The tragedy of financial resolutions is that resolutions often go unfulfilled. If you want to achieve something financially significant in a new year it is better to set a goal first and then make your resolutions.
0:00 The Tragedy of Financial Resolutions
1:13 Resolutions vs. Goals
4:25 What is a Goal?
10:32 Why specificity matters when setting goals
11:28 Why people don't set goals
14:20 Ad break @McFie-Insurance
25:00 When to celebrate a goal
27:40 Tips for setting goals in 2024
Resources:
Buy good cash value life insurance or get a policy you owned reviewed:
https://mcfieinsurance.com/
702-660-7000 | team@mcfieinsurance.com
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YouTube: https://youtu.be/aMiSv0StJQ8
In our family’s Christmas gift exchange this year we have a $20 limit. We drew names last month and the rules are that the drawing results are confidential and you can’t spend more than $20 on the gift you buy.
In this Bonus Christmas Podcast we discuss how putting a financial limit on our family gift exchange increases creativity.
0:00 Intro.
1:19 John's most memorable gift.
3:47 Why a financial limit on a gift exchange is useful.
12:15 When can a good gift be a bad gift?
15:13 John blows a train whistle.
15:56 Last minute Christmas gift ideas.
19:03 American inventions.
20:55 How to help children develop creativity.
Resources:
The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE
A good train whistle :) if you're buying a gift for someone who loves trains: https://amzn.to/41xU6uA
The book Michele bought Tom last year: https://amzn.to/3trwqv3
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Listen on:
Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
We share our reasons for moving from Nevada to Indiana and the financial implications of switching houses.
We talk about:
Buying our new house while selling our old house
Our backup financing plan
Why we paid cash for the new house
God's timing
Freedom and politics
Resources:
The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE
Follow along:
Instagram: https://instagram.com/wealthtalkspodcast?igshid=YTQwZjQ0NmI0OA==
Facebook: https://www.facebook.com/profile.php?id=61554798231074
Listen on:
Youtube: https://www.youtube.com/channel/UCNxtmtcy-NGobVMvuO9sjBQ
Apple Podcasts: https://podcasts.apple.com/gb/podcast/wealth-talks/id978187163
Spotify: https://open.spotify.com/show/7MOugefeGkTl5jdkhYdjvQ?si=80ce9359d8e54cc8
Prior to moving from Nevada to Indiana we took a life insurance policy loan and let that money sit in our checking account because we expected to have some "unexpected" moving expenses. The money sitting in our checking account was our cash cushion.
We talk about the "unexpected" expenses that arose
02:34 Video footage of our moving caravan
How we paid for those unexpected expenses to recover our capital sooner
The best place to keep a cash cushion
How to build a cash cushion and
How to replenish a cash cushion
Moving is one scenario that illustrates the importance of having a cash cushion but there are other scenarios where having a cash cushion gives you freedom, and peace of mind. What scenario can you think of where it would be helpful to have a cash cushion?
Resources For you:
The Wise Man Foolish Man card game, buy it here: https://amzn.to/41iOTGE
Follow along:
Instagram: https://instagram.com/wealthtalkspodcast
Facebook: https://www.facebook.com/profile.php
YouTube: https://www.youtube.com/@wealthtalkspodcast558/videos
Recessions occur throughout history fairly regularly. Governments often attempt to prevent them from happening, and while these efforts may temporarily delay a recession, they can’t prevent one. Since we can expect to see multiple recessions throughout our lifetime, it’s wise to be prepared. In today’s episode, find three things you can do to prepare for the next recession.
Resources:
Many people want to accomplish more than the status quo in life, and they see money as a means to the end. Money is an important tool, but sadly, some pursue money without a basic understanding of how it works and what it can and cannot do. These people often end up hurting themselves instead of making their lives better.
Resources: A Biblical Guide to Personal Finance