WEBVTT NOTE This file was generated by Descript 00:00:05.000 --> 00:00:08.120 Intro: Welcome to the Fiscal Firehouse, a podcast dedicated to promoting 00:00:08.120 --> 00:00:10.040 financial literacy to firefighters. 00:00:10.190 --> 00:00:14.780 I'm your co-host, John Beatty, executive board member of Local 1309, a lieutenant, 00:00:14.870 --> 00:00:16.910 and also a certified financial planner. 00:00:17.240 --> 00:00:21.800 With me, I have the other co-host of the fiscal firehouse, Louis Barella, executive 00:00:21.800 --> 00:00:25.910 Board member of Local 1309 ambulance driver, and want to be financial expert. 00:00:26.510 --> 00:00:29.570 Together, John and I hope to bring clarity to the world of personal finance, 00:00:29.600 --> 00:00:31.340 specifically relating to firefighters. 00:00:31.880 --> 00:00:34.340 Firefighting is a difficult job making sound. 00:00:34.340 --> 00:00:35.705 Financial decisions shouldn't be. 00:00:36.260 --> 00:00:39.140 In today's episode of the fiscal firehouse, John and Louis kick off 00:00:39.140 --> 00:00:41.660 the new year with the discussion on building healthy financial 00:00:41.660 --> 00:00:45.740 habits that actually stick, we're focusing on simple proven strategies. 00:00:45.980 --> 00:00:49.760 You can start using right away, no complicated spreadsheets or drastic 00:00:49.760 --> 00:00:51.080 lifestyle changes needed here. 00:00:51.710 --> 00:00:53.510 These are practical moves that make reaching your 00:00:53.545 --> 00:00:55.185 financial goals more realistic. 00:00:55.605 --> 00:00:59.420 If you're a fan of James, clear buckle up and enjoy today's episode. 00:00:59.750 --> 00:01:00.585 Without further ado. 00:01:00.980 --> 00:01:05.810 Let's kick it over to local 1309 studios and the recording of the fiscal firehouse. 00:01:07.614 --> 00:01:10.989 Jon: Welcome back to another episode of the Fiscal Firehouse. 00:01:11.199 --> 00:01:14.289 We're live here in local 1309 studios. 00:01:14.649 --> 00:01:17.709 I'm your co-host John Beatty, sitting across the table with me 00:01:17.709 --> 00:01:19.389 at this beautiful firehouse table. 00:01:19.789 --> 00:01:21.919 Fan favorite as always, Louis Barella. 00:01:21.919 --> 00:01:22.489 What's going on? 00:01:22.489 --> 00:01:22.609 Lb 00:01:23.044 --> 00:01:24.154 Louie: Oh, I'm just glad to be here. 00:01:24.154 --> 00:01:25.234 I feel well rested. 00:01:25.294 --> 00:01:26.954 I feel, peppy, 00:01:27.269 --> 00:01:27.689 Jon: peppy. 00:01:27.689 --> 00:01:30.059 You do look like you got some pep in your step. 00:01:30.134 --> 00:01:31.454 Louie: a good night's sleep last night. 00:01:31.974 --> 00:01:33.084 not because we didn't have calls. 00:01:33.234 --> 00:01:37.944 We did have a couple calls last night, but we have a later shift change 00:01:38.124 --> 00:01:40.974 Jon: Oh, the 9:00 AM shift change. 00:01:41.004 --> 00:01:41.844 Louie: So good. 00:01:41.934 --> 00:01:42.324 Jon: Yeah. 00:01:42.324 --> 00:01:45.534 What's, so for those of you not affiliated with West Metro, we 00:01:45.534 --> 00:01:49.274 know we've got, listeners out there outside of West Metro and the state 00:01:49.274 --> 00:01:50.474 of Colorado, which is awesome. 00:01:50.474 --> 00:01:51.284 We love you guys. 00:01:51.504 --> 00:01:54.624 but we did, we went to a 9:00 AM shift change 00:01:54.864 --> 00:01:55.134 Louie: 7:00 00:01:55.314 --> 00:01:56.634 Jon: from 7:00 AM From 7:00 AM Yep. 00:01:56.634 --> 00:01:59.364 Still working the 48 96 uhhuh. 00:01:59.365 --> 00:02:02.234 but we went to a 9:00 AM shift change a couple weeks ago, right. 00:02:02.234 --> 00:02:04.034 Started about the first week in January. 00:02:04.304 --> 00:02:07.024 And this was really because of, Mike Benny. 00:02:07.414 --> 00:02:07.534 Yeah. 00:02:07.684 --> 00:02:09.424 One of the smartest guys I've ever met. 00:02:09.424 --> 00:02:11.404 Chief Benny, did a lot of research. 00:02:11.464 --> 00:02:12.874 Louie: Maybe the smartest guy in the department. 00:02:12.874 --> 00:02:13.684 I know that's a bold 00:02:13.804 --> 00:02:14.614 Jon: that's a bold call. 00:02:14.614 --> 00:02:14.654 That's a bold call, 00:02:14.824 --> 00:02:15.964 Louie: is in the running. 00:02:15.964 --> 00:02:17.644 He's top three if he's not number one, 00:02:17.664 --> 00:02:20.514 Jon: top three, probably smartest people at West Metro. 00:02:20.514 --> 00:02:22.134 Definitely top three for funniest. 00:02:22.224 --> 00:02:22.794 Got some great 00:02:23.134 --> 00:02:23.504 Louie: he's so good. 00:02:23.844 --> 00:02:24.354 Jon: so good. 00:02:24.354 --> 00:02:24.374 So good. 00:02:24.374 --> 00:02:25.134 We love Mike. 00:02:25.134 --> 00:02:29.274 But Mike did some research, went to, Yale, got his master's degree from 00:02:29.274 --> 00:02:33.984 the School of Public Health and really focused on firefighters sleep health. 00:02:34.074 --> 00:02:35.694 That was what it was all about. 00:02:35.694 --> 00:02:39.634 So he got a lot of grant funding, did a lot of research, and his 00:02:39.634 --> 00:02:43.054 research said, in order for us to get the best restorative sleep, we 00:02:43.054 --> 00:02:45.034 gotta move our shift change back. 00:02:45.214 --> 00:02:47.404 7:00 AM is a terrible time to do shift change. 00:02:47.764 --> 00:02:51.634 So as an organization and as a membership, we agreed to try a one 00:02:51.634 --> 00:02:54.484 year trial for 9:00 AM shift change. 00:02:54.514 --> 00:02:58.294 So really early on, Louis, you've only had a couple shift changes at 00:02:58.294 --> 00:02:59.694 9:00 AM but what's your feeling? 00:02:59.694 --> 00:03:01.154 What's the, we will start with you. 00:03:01.419 --> 00:03:05.154 Louie: So feeling, so I'm at a busier station, station three, and, 00:03:05.194 --> 00:03:09.424 I could tell you that all shifts are all crews at station three. 00:03:09.484 --> 00:03:09.994 Love it. 00:03:10.444 --> 00:03:14.734 We go in for shift change at 9:00 AM and the guys on B shift that we're 00:03:14.734 --> 00:03:17.914 relieving are like, they're well rested. 00:03:17.974 --> 00:03:21.214 They, they look like they're not as blown out as they used to. 00:03:21.674 --> 00:03:22.754 they love it and, and. 00:03:23.734 --> 00:03:26.764 I could tell you that my crew personally loves it too. 00:03:26.814 --> 00:03:28.974 everyone wakes up and we're like, man, that's awesome. 00:03:28.974 --> 00:03:30.384 Like we don't even have to set an alarm. 00:03:30.414 --> 00:03:33.234 Like I think people put in like an 8:00 AM alarm in case they need it. 00:03:33.714 --> 00:03:37.254 But people are generally up around 7 45, 7, even seven 30, 00:03:37.764 --> 00:03:39.684 and they're, they just feel good. 00:03:39.684 --> 00:03:41.124 They feel well rested. 00:03:41.154 --> 00:03:42.114 You don't need the nap. 00:03:42.144 --> 00:03:47.394 Like I, if I don't get a nap, when I used to come off shift, man, I was grouchy. 00:03:47.394 --> 00:03:50.754 You can ask Caitlyn, she's you are a bear when you get off a shift. 00:03:50.964 --> 00:03:52.074 And now it's not like that. 00:03:52.074 --> 00:03:54.864 Now it's like I'm ready to hang out with the kids, with the boys 00:03:54.864 --> 00:03:57.264 and go run errands and do things. 00:03:57.384 --> 00:03:58.734 I just feel better. 00:03:58.824 --> 00:04:00.714 And same thing coming on shift. 00:04:00.714 --> 00:04:03.654 you know, I would have to wake up and it wasn't bad for me, but I think 00:04:03.654 --> 00:04:04.784 I would wake up at I don't know. 00:04:04.784 --> 00:04:06.644 5, 5 20 maybe. 00:04:06.644 --> 00:04:08.204 Yeah, five 20 is what I set my alarm for. 00:04:08.594 --> 00:04:09.524 now I don't have to do that. 00:04:09.524 --> 00:04:09.704 Now. 00:04:09.704 --> 00:04:11.804 I'm naturally waking up, or I shouldn't say naturally. 00:04:11.804 --> 00:04:12.224 The boys are 00:04:12.269 --> 00:04:12.929 Jon: The boys are up. 00:04:12.974 --> 00:04:13.064 Louie: boys. 00:04:13.064 --> 00:04:13.124 Yeah. 00:04:13.124 --> 00:04:16.064 But it's I, I feel better going into shift as well. 00:04:16.064 --> 00:04:18.164 So it is, I think it's a great thing. 