#128 Definition & Discipline

Welcoming you back with July’s Money Edition with an image that’s all the intro you need:

Let’s dive in.

Enjoy These Highlights…

• Being Emotionally-Centered in Making Cents 💰️🚀

• More Money Knowledge in OTF Trivia 📈

• 14 Financial Tips in Expert Advice 💰️ 🚀

• Centered, Certified, Successful: Hustle Hub 💰️ 📈 🚀 

• Credit Card Trivia in Did You Know 📈

MAKING CENTS 💰️ 

Calm About Cash

In June’s Money Edition, we talked about BIG Expenses, and I shared what they taught me about personal finance, regret, etc. But I never really got into the emotions we feel when we face these big expenses in the moment:

• Stress

• Anxiety

• Frustration

We’ve all been there before, right? And this isn’t just about the big expenses - anything sudden or unforeseen that results in a decrease in our bank accounts can make us feel some type of way, and those ups-and-downs can take their toll over the long haul. That’s why it’s crucial to remain emotionally-centered when it comes to money.

• Our dog had something on his elbow that was bothering him over the last week. We took him to the vet, got it checked out, and got hit with $150 bill when we left. Instinctively, I was irked. It’s not a lot of money, but it’s a couple trips to the grocery store, or a nice dinner out with my fiancée…gone. And for what? “Put some cream on it.”
  
  But I took a deep breath, thought about it rationally, and remained calm. (It also helps that I’ve been saving for the “unexpected;” that sort of preparation, which we’ve talked about in previous editions, does wonders for your emotions in the face of sudden expenses.)

• Then there’s the big stuff, and then the stuff that surrounds the big stuff. For example: my fiancée and I are celebrating our last summer of non-marriage. We’re hanging out with friends and family a lot, spending money at restaurants, bars, and other outings, all while trying to make sure we hit our savings goals for the wedding and honeymoon. I’ve seen this stress people out before. You’re supposed to be saving, but then all these important social situations pop up, and you don’t want to be rude, and you know if you decline you’ll have some FOMO or some equivalent, so you drop that mula on a big dinner and more on a golf day and…and…and…
  
  It hasn’t been stressful for us, though. You know why? (Spoiler alert: it is not because we’re rich.) It’s because we defined our savings goals 18 months ago, and part of that was budgeting for fun. This has allowed us to enjoy our summer without having to be overly frugal or miss out on experiences. Yet another example of how preparation can be key.

That’s the takeaway here: if you’re ready, your emotions remain steady.

The lack of preparation is what fuels negative emotional responses. But if you know you have an emergency fund, and you know you’ve budgeted for discretionary spending while still building up that savings, then that surprise dinner invite won’t give you FOMO, and that unexpected vet bill won’t irk you as much.

• Prepare for the unexpected.

• Prepare for both the short and long-term.

• Define your goals and keep them top-of-mind.

💰️OTF-MONEY-TRIVIA 💰️ 

Being disciplined with investing means setting money aside so that over time, your money can make money.

Click your choice, and the correct answer will be revealed in a new tab!

EXPERT ADVICE 💭

Deeper Dive into Discipline

@PracticalWisdom is a YouTube channel with over 1M subscribers and 1.2K videos posted. Many of these are about finance/wealth.

📱Watch time: under 8 minutes📱

HUSTLE HUB 📈

YOUR SUCCESS:

Be Emotionally-Centered - Is managing your emotions a hustle? Today’s Making Cents says it is 🤣 Here’s research on how a basic breathing exercise can help you stay balanced.

THEIR SUCCESS:

Be Inspired - As a teenager, he had an idea; as a 35-year-old, he has a multi-hundred-million-dollar business!

YOUR SUCCESS:

Be Certified - Forbes recently put out an article sharing 5 AI certifications and how they can help you make $$$. Forbes is also usually behind a paywall, but here’s the important stuff for free:

DID YOU KNOW… 💸 

• The average number of Credit Cards per Consumer? 3.9 

• The average Credit Card Balance by Age? See Graph Below. 

• The first modern credit card? The Diners Club card.
  

  “Invented in 1950, the Diners Club card is known as the first modern-day credit card. The idea came from Frank McNamara, a businessman who’d forgotten his wallet while out to dinner in New York. He and his business partner, Ralph Schneider, would soon invent the Diners Club card as a way to pay without carrying cash.
  
  The Diners Club card was first used only in local restaurants before expanding to include additional retailers. The new charge card required customers to pay the balance in full at the end of every month. By 1951, the Diners Club boasted 42,000 members and had expanded to major U.S. cities. By 1953, it was accepted in Canada, Cuba, Mexico and the United Kingdom.”

Sources — Capital One, Forbes, and Experian.

Before You Go!

Thank you again for joining us for another edition of OTF!

Next week, we’ll be back with our 3rd Behind the Grind Interview Edition, featuring two entrepreneurs who seek to transform the Sports & Wellness space. Will the interview be transformational? Come back in a week to find out 🤝

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