M 50 Spend on What You Love, Save on All Else

a doctors perspective minisode 50 justin trosclair spend and save
Minisode 50 Spend on What You Love, Save on All Else

Cut expenses and save money on the things you don’t really care about. Spend  money on the things you love. Have expenses saved up and  invest in low cost target retirement funds. Do you make to much to cut grass or buy pre chopped veggies?

What's up to Episode 50 of the Minisode A Doctor’s Perspective series. I'm your host, Dr. Justin Trosclair. Before we begin, you know, I've been doing the series for 2019 having a blast with it. And I realized, hey, there's a couple of series I could put together that I didn't create a PDF form, like the cash practice physical therapy. So if you just go to www.adoctorsperspective.net/cashPT , I'll put all the episodes, there's only four of them that correspond to that. So you don't have to guess. And we had a marketing series www.adoctorsperspective.net/marketingseries , it was three and then three others kind of randomly. So I just I'm going to put those together and you just go to, and you'll be able to get that. That's all I wanted to chat about with you today. The marketing was quite good. A cast VT was good. So hopefully you will look at that and we just sort of wrapped up the dentist series. So that's www.adoctorsperspective.net/dentists , Lastly, check out the Financial series earlier in the summer of 2019 www.adoctorsperspective.net/financial . So enjoy those PDF reference sheets. So You don't ever have to guess again.

This week was Noah Kagan. He's the app Sumo guy. And he interviewed Ramit Sethi. He's got several books. One of his books is your move the underdog's guide to building your business. That one's less known compared to the I will teach you to be a rich second edition. I believe he was on Tim Ferriss as well. But it's like, hey, if you would have done what I told you to do, 10 years ago, you'd be in a much better place. So just do it.

So one of the things he talks about is a rich life means you can spend on the things you love as long as you cut costs mercilessly on the things you don't.

So let's dive into that. Of course, as always, you gotta get on a budget, you got to reduce your spending. One way to reduce your spending for some people is to get off the email list to all the stores open it up, hit unsubscribe, if you didn't know that, that there was a 20% off sale. You probably wouldn't spend that money you just said that you would have never known but it's like there's something about seeing the sale. You know, thinking about getting there and go ahead and just get it or I didn't even need it. But hey, 35% off Amazon do it.

One of the ways you can lose a lot of money is by doing a lot of house remodels. The kitchen in the bathroom could get a return on investment. A lot of times the landscaping in the backyard and all that it's just money that goes down the drain. So if you're looking for ways to cut Spence's and save money, that's a good way to do it.

When he's referring to investments. He likes low-cost funds, target funds, like a Vanguard target retirement 2045 or 2015, wherever you're going to retire. He believes having like a new account for each fund, and having three months of expenses saved. And he does prefer like a Vanguard versus a wealth front. I use both.

New bank account for each fund as just saying if you're gonna buy a couch, an envelope or fund an account for that new car, that vacation, have fun for each one. And so your savings go splits into all of those. Again, the concept you can only cut so much, but you can make more money in an unlimited number of ways. We already talked about a couple of episodes ago, so we won't rehash that yet.

One of the things he said is like look, a lot of our parents, you know, the baby boomers, they wait till they retire to try to spend their money and travel. But a lot of people their health doesn't allow him to. So the new thing and would find to be better is between the age of 40 and 75. I'd even say up to like 60. That's the time where you want to kind of spend your money and go travel while your health is still good. You're not promised tomorrow.

If you want a boat, maybe go rent one first. Right? Now, a lot of us love that book, a Millionaire Next Door. We love Warren Buffett. Oh, he's in the same house. He's been in forever. He tried the same Cadillac. He's driven forever. Cool. The dude also has a personal jet. So you can still buy what you want, but that'd be amazing. Okay, like if you're in a wine, you can go buy your wine. You're in a fancy dinner, interfaith dinners.

 It's all based on the lens that you do things with. You may not understand spending $300 on a four-course meal. And afterward you like hey, you want to get some pizza because we're still hungry. So if you don't know anything about that, you think that's dumb that you might want to go with people that is the thing and if you have the money to spend go experience with somebody who can appreciate it and kind of teach you and guide you during that process.  

Seemed like Wow. Okay. I tried it once stood on my thing. Alrighty, there amid the other day, I don't care about cars and all that, and a gigantic apartment and fancy Manhattan. He goes, I like clothes. He's like, I buy really expensive clothes that you know, made in a village in India in Italy type of thing. Like he said he's mercilessly cut expenses where he doesn't care and he'll spin where he wants it.

You want a 100 million dollar business with a 5% margin or 20 million business at a 50% margin. And depending on what You're, your business owner, you might want that hundred million but I've heard a couple of different podcasts I've talked about a couple of times here on the Minisode. How much work does it take to get to that hundred million how much stress how much time away from family and friends potentially stress heart attacks does it take to get there where you could have been really just on autopilot at 20 million and making really not as much money but easier money, less stressful money and reality is still a ton of money as well.

Generally, rule of thumb, if you're going to pay rent mortgage should be less than 28% of your total salary 20%.

Remember, free stuff has a cost, it's usually time and inaction. So there's a lot of free stuff online, you know like my anti-itch skin just did. I've given away the book for free. Do you know how many people read it? That's the question, you get something for free. And then you don't even read it, you pay a little bit, even if it's like $7, like two bucks, you know, you're more likely to read it because you have something invested. That's why there's like these free plus shipping book deals that a lot of places are doing now. They'll give you the book for free, you may like what 10 bucks to cover the shipping. And it just weeds out the people that just would never buy anything. So if you're willing to spend 10, you might be willing to spend the 295 later, or two 3000 later or 20,000 later that they have on their Ascension ladders.

Now, essentially, at some point, you make too much money to do certain tasks, the amount of time it takes to cut like a gigantic yard of grass. You might like it but if you're already working 55 hours a week. You got kids at home, you got to cut out cut grass for three hours a day, or three hours on a Saturday. I mean, you're missing a lot of family time you already were missing a lot of family time. Now you still missing more at the weekend. So because maybe it's worth it because you can afford it. They just outsource that. Right?

These are called money dials, are you ready? travel, food, clothes, convenience, fitness, and health. All of those are what people are willing to spend their money on. Travel, food, clothes, convenience, fitness, and health. So if you have a product or service and coaching program that can focus on some of these things. People will spend money, especially like travel. A lot of us want to go to these different places. We don't want to spend all the money that we've earned doing it. So we try to find a budget way to travel, but not to budget. You know, so do you know these things? Can you do these things? We've all been on those websites. Sometimes you pay to have a guide to able to see that because the world is once you make a certain amount of money.

You're not worried about a $3 pickle jar anymore. For the next $300, right? Are you worried about buying vegetables that are pre-chopped? Or are you in a budget that was like no, that makes a difference? So it's just kind of where you're at in your budget where you're at in your income. And if you're fresh out of school, new clinic, yeah, you may not you may need to buy fresh vegetables and cook at home and bring a lunch because you really don't have the funds to do anything else, you might save your money in different areas, so that you can go on a date with your spouse or your you know, finding you know, start a relationship or something, and those take money. So you might save money somewhere, maybe you know, buy a big TV, maybe you don't have TV at all, maybe you don't have internet at your house, you just pay a little bit more for your phone and save 50-60 bucks right there even $125 so we will spend on like, cable and all that. So you can save that and spend it some results. You still want to spend the same amount of money, but on the things that you enjoy and the things that you like. All right, think of hitting the head on the nail a few times here. So #behindthecurtain Minisode

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