00:04:18.169 --> 00:04:20.444 I, I can already feel the benefits. 00:04:20.594 --> 00:04:23.444 Everyone that I work with can feel the benefits of the sleep. 00:04:23.494 --> 00:04:26.464 my Apple watch, which keeps track of my sleep, is your sleep score 00:04:26.464 --> 00:04:29.954 has gone up dramatically over the last, three weeks or whatever. 00:04:30.344 --> 00:04:31.094 It feels great. 00:04:31.124 --> 00:04:32.264 I think it's a smart thing. 00:04:32.264 --> 00:04:33.644 I think it's a great thing that we did. 00:04:34.274 --> 00:04:35.354 And I don't see us going back. 00:04:35.354 --> 00:04:38.054 I think after a year when we make this permanent, everyone's 00:04:38.054 --> 00:04:39.044 gonna, I shouldn't say everyone. 00:04:39.044 --> 00:04:40.094 There's always gonna be a few people. 00:04:40.094 --> 00:04:41.724 I've heard some, negative comment generally from 00:04:41.724 --> 00:04:44.334 people who live further away. 00:04:44.644 --> 00:04:46.764 Or, I hate to slower stations. 00:04:46.764 --> 00:04:48.864 They're kind of like, well, I'm sleeping all night anyway. 00:04:48.864 --> 00:04:48.954 Sure. 00:04:49.234 --> 00:04:53.964 And, you know, not to, put anything bad against the slower stations out there 00:04:54.234 --> 00:04:55.494 that are listening to our podcast. 00:04:55.494 --> 00:04:58.404 But I could tell you for the busier stations, it's making a huge difference. 00:04:58.704 --> 00:04:59.004 Game changer. 00:04:59.064 --> 00:04:59.604 Game changer. 00:04:59.604 --> 00:04:59.904 I've, 00:05:00.009 --> 00:05:02.619 Jon: I've heard just, and once again, I'm a day worker, so I 00:05:02.619 --> 00:05:05.469 don't, I don't really fall in line with the 9:00 AM shift change. 00:05:05.659 --> 00:05:09.289 But I do, what I've received back is people are really just changing 00:05:09.289 --> 00:05:10.759 the way they go about their day. 00:05:10.759 --> 00:05:13.729 Like I've, I'm hearing about people that will, you know, if they got a 00:05:13.729 --> 00:05:16.799 good night at sleep, rather than sleep till seven 30 or eight, they might get 00:05:16.799 --> 00:05:21.299 up at 6 30, 6 45 and get a workout in before they get off shift and go to 00:05:21.299 --> 00:05:24.929 work rather than kind of be blown out, like you said, and then taking a nap and 00:05:24.929 --> 00:05:26.579 then, trying to get a workout in later. 00:05:26.579 --> 00:05:30.269 So I think it's just really, really resetting the whole parameters 00:05:30.299 --> 00:05:31.619 for when we go into work. 00:05:31.619 --> 00:05:33.629 And I'll tell you from like the training perspective. 00:05:34.379 --> 00:05:38.234 We don't really do trainings now, even on day two until after 9:00 00:05:38.234 --> 00:05:39.689 AM Like how we set things up. 00:05:39.689 --> 00:05:39.779 Sure. 00:05:39.779 --> 00:05:43.644 It's kind of like sacred time now where, I'll never call a station before 9:00 00:05:43.644 --> 00:05:47.589 AM I don't care if it's day one or day two, because I think the department 00:05:47.589 --> 00:05:48.849 has really put an emphasis on. 00:05:49.294 --> 00:05:52.084 And the officers should be following up on this, but we wanna make 00:05:52.084 --> 00:05:56.024 sure that, everyone is getting as much quality sleep as they can. 00:05:56.334 --> 00:05:59.814 and it's gonna be all over the board, depending on what station you work at. 00:05:59.814 --> 00:06:02.694 But, I think just fundamentally, organizationally, we're just 00:06:02.814 --> 00:06:06.324 changing the way that we think about sleep, health and firefighters 00:06:06.324 --> 00:06:07.884 health, regarding sleep recovery. 00:06:07.884 --> 00:06:11.194 So, I just want to give a shout out to, to everyone that voted 00:06:11.194 --> 00:06:12.634 for it first and foremost. 00:06:12.754 --> 00:06:15.394 And then for Mike for having the courage to actually take this on. 00:06:15.394 --> 00:06:18.434 It was a huge endeavor, for the organization to, to have 00:06:18.434 --> 00:06:19.364 the courage to adopt it. 00:06:19.364 --> 00:06:20.264 'cause it's not been easy. 00:06:20.264 --> 00:06:20.354 Right. 00:06:20.564 --> 00:06:21.464 There's been some issues. 00:06:21.464 --> 00:06:24.174 I know, the shift commanders and the chiefs that are doing some 00:06:24.174 --> 00:06:26.874 staffing, they've had to kind of work some magic in getting people 00:06:26.874 --> 00:06:28.344 to classes and some other things. 00:06:28.344 --> 00:06:32.224 'cause the rest of, the Denver metro area is still pretty much on a 00:06:32.224 --> 00:06:34.174 7:00 AM or an 8:00 AM shift change. 00:06:34.174 --> 00:06:37.654 So when it comes to joint trainings and all sorts of other things, there's some 00:06:38.004 --> 00:06:39.084 Louie: there's challenges for sure, 00:06:39.124 --> 00:06:39.994 Jon: we're gonna go through. 00:06:39.994 --> 00:06:41.914 But, nonetheless, I'm really. 00:06:42.174 --> 00:06:43.584 Happy to hear that. 00:06:43.614 --> 00:06:46.704 Overall, like I said, especially the people that were most at 00:06:46.704 --> 00:06:50.544 risk for having some sleep health issues and sleep disruptions. 00:06:50.544 --> 00:06:54.924 Our busier stations, typically our younger folks that typically have kids, like all 00:06:54.924 --> 00:06:58.704 the other contributing factors like, man, I really hope this is gonna set us on 00:06:58.704 --> 00:07:00.354 a better path, a more sustainable path. 00:07:00.544 --> 00:07:03.999 Louie: And, and on a related note, just to kind of maybe prep for what we're gonna 00:07:03.999 --> 00:07:08.409 talk about this set or this, episode, we're gonna talk about, some resolution, 00:07:08.409 --> 00:07:10.119 some new year habits and stuff like that. 00:07:10.399 --> 00:07:12.769 one thing related to sleep that I would say is invest in 00:07:12.769 --> 00:07:14.479 your sleep at home as well. 00:07:14.509 --> 00:07:17.509 And if that means buying a new mattress, if it's been over 00:07:17.509 --> 00:07:18.409 10 years since you bought a 00:07:18.709 --> 00:07:19.179 Jon: mattress, Yeah. 00:07:19.644 --> 00:07:20.424 It's a real thing. 00:07:20.424 --> 00:07:22.134 It's not just a marketing technique, 00:07:22.234 --> 00:07:24.669 Louie: and I are not gonna be like, don't be spending money on a mattress. 00:07:24.669 --> 00:07:28.629 if you need a mattress, if you need blackout curtains at home, if you need 00:07:28.629 --> 00:07:33.129 a white noise machine, go, I, I kind of make my bedroom a sanctuary where we 00:07:33.189 --> 00:07:37.749 have, the blackout curtains and we have a really comfortable, nice mattress and good 00:07:37.749 --> 00:07:39.909 sheets like we have invested in our sleep. 00:07:39.939 --> 00:07:41.529 Especially because for me, that's huge. 00:07:41.529 --> 00:07:44.319 When, when I do get to sleep, I, I need quality sleep. 00:07:44.319 --> 00:07:44.649 So, 00:07:45.009 --> 00:07:48.849 Jon: and the environment that you set up really will help you, get to sleep faster, 00:07:48.849 --> 00:07:52.119 have more quality, deep rem sleep, like all those other things when you're talking 00:07:52.119 --> 00:07:53.529 about your overall physical health. 00:07:53.559 --> 00:07:53.679 Yeah. 00:07:53.709 --> 00:07:55.809 So much of that is tied to sleep health. 00:07:55.809 --> 00:07:56.319 Louie: Exactly. 00:07:56.319 --> 00:07:57.909 And I, I consider it an investment. 00:07:57.909 --> 00:08:00.129 It, it's not just an expense, it's an investment. 00:08:00.129 --> 00:08:03.039 You're investing in your health, you're investing in your future when 00:08:03.039 --> 00:08:07.229 you spend money, good money on, sleep stuff, whether it's, it's a mattress or 00:08:07.544 --> 00:08:08.984 Jon: No different than a gym membership. 00:08:08.984 --> 00:08:12.464 No different than eating healthy or, spending quality money on quality food. 00:08:12.464 --> 00:08:13.544 Like all those things. 00:08:13.794 --> 00:08:14.814 you don't see it right away. 00:08:14.874 --> 00:08:17.154 Well actually I think some of that, you do see it right away, but your, 00:08:17.334 --> 00:08:21.444 your future self will definitely thank you for, for taking care of 00:08:21.444 --> 00:08:23.124 yourself at a, at a younger age. 00:08:23.124 --> 00:08:23.334 So, 00:08:23.384 --> 00:08:23.464 Louie: sure. 00:08:23.874 --> 00:08:24.534 Jon: All good stuff. 