Stephen and Casey discuss the importance of budgeting. From not budgeting and debt to having an emergency fund, and then 30/30/30/10, Stephen discusses how to start with the basics and take your life back through controlling your money! They even discuss some of the struggles that hold people back from budgeting. Tune in to hear all the steps and start to take back your life today!
Notes from this episode:
Learning to budget can be very difficult.
Casey was working 4 jobs when she met Stephen and Angela. “If I had money, I spent it.”
The very foundation of success is: let me see your budget.
It is so vital in the world of entrepreneurship.
If you don’t have a hold on your money, you won’t have a hold on your future.
“If you don’t tell your money where to go, it will leave you.”
Not being raised knowing how to spend money.
We don’t know how to handle our money from a young age, we will make very poor financial decisions throughout our life that will haunt us. Until you learn to handle it.
If you don’t budget, you can end up in debt.
20-somethings today don’t know how to spend money, their parents pay their bills and that sets them up for failure.
Your upbringing plays a big part in how you will handle your money for the rest of your life.
Mentorship and accountability play a big part in the process of learning to handle your money.
Having a coach, having someone to help you is important.
“You have to be open to unlearning before you can learn.”
Pride can hold people back because we don’t talk abut money.
With pride, people hold onto money as their identity or they seek approval from other people with their money.
Budgeting = Telling your money where to go.
People don’t budget because they don’t want to: You have to be committed to your own success. They are afraid and they self sabotage. We become attached to the idea of spending money.
We spend more money than we make.
People attach their emotions to money: when their money is high they are happy, when their money is low they are sad.
When you set a budget, you are taking control of your money, your spending habits and your emotions.
“If you fail to plan, you’re planning to fail.”
Budgeting 101: (See example below)
Dollar for dollar, how much money is coming in and how much is going out.
Bills, Rent, Gas, Movies, Etc
STICK TO IT
Don’t spend more than you have.
“Everyone has pain. The pain of discipline, which weighs ounces. Then there is the pain of regret, which weighs tons.”
You’re either going to be concerned about money now or you’ll be concerned about money later when it’s all out of wack.
What it comes down to is taking control.
People don’t want to face reality.
“You will not conquer what you will not confront.”
There is this belief that if you have all this money, you should have all these nice things.
A car payment is debt.
People want to look good instead of being good.
Buy assets instead of liabilities.
30% – Invest/Save
30% – Live/Spend
30% – Donate
10% – Tithe
Put away $1000 as your first starting point with saving as the emergency fund.
Instead of getting a loan for a car, buy a car in cash.
“Being financially responsible is about sacrifice.”
Budget your money so you take charge of your money and then take charge of your life.
https://www.stegelasuccess.com/wp-content/uploads/2017/12/StegelaLogo.png00Stegela Successhttps://www.stegelasuccess.com/wp-content/uploads/2017/12/StegelaLogo.pngStegela Success2017-11-17 02:22:492017-11-17 02:22:49ST3: Stephen and Casey on Budgeting
Jen was born and raised in the Phillipines, moved to the US at 12 years old.
Jen had been around entrepreneurship her whole life, her mom used to sell things like Tupperware. She started herself at 16 years old, she would walk dogs and drive people around for spare cash.
Casey moved to Cali from Florida 5 years ago. She was also exposed to entrepreneurship young, her mom was a free-lance henna artist. She was always encouraged to go to school and get good grades. Her entrepreneurial journey started at 20 when she met Stephen and Angela. They helped her to get out of her mental state and get into a better place in life.
“It all comes down to choice.”
How do you manage it all?
GSD Mode: Get Sh*t Done
Separate your life into different categories. Examples: Fitness, Health, Finances, ETC
1. Identify your goal.
2. Identify the problems and obstacles keeping you from reaching your goal.
3. Identify the MUST do action steps to achieving your goal.
GSD Example: Category – Financial
1. Goal – Pay off $5000 credit card.
2. Obstacles – Not enough money, difference between want & need, not having a plan
3. Action Steps – Budgeting
“More money – more problems.”
“If you fail to plan, you’re planning to fail.”
“What is tracked and measured can be improved.”
Do this GSD Mode in every area of your life, pick one goal in each area.
“People tend to OVER estimate what they can do in a short period of a time, and UNDER estimate what they can accomplish in a long period of time.”
Revisit and redo these goals once every 90 days, to track and improve.
People get overwhelmed when they set too many goals all at once.
Need vs. want comes down to mindset, goals, and prioritizing.
We end up making decisions based on what we want now vs what can be beneficial in the future.
The final “unspoken” step of GSD is ACTION.
If there is no implementation, it’s just a dream.
“Success is not in addition, it’s in elimination.”
Cut out the things that are not serving you.
Imagine waking up and being totally free.
GSD is a key to having a fulfilled, successful, and flourishing life.
This is our first podcast of Stegela Success Mastery’s Success Talks. Stephen is very nervous but gives great insight on what keeps entrepreneurs from massive success. He goes in detail into the biggest 4 factors that keep entrepreneurs from success. The acronym he uses is TEAM, listen in to find out what that stands for!
Notes from this episode:
Stephen is an entrepreneur, investor, and coach.
Stephens hope is to give value with this podcast.
Stephen is married to Angela, they live in San Diego, Cali.
Stegela Success Mastery is made up of different coaches.
What keeps entrepreneurs from reaching massive success?
Stephen is writing a book. The traditional system does not work anymore.
Not every entrepreneur makes massive money.
The numbers determine the success of a business.
There are 4 keys that keep people from being massively successful
T- Time Management
If you don’t have massive success, how are you doing with your time. Everyone has the exact same amount of time. What are you doing with your time?
168 hours in a week:
56 hours sleeping
40 hours working
42 hours eating/commuting/etc
30 hours to PURSUE your dreams
If you “need” time to relax, you don’t deserve to be an entrepreneur.
Sell the television.
Position yourself to win.
Lack of excellence.
Definiton: the quality of being outstanding or extremely good.
Excellences also comes down to how you look.
Act like the person you’re about to meet is the President or the Pope.
If you want to be a person of success, you have to be a person of excellence.
Walmart vs Nordstrom ; Motel 6 vs Ritz Carleton
How can I improve?
Be prepared for success.
Setting goals and having someone to hold you accountable
An accountability partner helps you stay on track.
Accountability is coaching works.
They’ll give you input from the outside.
Find a coach, a mentor, or just a friend.
You have to be able to be submissive to someone else to become successful.
Accountability is daily.
M- Money Management
When you lack money management you lack life management.
If you don’t tell your money where to go, it’ll leave you.
There are tons of budgeting softwares available out there.
Next Episode will be Casey talking about time management.