 in 7.35 billion chance of being the wealthiest person on the planet.

[00:02:55] If you are not the wealthiest human alive, comparing your money is always going to be a losing proposition.

[00:03:01] There is always going to be somebody with more.

[00:03:04] So don't see

[00:03:05] money as a competition with others, see it as a competition with yourself to make

[00:03:09] the most of the little bit that you have. Number two, if you have food, shelter,

[00:03:15] and clothing, remind yourself you have enough. If money is not a competition,

[00:03:20] then what is it? Money is merely a means to expedite trade.

[00:03:25] It allows us to purchase the things we need for life,

[00:03:28] food, shelter, clothing, et cetera.

[00:03:31] If you're able to meet the needs of your family,

[00:03:34] it's important to remind yourself

[00:03:35] that you already have enough.

[00:03:38] Does that mean you eat at the fanciest restaurants

[00:03:40] in your town or live in the most expensive neighborhood?

[00:03:43] No, it doesn't.

[00:03:45] But it does mean your needs are met and that is something to celebrate.

[00:03:48] To get a sense of how your income compares to your fixed costs, use a personal spending

[00:03:53] plan.

[00:03:54] 3.

[00:03:55] Don't Buy Stuff You Don't Need

[00:03:59] Most people hearing this blog post earn enough money to live.

[00:04:02] Not everyone, of course, but most.

[00:04:05] One reason we struggle to get ahead financially

[00:04:07] is because we weigh so much on things we don't need.

[00:04:11] One way to win at money is to reject excessive consumerism.

[00:04:16] As an example, we chose to pursue a more minimalist life

[00:04:19] in 2008 and have saved over $150,000

[00:04:22] from unnecessary spending since then.

[00:04:25] You can do the same.

[00:04:27] 4.

[00:04:28] Save some money One way or another, put some money in savings

[00:04:33] every paycheck.

[00:04:34] Even if it's only a few dollars each pay period, find it and put it aside.

[00:04:39] You can open a savings account at your local bank or you can use online resources like

[00:04:43] Robinhood if you'd like to invest in stocks or capital one savings if you just want the interest.

[00:04:49] I currently use all three options for personal savings.

[00:04:53] Number five, give some money.

[00:04:56] Your money is only as valuable as what you choose to spend it on.

[00:05:00] One of the quickest ways to feel like you're winning at money is to use them to help solve

[00:05:05] problems you're passionate about solving.

[00:05:07] Again, you may only be able to give a few dollars each month, but give something somewhere.

[00:05:13] Not only will this gift help others, it will give you a great sense of satisfaction in

[00:05:17] life and serve as a reminder that you already have enough.

[00:05:22] 6.

[00:05:23] Ask questions If you want to win at money, find somebody already have enough. Number six, ask questions.

[00:05:25] If you want to win at money, find somebody you look up to

[00:05:27] and ask as many questions as possible.

[00:05:30] Ask them how they got started making money,

[00:05:32] saving money, or investing money.

[00:05:34] Ask them what lessons shaped their decision-making

[00:05:36] over the years, and ask them about specific circumstances

[00:05:40] in your life.

[00:05:41] Most people want to help you, but when it comes to something

[00:05:44] as personal and private as money, they're not going to step into your life without an invitation.

[00:05:49] If your goal with money is to have more than the person next to you, you'll never be content.

[00:05:54] Additionally, if you're looking for money to provide you with happiness and security,

[00:05:58] you'll never find enough. These are not the proper measurements to

[00:06:01] determine if you are winning at money. Are your needs bent?

[00:06:05] Are you spending your money in a way that aligns with your values?

[00:06:08] If so, you're winning.

[00:06:10] Well done.

[00:06:15] You just listened to the post titled How to Win at Money by Joshua Becker of BecomingMinimalist.com.

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[00:07:32] I think winning at money isn't necessarily about having more money.

[00:07:36] I think it's having enough money to live below your means so that you can save and invest.

[00:07:41] And you won't know how much is enough until you get really clear on how

[00:07:45] much you need. This clarity comes from engaging with a budget and tracking your spending.

[00:07:51] I think you also need clarity on what you want to do with your money. Do you want to

[00:07:55] buy a house, travel the world, or tire early? What would enough money buy you? I was once

[00:08:02] at an event about financial independence where a number of us

[00:08:05] shared our plans to reach by and allowed the group to poke holes in it and double check our numbers.

[00:08:10] One presenter had an awesome plan to work up to $10,000 a month in profits from real estate

[00:08:16] investing. However, he was living really comfortably on $5,000 a month. So someone in the audience

[00:08:22] asked, why do you need so much more?

[00:08:25] What do you plan to do with all that money?

[00:08:27] And the presenter was stumped.

[00:08:29] He just thought $10,000 sounded like a good number and he was willing to work super hard

[00:08:33] to get there.

[00:08:34] But he had no desire to change the lifestyle he already had.

[00:08:39] Enough isn't just a number in the bank account or one you're working towards.

[00:08:43] It's also a state of mind.

[00:08:45] I know people who are multi-millionaires and they still don't feel like it's enough. They have a

[00:08:51] constant desire for more even though they cover their expenses easily and have more than they need

[00:08:56] from a numbers perspective. It reminds me that money is only as valuable as your clarity on how

[00:09:02] you'll use it and your comfort level with how much

[00:09:05] is enough.

[00:09:06] And that's a wrap for another Monday show.

[00:09:08] Have a great rest of your day and start to your week and I'll be back tomorrow where

[00:09:12] your optimal life awaits.