00:08:24.534 --> 00:08:26.364 But thanks for the feedback, Louis. 00:08:26.364 --> 00:08:30.684 But, I'm really excited and we'll continue to report back as we get some more time. 00:08:30.744 --> 00:08:31.044 Right. 00:08:31.044 --> 00:08:34.194 And we can actually do a little bit more of an analysis and Mike will definitely 00:08:34.194 --> 00:08:35.904 have, some of that available as well. 00:08:35.979 --> 00:08:37.779 Louie: Yeah, maybe we'll have Benny on the podcast and he 00:08:37.779 --> 00:08:38.829 can share some things with us. 00:08:38.829 --> 00:08:39.309 That'd be cool. 00:08:39.309 --> 00:08:40.179 I think he'd like to do that. 00:08:40.369 --> 00:08:41.239 Jon: I like that idea. 00:08:41.479 --> 00:08:45.229 So Louis kind of already broke the seal on this one, but what we're gonna talk about, 00:08:45.479 --> 00:08:47.549 we're recording this the end of January. 00:08:47.599 --> 00:08:52.099 So, January, end of December is always about New Year's resolutions. 00:08:52.129 --> 00:08:55.049 so we're gonna call this, smart financial habits for the new 00:08:55.049 --> 00:08:56.999 year for you guys to consider. 00:08:57.219 --> 00:09:00.399 But this really did kind of set me on a rabbit hole when I was thinking about 00:09:00.459 --> 00:09:01.899 a theme when we came up with a theme. 00:09:01.899 --> 00:09:03.879 It's like New Year's resolutions. 00:09:04.089 --> 00:09:05.259 Oh boy, do they work? 00:09:05.289 --> 00:09:05.409 Yeah. 00:09:05.469 --> 00:09:07.149 You know, are are, are they valid? 00:09:07.149 --> 00:09:08.049 Do they work? 00:09:08.289 --> 00:09:09.939 what do you think the research says, Louis? 00:09:09.969 --> 00:09:12.449 So you make a lot, you make a, a New Year's resolution. 00:09:12.779 --> 00:09:17.399 What do you think the likelihood that that resolution staying the whole year, 00:09:17.459 --> 00:09:20.669 basically creating a brand new habit and sticking with that habit, what do you 00:09:20.669 --> 00:09:22.739 think the likelihood of that happening? 00:09:22.739 --> 00:09:24.569 and they've done a ton of research on this, right? 00:09:24.569 --> 00:09:28.049 This is not just one person that's oh, let me, let me dabble in this. 00:09:28.049 --> 00:09:29.189 Like they've done a lot. 00:09:29.474 --> 00:09:33.014 Of research around habit forming and sticking with habits. 00:09:33.094 --> 00:09:33.784 Louie: think it's low. 00:09:33.844 --> 00:09:38.614 I think people's ability to stick with a habit decreases with their motivation. 00:09:38.704 --> 00:09:41.614 And I'm, I'm sure that happens with like gym memberships. 00:09:41.614 --> 00:09:44.584 You see the huge influx in January of gym memberships and then 00:09:44.584 --> 00:09:46.354 everyone clears out in February. 00:09:46.504 --> 00:09:49.864 So I guess I'm, I'm assuming that's for any kind of resolution 00:09:49.864 --> 00:09:51.364 you make, it's gonna be low. 00:09:51.554 --> 00:09:51.824 Jon: Yep. 00:09:51.904 --> 00:09:56.944 So what I had was able to, kind of, the consensus that I was able to, to 00:09:56.944 --> 00:10:01.534 source out was somewhere between about eight to 12% of people that start 00:10:01.534 --> 00:10:05.974 with a New Year's resolution will actually be successful one year post. 00:10:06.274 --> 00:10:10.364 So after a full year, whatever it was, whether it was, to get, to get 00:10:10.364 --> 00:10:14.094 in shape, to lose weight, whatever those things were, when they quantified 00:10:14.094 --> 00:10:18.204 it at the end of the year, only about eight to 12% were successful. 00:10:18.714 --> 00:10:20.094 So why is that? 00:10:22.664 --> 00:10:25.184 Louie: I think motivation, it only lasts so long. 00:10:25.184 --> 00:10:25.214 Jon: Okay. 00:10:25.454 --> 00:10:25.784 Louie: Right. 00:10:25.784 --> 00:10:28.544 Like you can motivate yourself for something, but then after a while 00:10:28.544 --> 00:10:30.104 that motivation starts decreasing. 00:10:30.104 --> 00:10:32.594 And if it's not a habit, if it's not just something that you do, 00:10:33.074 --> 00:10:35.204 then you will not stick with it. 00:10:35.264 --> 00:10:37.004 You'll get, tired of it. 00:10:37.064 --> 00:10:42.314 You'll feel like it's owed to you to skip the gym or to eat 00:10:42.314 --> 00:10:43.874 unhealthy or whatever it is. 00:10:43.994 --> 00:10:45.734 So that motivation fades quickly. 00:10:45.824 --> 00:10:46.574 That's my guess. 00:10:46.604 --> 00:10:48.314 Jon: No, I think that's pretty spot on. 00:10:48.314 --> 00:10:50.794 There's a couple different variables, that they cite. 00:10:50.794 --> 00:10:54.794 So, common reasons that people have, setbacks are not successful 00:10:54.794 --> 00:10:56.354 is the goals are too big or vague. 00:10:56.594 --> 00:11:00.184 So I just said oh, my goal was to get, healthy, physically fit. 00:11:00.859 --> 00:11:02.089 What, what does that mean? 00:11:02.269 --> 00:11:04.639 You know, are we talking about my met equivalent? 00:11:04.639 --> 00:11:05.959 Are we talking about how much I can bench? 00:11:05.959 --> 00:11:07.579 Are we talking about how fast I run a mile? 00:11:07.579 --> 00:11:09.919 Like I didn't set a specific enough a goal. 00:11:09.919 --> 00:11:13.749 I just said I wanna focus on, getting healthy this year, physically getting fit. 00:11:13.749 --> 00:11:17.139 So that's, you gotta have a much more regimented system about 00:11:17.139 --> 00:11:18.429 what you're actually focusing on. 00:11:18.739 --> 00:11:21.409 A lot of it is you're trying to change too many things at once. 00:11:21.709 --> 00:11:24.559 So, if we're just talking about physical fitness, like there's 00:11:24.559 --> 00:11:25.699 a lot to unpack with that. 00:11:25.699 --> 00:11:28.189 We're talking about cardiovascular health, we're talking about, 00:11:28.379 --> 00:11:29.729 physical training, weight training. 00:11:29.729 --> 00:11:31.619 We're talking about all these other things, rather than just 00:11:31.619 --> 00:11:34.709 dialing it down and focusing on just one thing, it's trying to 00:11:34.709 --> 00:11:36.419 change way too many things at once. 00:11:36.509 --> 00:11:37.229 So it's hard. 00:11:37.289 --> 00:11:38.939 It gets way too hard to do it. 00:11:39.219 --> 00:11:41.109 and the other problem is, people don't. 00:11:41.594 --> 00:11:45.374 Have grace and they don't allow for what they call setbacks or whatever. 00:11:45.374 --> 00:11:49.254 So let's say, I want to get, I want to get physically fit, I wanna get healthy. 00:11:49.254 --> 00:11:53.424 So starting in January, I start going to the gym and then middle of January, two to 00:11:53.424 --> 00:11:54.894 three weeks in, I'm feeling pretty good. 00:11:54.894 --> 00:11:56.784 I'm feeling like I'm making some success. 00:11:56.974 --> 00:12:00.424 And then I come down with the flu and then I miss a week of the gym. 00:12:00.604 --> 00:12:04.744 Alright, so now getting back that fourth week, man, I'm really behind 00:12:04.744 --> 00:12:07.864 and I'm really dragging and I'm, I've lost motivation because I've, 00:12:08.069 --> 00:12:09.119 Louie: you feel like you haven't met 00:12:09.604 --> 00:12:13.114 Jon: Yeah, I, I've, I've had a huge setback and then I just up and then I move 00:12:13.114 --> 00:12:15.124 on with my regular habits and routines. 00:12:15.174 --> 00:12:18.774 One of the things I wanna make a huge plug for, and Louis and I, before we 00:12:18.774 --> 00:12:23.004 started recording, we talked about one of our favorite books that we, that we both 00:12:23.004 --> 00:12:27.414 have read and really gotten something out of it is Atomic Habits by James Clear. 00:12:27.684 --> 00:12:30.354 I'll tell you right now, it's on any of the audio books. 00:12:30.354 --> 00:12:33.204 So if you're not a huge reader, if you just consume through a 00:12:33.204 --> 00:12:37.164 podcast, if that's your medium, man, I would encourage everyone. 00:12:37.214 --> 00:12:40.634 To source that book out, whether it's you actually physically read 00:12:40.634 --> 00:12:44.654 it or you just hear it, the messages is award-winning man, and a lot of 00:12:44.654 --> 00:12:49.044 successful people will tell you like, who was one of the, your big, one 00:12:49.044 --> 00:12:52.104 of the people that really had a big influence on how you became successful? 00:12:52.104 --> 00:12:55.524 Man, he has been cited like time in time again for like people that are 00:12:55.524 --> 00:12:58.014 very effective at their jobs or in life. 00:12:58.014 --> 00:12:58.429 Like how did you. 00:12:58.774 --> 00:13:01.564 Get this, and it's like this guy in the way that he frames 00:13:01.564 --> 00:13:05.744 it, like it's very easy, easy to read, easy to follow along with. 00:13:05.924 --> 00:13:10.624 But he's gotten, I would break it down to five things that he makes 00:13:10.624 --> 00:13:14.224 that makes habit forming easier and long term you'll be successful. 00:13:14.224 --> 00:13:20.174 So the one, first and foremost is number one, make tiny habits, not big goals. 00:13:20.264 --> 00:13:21.224 So what we talked about. 00:13:21.224 --> 00:13:26.144 So if my goal was to become more physically fit this year, it's be like, 00:13:26.144 --> 00:13:30.164 well, rather than, just make a lofty goal like that, it's well, I'm gonna focus on 00:13:30.164 --> 00:13:32.414 running a mile in five and a half minutes. 00:13:32.624 --> 00:13:36.374 Now you have a very clear, decisive kind of one variable goal. 00:13:36.524 --> 00:13:41.004 So if we were to think about this for finances, what would, 00:13:41.034 --> 00:13:41.994 how would you take that? 00:13:41.994 --> 00:13:42.504 So. 00:13:43.239 --> 00:13:46.569 If we, instead of having one big lofty goal, what would be a small, 00:13:46.569 --> 00:13:49.289 little incremental thing that we could tell someone, maybe this 00:13:49.289 --> 00:13:50.369 is something you should consider. 00:13:50.384 --> 00:13:51.584 Louie: Yeah, I think so. 00:13:51.584 --> 00:13:54.494 Someone might have a goal of I wanna be financially independent, 00:13:54.494 --> 00:13:56.384 or I want to, be able to, 00:13:56.954 --> 00:13:57.344 Jon: a good one. 00:13:57.344 --> 00:13:58.454 Financially independent, right? 00:13:58.454 --> 00:14:00.164 That's a big goal, right? 00:14:00.224 --> 00:14:00.554 What does that 00:14:00.719 --> 00:14:02.159 Louie: what does it mean that's hard to do? 00:14:02.529 --> 00:14:06.499 I think a smaller habit or a smaller, goal that you can break that down 00:14:06.499 --> 00:14:08.779 to would be like, well, I know the, one of the first things I need to do 00:14:08.779 --> 00:14:12.349 because John and Louis preached this all the time, is to get outta debt. 00:14:12.379 --> 00:14:15.709 So maybe my first goal is to pay off this credit card that this credit 00:14:15.709 --> 00:14:19.189 card debt that I've had, it's $4,000, it's just been hanging around my neck. 00:14:19.699 --> 00:14:20.629 I need to pay that off. 00:14:20.629 --> 00:14:25.089 I need to set a plan and pay, whatever it is, a hundred bucks a month on this 00:14:25.089 --> 00:14:29.109 thing, or 150 bucks a month in order to pay that debt off by the end of the year. 00:14:29.439 --> 00:14:34.329 That's a very reasonable, easy to achieve, clearly defined goal. 00:14:34.749 --> 00:14:37.059 That you might be able to stick to better than just saying, I want to 00:14:37.059 --> 00:14:39.099 be financially independent someday. 00:14:39.249 --> 00:14:40.569 Jon: No, that's a perfect example. 00:14:40.569 --> 00:14:41.499 Perfect scenario. 00:14:41.499 --> 00:14:45.259 How you take something, you can visualize it for one, but you can identify what 00:14:45.259 --> 00:14:48.979 it is specifically what the, what the goal is or what the outcome is, 00:14:48.979 --> 00:14:50.479 and then work backwards from there. 00:14:50.479 --> 00:14:51.889 So I like that. 00:14:51.939 --> 00:14:54.939 Another thing is, and I don't know, I'm, I've never been this kind of 00:14:54.939 --> 00:14:58.959 person, but I know a lot of successful people that do this, but it's to 00:14:58.959 --> 00:15:01.839 focus on identity and not outcomes. 00:15:02.049 --> 00:15:04.539 So one of the examples, and I can't remember if this actually comes 00:15:04.539 --> 00:15:08.529 specifically from the book, but it's your goal is, I want to run a marathon. 00:15:08.589 --> 00:15:11.829 And instead of saying that, you're gonna say, I'm a runner. 00:15:12.039 --> 00:15:14.289 So it's the way that you're framing things. 00:15:14.289 --> 00:15:14.349 Yeah. 00:15:14.629 --> 00:15:16.699 And now that kind of becomes your persona. 00:15:16.749 --> 00:15:17.769 Do you do that at all? 00:15:17.769 --> 00:15:17.889 Do 00:15:17.934 --> 00:15:18.134 Louie: I do. 00:15:18.134 --> 00:15:18.414 Yeah. 00:15:18.614 --> 00:15:19.054 I, I do. 00:15:19.154 --> 00:15:22.119 So I, I, I don't know if this is from the book either, but one of the 00:15:22.119 --> 00:15:24.699 best examples is when you identify. 00:15:25.524 --> 00:15:28.764 The person who you are or who you want to be, you're more likely to 00:15:28.764 --> 00:15:32.694 stick with that identity and the habits that that identity does. 00:15:32.694 --> 00:15:34.494 For example, I'm a reader. 00:15:34.584 --> 00:15:34.674 Yeah. 00:15:34.674 --> 00:15:36.774 That is something that I, I, I, I love reading. 00:15:36.894 --> 00:15:38.034 I'm, I, it's huge. 00:15:38.034 --> 00:15:42.414 For me, it's a part of my life and I don't have to say, my goal is to, 00:15:42.879 --> 00:15:44.019 Jon: read 50 books. 00:15:44.124 --> 00:15:45.654 Louie: books, even though I do that. 00:15:46.024 --> 00:15:47.824 My goal is I'm, I read every day. 00:15:47.854 --> 00:15:48.424 Just every day. 00:15:48.424 --> 00:15:51.154 I know I'm gonna read, I'm gonna read a book, and that's just. 00:15:51.214 --> 00:15:52.114 What I do. 00:15:52.294 --> 00:15:56.554 And now it's not something that I have to motivate myself to do, it's just who I am. 00:15:56.854 --> 00:15:59.494 It's similar to brushing your teeth and I think this example is from the book. 00:15:59.494 --> 00:16:01.744 It's like you don't have to motivate yourself to brush your teeth. 00:16:01.744 --> 00:16:02.884 It is part of your routine. 00:16:02.884 --> 00:16:05.944 It is part of your habit, and you don't have to be like, all right, I need to 00:16:06.214 --> 00:16:09.274 make sure that I'm jazzed up and I'm ready to go and I'm ready to brush my teeth. 00:16:09.394 --> 00:16:11.624 You just it's just that time of the morning where I brush my teeth or 00:16:11.624 --> 00:16:14.774 it's that time of night where I do my bedtime routine and I brush my teeth. 00:16:15.194 --> 00:16:19.154 Reading for that is, reading for me is like that same thing 00:16:19.154 --> 00:16:22.004 with working out the people who work out consistently every day. 00:16:22.334 --> 00:16:24.354 That's just something that they do and they are like, Hey, I'm 00:16:24.354 --> 00:16:27.714 someone who lift weights or I'm someone who runs and I just do it. 00:16:27.744 --> 00:16:29.004 It's just part of my routine. 00:16:29.004 --> 00:16:30.684 It's part of my habits. 00:16:30.954 --> 00:16:33.444 That is how you achieve long-term success with 00:16:33.444 --> 00:16:33.799 Jon: those goals. 00:16:33.909 --> 00:16:34.914 Nope, I like that. 00:16:34.914 --> 00:16:35.994 I think that's really good. 00:16:36.044 --> 00:16:38.054 on the concept of what you talked about reading. 00:16:38.324 --> 00:16:42.754 So the other one, and this is really key with finances, is make good, habits 00:16:42.754 --> 00:16:45.304 obvious and bad habits invisible. 00:16:45.514 --> 00:16:47.434 So like the example of reading. 00:16:47.464 --> 00:16:50.794 So if you wanna read more, so one of the ways that you do that is 00:16:50.794 --> 00:16:52.804 you keep books readily accessible. 00:16:52.984 --> 00:16:54.634 So where do most people read? 00:16:54.634 --> 00:16:56.824 Like most of the time it's in bed, right? 00:16:56.824 --> 00:16:59.824 So they keep their book right next to their bed as a general reminder 00:16:59.914 --> 00:17:01.024 Louie: Put it on your pillow right 00:17:01.024 --> 00:17:01.894 Jon: there, there you go. 00:17:01.894 --> 00:17:02.614 It's right there. 00:17:02.614 --> 00:17:03.784 It's easily visible. 00:17:03.844 --> 00:17:07.564 I know that's who I am and that's something that I derive happiness for 'em. 00:17:07.564 --> 00:17:11.014 So I'm gonna go ahead and pick up the book ver versus keeping it on the bookshelf 00:17:11.014 --> 00:17:12.364 where you have to go out and source that. 00:17:12.364 --> 00:17:15.004 Every time you wanna read, that creates more friction. 00:17:15.004 --> 00:17:18.634 Other things get distracted, and then all of a sudden you don't read anymore. 00:17:18.634 --> 00:17:20.824 So it's really making those simple wins. 00:17:20.824 --> 00:17:21.184 And this is. 00:17:21.379 --> 00:17:23.359 All the time with finances, right? 00:17:23.599 --> 00:17:26.719 You can do things with automation like that is the number one. 00:17:26.809 --> 00:17:30.619 And this is one that is referenced all the time when you talk to behavioral 00:17:30.619 --> 00:17:33.559 economists and how you really get people to change their behaviors. 00:17:33.589 --> 00:17:36.079 It's reduce friction and keep things automated. 00:17:36.329 --> 00:17:40.309 so automated savings contributing to your 4 57, set it and forget 00:17:40.309 --> 00:17:44.499 it, and then just every time it forces you to, establish that habit. 00:17:44.689 --> 00:17:45.469 super important. 00:17:45.739 --> 00:17:45.859 Louie: Yep. 00:17:46.559 --> 00:17:50.979 Jon: And then habits should be easy before they, before they become effective. 00:17:51.189 --> 00:17:54.729 So, once again, if things are really hard at the very beginning, it's gonna 00:17:54.729 --> 00:17:59.179 be more and more challenging, to make it successful or to get that habit to stick. 00:17:59.179 --> 00:18:03.019 So where I see this is, once again, people have two lofty of a goals. 00:18:03.319 --> 00:18:06.469 So they just, they just set that goalpost way too far in the future, 00:18:06.529 --> 00:18:08.809 and then it's gonna be really tough to achieve it right away. 00:18:08.809 --> 00:18:11.599 So they lose interest, they lose motivation, and they 00:18:11.599 --> 00:18:13.119 don't become, successful. 00:18:13.169 --> 00:18:15.179 once again, habits, especially very. 00:18:15.299 --> 00:18:18.799 S starting with tiny Habits and forming those first, will 00:18:18.799 --> 00:18:20.799 lead to, much better success. 00:18:20.849 --> 00:18:23.809 the example they use for this is, in the Secure 2.0 00:18:23.809 --> 00:18:26.689 Act, which they, put into law a couple years ago. 00:18:26.849 --> 00:18:29.609 one of the things that they have to do now, if you're an employer 00:18:29.849 --> 00:18:33.299 and you have an employer plan, they have what's called auto enrollment. 00:18:33.479 --> 00:18:37.169 So you have to opt out of the plan and not opt in in the plan. 00:18:37.439 --> 00:18:40.519 So this took place, last year is when it actually went into law. 00:18:40.519 --> 00:18:43.679 January 1st is when, companies had to start to do this. 00:18:43.679 --> 00:18:47.999 And one of the, one of the researches that I, that I found was from the NEBR, 00:18:47.999 --> 00:18:52.509 which is the National Economics Bureau Research, huge government, that looks 00:18:52.509 --> 00:18:54.549 at a lot of, retirement savings plans. 00:18:54.769 --> 00:18:57.589 they automatically had, they went from a 64%. 00:18:57.949 --> 00:19:03.159 Opt-in rate to a, 94% participation rate just by saying we're gonna 00:19:03.159 --> 00:19:04.389 automatically put you in this. 00:19:04.389 --> 00:19:07.839 So you have to call up HR or send HR an email saying I 00:19:07.839 --> 00:19:08.829 don't want to be in the plan. 00:19:09.069 --> 00:19:14.619 So just that small little nudge into how plans are being administered 00:19:14.679 --> 00:19:17.824 got almost 30% more participation. 00:19:17.919 --> 00:19:21.309 So it's all those little things that, and that's I think, what we 00:19:21.309 --> 00:19:25.329 tried to do here with the union and our benefits is we tried to 00:19:25.329 --> 00:19:27.849 make it so you have to participate. 00:19:27.909 --> 00:19:28.419 Right? 00:19:28.419 --> 00:19:28.429 Right. 00:19:28.479 --> 00:19:30.429 So that's what the pension plan is. 00:19:30.429 --> 00:19:33.939 You don't have a choice of contributing or not, you're forced to contribute. 00:19:34.614 --> 00:19:39.144 My, my guess is your future self will thank you that the department and the 00:19:39.144 --> 00:19:43.014 union supported a plan that forced your hand and made you safe for retirement. 00:19:43.294 --> 00:19:46.924 but it's all those little incremental things that really, like long term when 00:19:46.924 --> 00:19:51.184 you're talking about investing over 30, 40, 50 years makes a huge difference. 00:19:51.229 --> 00:19:51.664 Louie: totally. 00:19:51.694 --> 00:19:56.299 I think that's a great way to say, you, you can, you can make your identity to 00:19:56.299 --> 00:20:01.819 be that of a saver by setting up your automatic 4 57 contribution or Roth 00:20:01.819 --> 00:20:04.309 IRA contribution, set it and forget it. 00:20:04.549 --> 00:20:06.019 And now you're, that's a habit. 00:20:06.049 --> 00:20:09.139 You're now in the habit of saving and it doesn't cost you any extra 00:20:09.289 --> 00:20:13.139 brain bandwidth or, any computer work or anything like that. 00:20:13.139 --> 00:20:14.789 You set it up and you forget it. 00:20:15.159 --> 00:20:18.009 And now that's a habit and a person that you are, you're a 00:20:18.009 --> 00:20:21.249 saver now because you are saving every month for your retirement. 00:20:21.354 --> 00:20:21.624 Jon: Yeah. 00:20:21.624 --> 00:20:26.124 your identity, your identity now changes from first and foremost, I'm a saver. 00:20:26.124 --> 00:20:30.294 I'm gonna pay myself first before I go and spend money on something else. 00:20:30.294 --> 00:20:32.334 So just a little bit of a mind shift change. 00:20:32.364 --> 00:20:35.394 And I'll be honest, I have not been one of those people that have really 00:20:35.394 --> 00:20:38.184 spent a lot of time thinking about that, but I know a lot of successful 00:20:38.304 --> 00:20:42.414 people that really take the time to visualize that and no, this is who I am. 00:20:42.534 --> 00:20:44.274 And they'll actually kinda say it out loud. 00:20:44.274 --> 00:20:47.514 I know it sounds like really hokey, but there's been a lot of evidence 00:20:47.514 --> 00:20:51.194 that says you visualizing or you just voicing that's who you're gonna be. 00:20:51.254 --> 00:20:53.204 Like, there's a lot of power of the mind to do that. 00:20:53.324 --> 00:20:57.194 So, and the last thing is, and his thing is, is like you're 00:20:57.194 --> 00:20:58.874 gonna have, you're gonna mess up. 00:20:59.439 --> 00:21:00.069 that's okay. 00:21:00.099 --> 00:21:01.449 have some grace with that. 00:21:01.729 --> 00:21:03.559 If you mess up once or twice, that's okay. 00:21:03.589 --> 00:21:06.589 More than that becomes a, a new habit that you're forming. 00:21:06.859 --> 00:21:09.259 But you, you definitely have to have some grace with that. 00:21:09.259 --> 00:21:11.809 one of those things might be something like with the 4 57, 00:21:11.809 --> 00:21:13.219 so we talk about that so much. 00:21:13.549 --> 00:21:17.569 Maybe you've been saving whatever, 5% for, for the first five years. 00:21:17.929 --> 00:21:20.059 And then you have a, and then you have a child, right? 00:21:20.059 --> 00:21:23.359 Five years, five years into your career and you're like, man, I know this is 00:21:23.359 --> 00:21:27.139 who I am and I really wanna put away 5%, but all these costs are coming in. 00:21:27.424 --> 00:21:32.554 I have to temporarily switch that from a 5% to a four or 3%. 00:21:32.864 --> 00:21:33.464 that's okay. 00:21:33.464 --> 00:21:34.094 that's what they're saying. 00:21:34.094 --> 00:21:35.114 you are still a saver. 00:21:35.114 --> 00:21:38.684 You're just adjusting this for this short period of time in your life. 00:21:38.744 --> 00:21:41.774 And then once you have gotten through that cycle, then we're gonna bump 00:21:41.774 --> 00:21:45.044 it back up to 5% and then maybe we're gonna make up for lost time 00:21:45.044 --> 00:21:46.604 and we're gonna bump it up to 7%. 00:21:46.604 --> 00:21:50.144 So I think it's having a little bit of grace with that and just realizing 00:21:50.144 --> 00:21:54.114 that just because you have a pitfall or you, you, you make a small mistake 00:21:54.114 --> 00:21:58.314 once, don't let that derail who you are and what you've achieved so far. 00:21:58.359 --> 00:21:59.349 Louie: Yeah, I think it's great. 00:21:59.679 --> 00:22:03.044 Atomic Habits is a great book and it can apply to every area of your life 00:22:03.044 --> 00:22:07.784 for fitness, for financial health, spiritual health relationship. 00:22:07.784 --> 00:22:07.964 Yeah. 00:22:07.964 --> 00:22:12.374 You could use the principles of Atomic Habits to really help you structure your 00:22:12.374 --> 00:22:18.314 life and help you, be able to achieve good habits or to eliminate bad habits. 00:22:18.359 --> 00:22:18.629 Jon: Yep. 00:22:18.779 --> 00:22:19.049 Yeah. 00:22:19.049 --> 00:22:19.439 And those are 00:22:19.634 --> 00:22:21.644 Louie: clear Atomic Habits, check it out. 00:22:21.749 --> 00:22:22.589 Jon: Highly recommend. 00:22:22.739 --> 00:22:23.699 Highly recommend. 00:22:23.949 --> 00:22:26.509 so that's James clear's version of creating new habits. 00:22:26.509 --> 00:22:29.419 So once again, we wanted to little tongue in cheek make 00:22:29.419 --> 00:22:30.739 fun of New Year's resolutions. 00:22:30.739 --> 00:22:33.289 'cause statistically speaking, they're not successful. 00:22:33.289 --> 00:22:37.159 But Louis and I truly believe what we're gonna talk about moving forward with the 00:22:37.159 --> 00:22:39.489 rest of the podcast, everyone can do this. 00:22:39.679 --> 00:22:41.569 these are not huge life changing things. 00:22:41.569 --> 00:22:45.019 These are just small little nudges that will hopefully put you in 00:22:45.019 --> 00:22:49.039 a better position financially in 2027 than you were in 2026. 00:22:49.039 --> 00:22:51.319 And that's what Louis and I are trying to achieve. 00:22:51.319 --> 00:22:57.169 So first one is have a regular financial conversation with your spouse. 00:22:57.199 --> 00:22:57.349 Yep. 00:22:58.009 --> 00:22:59.449 I said these won't be hard. 00:22:59.749 --> 00:23:01.699 This one actually, honestly. 00:23:01.979 --> 00:23:05.369 And I was talking to another guy at the training center before I came in. 00:23:05.909 --> 00:23:07.739 We were talking about this one specifically. 00:23:07.979 --> 00:23:10.679 'cause he asked us what we were gonna chat about and he's oh 00:23:10.949 --> 00:23:12.539 dude, that's a heavy topic. 00:23:12.539 --> 00:23:13.169 Are you sure? 00:23:13.169 --> 00:23:14.399 you want to go down that road? 00:23:14.399 --> 00:23:18.069 But I don't know, maybe, we'll talk about our own personal examples, but is 00:23:18.069 --> 00:23:20.139 this something that you and Caitlyn do? 00:23:20.139 --> 00:23:20.379 Yeah. 00:23:20.409 --> 00:23:20.769 Like we 00:23:21.084 --> 00:23:22.524 Louie: We do, we do. 00:23:22.524 --> 00:23:23.784 So I, so this is a huge one. 00:23:23.784 --> 00:23:24.744 We put this at number one. 00:23:24.744 --> 00:23:28.319 'cause I, I, I think it's maybe the hardest to do, but it's also 00:23:28.319 --> 00:23:29.609 probably the most important. 00:23:29.609 --> 00:23:33.089 If you are married, you should have regular financial planning 00:23:33.089 --> 00:23:34.469 conversations with your spouse. 00:23:34.589 --> 00:23:38.819 And that is because financial issues are one of the top causes of divorce. 00:23:38.889 --> 00:23:39.789 It's right up there. 00:23:39.789 --> 00:23:43.359 E even more by some studies than infidelity in a 00:23:43.389 --> 00:23:43.469 Jon: yeah. 00:23:44.004 --> 00:23:44.184 Oh, 00:23:44.499 --> 00:23:48.789 Louie: financial stress is cited in 20 to 40% of divorces. 00:23:48.789 --> 00:23:50.749 And that's at a minimum, that's a conservative number. 00:23:50.749 --> 00:23:57.859 20 to 40% of divorces are either caused by or site financial problems as a leading 00:23:57.859 --> 00:24:00.089 cause of that, ending of the marriage. 00:24:00.659 --> 00:24:04.459 And so one way you can, mitigate that, or at least be aware of that, 00:24:04.459 --> 00:24:08.329 is by having regular financial conversations with your spouse. 00:24:08.779 --> 00:24:14.059 Doesn't have to be full on nerdy, detailed budget conversations once 00:24:14.059 --> 00:24:15.589 a month or anything like that. 00:24:15.709 --> 00:24:19.969 But you should have a plan and say, Hey, wife or husband, let's 00:24:19.969 --> 00:24:23.569 sit down and talk about what our goals are this year with our money. 00:24:23.569 --> 00:24:25.189 What are we gonna do with our money? 00:24:25.189 --> 00:24:27.919 What kind of home improvement projects do we need to accomplish? 00:24:27.919 --> 00:24:29.509 What kind of vacations do we want to go on? 00:24:29.749 --> 00:24:31.609 So it's not just a financial conversation. 00:24:31.609 --> 00:24:34.429 This is really a planning conversation where you talk about 00:24:34.999 --> 00:24:38.809 what you're gonna prioritize your time with your family's energy with. 00:24:39.134 --> 00:24:42.374 and then of course related to that is your finances with what are 00:24:42.374 --> 00:24:45.764 we gonna prioritize this year and how are we going to achieve that? 00:24:45.764 --> 00:24:50.384 Do we have the money, do we have the ability to meet our goals this year? 00:24:50.439 --> 00:24:53.589 Jon: I think that's super important and it's one of those things, I 00:24:53.589 --> 00:24:57.429 think it all depends on kind of your relationships and the way that you 00:24:57.429 --> 00:24:59.589 communicate with your significant other. 00:24:59.879 --> 00:25:02.309 But this is one that I think a lot of people still can, 00:25:02.309 --> 00:25:04.049 can of tread lightly around. 00:25:04.049 --> 00:25:08.309 Like sometimes they, 'cause sometimes the conversation comes around like spending 00:25:08.309 --> 00:25:11.189 habits or what you're predisposed to do. 00:25:11.439 --> 00:25:14.949 so sometimes those can cause, some uncomfortable conversations. 00:25:15.049 --> 00:25:19.319 Just, just the other day Katie and I were talking about, we're gonna go to, Portugal 00:25:19.319 --> 00:25:21.199 this summer for our family vacation. 00:25:21.199 --> 00:25:21.409 Yeah. 00:25:21.409 --> 00:25:23.329 We've been planning for a while and all these other things. 00:25:23.644 --> 00:25:26.914 This stupid flight cost dude have not, have not come down. 00:25:26.914 --> 00:25:27.644 And I was like, terrible. 00:25:27.754 --> 00:25:29.434 I feel like I should be going. 00:25:29.434 --> 00:25:32.134 for what we're paying, I feel like we should be going like first 00:25:32.134 --> 00:25:34.304 class, and all these other things. 00:25:34.524 --> 00:25:38.154 so I'm, I'm trying to do all my research and I'm really trying to plug in like 00:25:38.154 --> 00:25:42.024 different dates and different like routes and layovers and all these other things. 00:25:42.024 --> 00:25:43.614 And I came to her with two options. 00:25:43.614 --> 00:25:47.454 I'm like, okay, option A is, we can fly on British Airways. 00:25:47.674 --> 00:25:49.054 we don't really get to pick our seats. 00:25:49.054 --> 00:25:51.814 They just assign 'em and you know, it'll be this much. 00:25:51.814 --> 00:25:56.149 It was like 1200 bucks for literally you can't even bring on a bag. 00:25:56.149 --> 00:25:56.854 You gotta pay extra 00:25:56.959 --> 00:25:57.169 Louie: Sure, of 00:25:57.544 --> 00:25:58.564 Jon: You don't have a seat. 00:25:58.564 --> 00:25:58.924 Whatever. 00:25:58.924 --> 00:26:00.944 I'm like, that's that's gonna be like 1200 bucks. 00:26:01.244 --> 00:26:02.894 She's okay, well what's the other option? 00:26:02.894 --> 00:26:07.064 I'm like, the other option is we can fly on United, we'll connect through here. 00:26:07.254 --> 00:26:10.434 we can pick our seats and all these other things and it's gonna be like 00:26:10.584 --> 00:26:12.114 two grand, which is a lot of money. 00:26:12.114 --> 00:26:13.364 And she's Okay, I get that. 00:26:13.364 --> 00:26:16.214 And she's by the time you factor in the bags, she's do you think it's a 00:26:16.214 --> 00:26:19.564 really good idea for us to fly with our two children, you know, across 00:26:19.564 --> 00:26:20.914 the ocean and not sit together? 00:26:21.124 --> 00:26:22.594 Do you think that's a reasonable thing? 00:26:22.594 --> 00:26:24.874 And I'm like, I'm like, do you think they would actually do that? 00:26:24.874 --> 00:26:26.264 And she's oh, 100%, dude. 00:26:26.264 --> 00:26:29.984 put you, you know, and they'll way back and your kids will be all spread 00:26:29.984 --> 00:26:31.664 out and you're gonna be that guy. 00:26:31.724 --> 00:26:34.804 And she's listen, we, we've, we know that this is something that we want to 00:26:34.804 --> 00:26:38.554 do, like vacations are really the thing that we do to connect as a family and 00:26:38.554 --> 00:26:40.204 just how we spend quality time together. 00:26:40.204 --> 00:26:42.274 And she's this is something that we value most. 00:26:42.524 --> 00:26:45.194 Do you really wanna try to like skirt the edges here? 00:26:45.344 --> 00:26:46.634 And granted, it's a chunk of money. 00:26:46.634 --> 00:26:49.534 I'm not trying to dismiss you know, that's an extra, almost three grand. 00:26:49.534 --> 00:26:54.124 It costs us to end up having to sit together to be comfortable to all these 00:26:54.124 --> 00:26:55.714 other things, which is a lot of money. 00:26:55.714 --> 00:26:58.414 But she's like, when you're looking back on these, like she's 00:26:58.414 --> 00:27:00.244 really a good person for me. 00:27:00.539 --> 00:27:01.679 I can be a miser dude. 00:27:01.679 --> 00:27:05.379 Yeah, I can, I can try to like, that, that part of me is really hard to 00:27:05.379 --> 00:27:10.029 let go of that frugality and, and she really helps me kind of reset like. 00:27:10.594 --> 00:27:12.064 Because I prioritize that too. 00:27:12.064 --> 00:27:13.004 And she's is this something? 00:27:13.004 --> 00:27:14.174 And when she frames it that way, 00:27:14.249 --> 00:27:15.419 Louie: you're like, oh yeah, what am I 00:27:15.674 --> 00:27:19.334 Jon: that's a poor decision for me to even put our family in kind of that position. 00:27:19.714 --> 00:27:21.934 And I think, but it's taken us a long time to get there. 00:27:22.294 --> 00:27:23.134 We've been married, 00:27:23.149 --> 00:27:23.539 Louie: I get it. 00:27:23.764 --> 00:27:25.084 Jon: We've been married for a while. 00:27:25.084 --> 00:27:27.124 We've gone around about some of these things. 00:27:27.154 --> 00:27:30.804 But it's taken a lot of work, but we can communicate openly about that. 00:27:30.804 --> 00:27:32.694 And honestly, like we trust each other. 00:27:33.144 --> 00:27:33.864 But that's huge. 00:27:33.864 --> 00:27:36.804 it's really nice to have someone that can be your sounding board Yeah. 00:27:37.104 --> 00:27:39.714 And vice versa and work collaboratively as a team. 00:27:39.729 --> 00:27:41.799 Louie: and this is, this is your partner in life. 00:27:41.799 --> 00:27:45.009 Like you've, you've, you've chosen this person to kind of help you make all 00:27:45.009 --> 00:27:48.399 the big decisions and, and what you do with your money is like some of the 00:27:48.399 --> 00:27:49.779 biggest decisions you make in life. 00:27:49.854 --> 00:27:49.914 Jon: Yeah. 00:27:49.914 --> 00:27:49.974 So 00:27:50.499 --> 00:27:52.329 Louie: having regular conversations is good. 00:27:52.329 --> 00:27:54.669 It doesn't have to be boring, it doesn't have to be tedious. 00:27:54.759 --> 00:27:59.119 One great thing you can do to Help mitigate the, oh, the eye rolling, 00:27:59.119 --> 00:28:02.599 like we gotta have the money conversation is to make it a money date. 00:28:02.719 --> 00:28:03.649 A money date night. 00:28:03.889 --> 00:28:03.949 Yeah. 00:28:03.979 --> 00:28:06.679 Caitlin and I have done this, before kids, we used to go out and have 00:28:06.694 --> 00:28:07.114 Jon: these conversations, 00:28:07.459 --> 00:28:08.449 Louie: at a like, nice restaurant. 00:28:08.659 --> 00:28:10.159 Now it's Hey, we get the kids to bed. 00:28:10.429 --> 00:28:11.569 Let's open a bottle of wine. 00:28:11.569 --> 00:28:11.629 Yeah. 00:28:11.819 --> 00:28:15.509 make some popcorn and we'll sit at the kitchen table and just talk about 00:28:15.719 --> 00:28:17.459 what we're gonna do for the next year. 00:28:17.459 --> 00:28:19.199 And, and we would even do it for three months. 00:28:19.199 --> 00:28:21.029 We like to do quarterly planning, is what we call it. 00:28:21.029 --> 00:28:24.029 So we have this quarterly planning meeting where we talk about what 00:28:24.029 --> 00:28:27.209 kind of things do we want to do with the boys, what do we wanna spend our 00:28:27.209 --> 00:28:28.619 money on over the next few months? 00:28:28.949 --> 00:28:30.029 And we just work through it. 00:28:30.029 --> 00:28:32.959 And we pull out our computers and we list things down. 00:28:32.959 --> 00:28:34.669 She writes notes on what we're gonna do. 00:28:34.819 --> 00:28:37.819 I have my spreadsheet open, of course, with the budget money, and I'm. 00:28:38.124 --> 00:28:38.934 Plugging things in. 00:28:39.204 --> 00:28:39.984 Doesn't have to be that 00:28:40.024 --> 00:28:41.284 Jon: doesn't have to be that formal. 00:28:41.334 --> 00:28:45.144 Louie: telling you, having a bottle of wine and some popcorn or like a 00:28:45.184 --> 00:28:48.484 Jon: Louis's gonna get a little loose and just the purse rings are coming out. 00:28:48.664 --> 00:28:49.144 Exactly. 00:28:49.459 --> 00:28:51.764 Louie: but that's a way that we make it like more of a fun thing. 00:28:51.794 --> 00:28:54.164 'cause it, it also helps us be excited about it too. 00:28:54.164 --> 00:28:57.134 It's oh, we're not just talking about budgeting numbers, we're 00:28:57.134 --> 00:29:02.114 talking about budgeting time and budgeting, family quality memories 00:29:02.114 --> 00:29:03.164 and how we're gonna do that. 00:29:03.374 --> 00:29:05.504 And when you tie it to that, you're like, this is important. 00:29:05.504 --> 00:29:06.974 I can see why we need to do this. 00:29:06.974 --> 00:29:12.254 I can see why this is even fun to do when we're setting up our family budget 00:29:12.254 --> 00:29:15.754 and our family, plan for the next whatever that is for you, six months 00:29:15.754 --> 00:29:17.134 or three months, or even monthly. 00:29:17.704 --> 00:29:19.114 The money dates are really good. 00:29:19.114 --> 00:29:20.134 They're really beneficial. 00:29:20.134 --> 00:29:21.694 They'll pay off dividends in the future. 00:29:21.954 --> 00:29:24.294 Just by having that plan and being on the same page with 00:29:24.294 --> 00:29:26.184 your spouse about your finances. 00:29:26.189 --> 00:29:26.309 Yeah. 00:29:26.769 --> 00:29:26.989 So 00:29:27.049 --> 00:29:30.469 Jon: yeah, and I would just encourage anyone if you are just struggling 00:29:30.469 --> 00:29:33.259 to communicate with your significant other, and it doesn't just have to 00:29:33.259 --> 00:29:37.169 be about money, but obviously that's what our podcast is focusing on. 00:29:37.169 --> 00:29:41.489 There are specialists that's that they call 'em financial therapists. 00:29:41.524 --> 00:29:45.449 It's, it's just like you would think you sit together as a couple and kind of walk 00:29:45.449 --> 00:29:47.679 through, your conversations around money. 00:29:47.679 --> 00:29:49.179 like this is something that I think is. 00:29:49.554 --> 00:29:52.734 For some people even more hard to talk about than like infidelity. 00:29:52.914 --> 00:29:54.924 Like truly they call it financial infidelity. 00:29:55.044 --> 00:29:58.554 And it's one of those things that's always surrounded in just this guise of just 00:29:58.554 --> 00:30:00.264 like shame and a lot of other things. 00:30:00.264 --> 00:30:04.524 But if you are struggling to have that conversation surrounding money and, 00:30:04.584 --> 00:30:08.194 and all the things that money entails, there are specialists, especially in 00:30:08.199 --> 00:30:10.984 our region, like if you're live in a more rural area, it's harder to find. 00:30:10.984 --> 00:30:15.294 But this is a whole new part of, of counseling and therapy that's happening 00:30:15.294 --> 00:30:18.894 because people realize what the root cause of so many of these things are. 00:30:18.894 --> 00:30:20.694 It's not, it's typically not just about the money. 00:30:20.694 --> 00:30:24.144 There's some underlying thing, but in order to get there, you have to 00:30:24.144 --> 00:30:26.004 start to unpack some of these things. 00:30:26.004 --> 00:30:30.114 So I would encourage anyone if you are, I think it's, super healthy. 00:30:30.289 --> 00:30:31.939 To, to have those conversations. 00:30:31.939 --> 00:30:33.289 But I think that's a good one. 00:30:33.289 --> 00:30:34.669 I think it's super important. 00:30:34.739 --> 00:30:38.119 from the very first start of the podcast, we always talked about the number 00:30:38.119 --> 00:30:42.629 one decision you'll ever make in your life, not just financial, is who you 00:30:42.629 --> 00:30:44.459 end up spending your life with, right? 00:30:44.509 --> 00:30:48.409 So super important to keep those conversations coming and to have 'em, and 00:30:48.409 --> 00:30:51.839 there's a whole host of different ways, that you can have those conversations. 00:30:51.904 --> 00:30:52.114 Louie: Yep. 00:30:52.474 --> 00:30:53.854 So that's our number one money tip 00:30:54.119 --> 00:30:54.269 Jon: one. 00:30:54.904 --> 00:30:58.774 Louie: for, the new year is come up with some kind of money date, or at 00:30:58.774 --> 00:31:01.294 least a way to have regular financial conversations with your spouse. 00:31:01.324 --> 00:31:05.354 Jon: number two is, increase your retirement contributions. 00:31:05.634 --> 00:31:10.704 So you know, this, this parlays or follows up on, you know, January 1st 00:31:10.704 --> 00:31:13.014 we got some raises, which is awesome. 00:31:13.294 --> 00:31:17.044 But, trying to make those incremental changes or those incremental, 00:31:17.074 --> 00:31:19.954 contributions is super important when you're thinking about your 00:31:19.954 --> 00:31:21.874 financial health moving forward. 00:31:21.874 --> 00:31:24.654 one of the things is, and this is something that the IFF. 00:31:24.924 --> 00:31:28.764 Instituted with kind of their financial health several years ago. 00:31:28.914 --> 00:31:31.254 I don't know if you remember it, Louis, but they called it, 00:31:31.284 --> 00:31:34.554 I think it was, I can't remember if it, I think it was 15 by five. 00:31:34.839 --> 00:31:35.379 Louie: Something like that 00:31:35.394 --> 00:31:38.964 Jon: was basically their mantra and they said within five years, five 00:31:38.964 --> 00:31:40.559 years of your career, we would love. 00:31:40.929 --> 00:31:43.209 For you to save 15% of your salary. 00:31:43.479 --> 00:31:46.089 But they said buy five is, the thought would be you would 00:31:46.089 --> 00:31:47.409 do it in incremental changes. 00:31:47.409 --> 00:31:51.079 So 3% every year you would contribute additionally. 00:31:51.229 --> 00:31:54.109 So at the end of five years you'd get to this 15%. 00:31:54.109 --> 00:31:57.199 So I actually like that framework that might be a little bit too 00:31:57.199 --> 00:32:01.759 lofty for some people to put away 3%, every year to get to that goal. 00:32:01.969 --> 00:32:05.689 But at least here at West Metro, we know how the step grades work and, you know, 00:32:05.689 --> 00:32:09.799 after three years you're significantly making more than you were at year one. 00:32:10.139 --> 00:32:13.679 but I like that framework of just thinking about doing these incremental changes. 00:32:13.889 --> 00:32:17.029 So even if it is only, if it's a percentage amount or if 00:32:17.029 --> 00:32:20.209 it's a dollar amount, if you incrementally change that each year. 00:32:20.419 --> 00:32:23.209 'cause we've been fortunate enough to, to get raises around here. 00:32:23.599 --> 00:32:25.699 It's something that your paycheck stays the same. 00:32:25.699 --> 00:32:25.789 Yeah. 00:32:25.939 --> 00:32:26.179 Right. 00:32:26.179 --> 00:32:28.939 And that's all the evidence and all the studies will tell you 00:32:28.939 --> 00:32:31.849 that's what people fixate on the most is what's their take home? 00:32:31.854 --> 00:32:32.174 Exactly. 00:32:32.234 --> 00:32:35.059 And if they focus on that and they know that they can live within their 00:32:35.059 --> 00:32:39.139 means on that paycheck, that take home every time they get a raise, if they 00:32:39.189 --> 00:32:43.839 move some of that raise money over into their 4 57 plan or what other 00:32:44.079 --> 00:32:48.639 investment vehicle they choose to use incrementally, that makes huge changes 00:32:48.639 --> 00:32:51.039 over the path of a 30 or 40 year career. 00:32:51.229 --> 00:32:51.869 Louie: I think so. 00:32:52.734 --> 00:32:55.944 My fellow firefighters, if you are listening to this right now and it is 00:32:55.944 --> 00:32:59.694 the new year and you got a pay increase, I would encourage you, even if it's not 00:32:59.694 --> 00:33:04.464 all of the pay increase, bump up that contribution to your 4 57 or to your 00:33:04.464 --> 00:33:06.564 IRA or whatever it is that you're using. 00:33:06.874 --> 00:33:07.804 Just go ahead and do it. 00:33:07.804 --> 00:33:08.074 Now. 00:33:08.074 --> 00:33:10.654 You've already gotten used to, to budgeting and living 00:33:10.654 --> 00:33:11.609 off of your previous salary. 00:33:12.569 --> 00:33:16.319 Now is the time to say, Hey, I'm gonna keep that number the same or around 00:33:16.319 --> 00:33:19.799 the same, and I'm gonna take that extra money that I'm getting and I'm 00:33:19.799 --> 00:33:23.369 gonna put it towards my retirement savings, even if it's only 1%. 00:33:23.399 --> 00:33:27.119 Even if you're like, 1% a year is what I'll do, every new year, 00:33:27.119 --> 00:33:29.159 I put another 1% into my 4 57. 00:33:29.339 --> 00:33:32.309 Even if that's all you can do, that is huge over the course of a career, 00:33:32.729 --> 00:33:36.089 that is a massive increase to your retirement savings and you can do it. 00:33:36.089 --> 00:33:39.299 they, HR generally sends out all those forms at the end of the year. 00:33:39.539 --> 00:33:42.839 So you have a chance to being like the money's gone before you even see 00:33:42.839 --> 00:33:47.389 it, before you even get used to the increase pay amount, for the new year. 00:33:47.659 --> 00:33:49.729 That money is gone and it's being saved for you. 00:33:49.759 --> 00:33:54.469 And that is a way you can have an atomic habit of 1% a year or 2% a year, 00:33:54.469 --> 00:33:55.699 whatever that is, looks like for you. 00:33:56.059 --> 00:33:56.599 Just do it. 00:33:56.689 --> 00:33:58.189 I, I promise you won't regret it. 00:33:58.189 --> 00:34:01.489 We hear all, so many people in retirement say, man, I'm so glad that 00:34:01.489 --> 00:34:03.319 I saved as much as I did in our 4 57. 00:34:03.319 --> 00:34:04.399 I wish I would've saved more. 00:34:04.699 --> 00:34:05.539 This is a way to do it. 00:34:05.539 --> 00:34:08.539 This is a way to save more every year is by just increasing. 00:34:09.069 --> 00:34:11.709 By 1% or whatever that is every year. 00:34:11.914 --> 00:34:13.564 Jon: I think that's, well said Louie. 00:34:13.614 --> 00:34:17.814 And in addition to, is I, I hope by now, and once again, this is specifically 00:34:17.814 --> 00:34:21.504 for the West Metro Peeps, but I know a lot of the other fire departments 00:34:21.504 --> 00:34:23.154 have already instituted this. 00:34:23.484 --> 00:34:27.864 but just making sure that everyone understands the 4 57 match, right? 00:34:27.864 --> 00:34:31.084 So starting with the new contract this year, the department will 00:34:31.084 --> 00:34:34.024 match up to $95 per pay period. 00:34:34.024 --> 00:34:37.784 So $190 per month, is what the department will match. 00:34:37.784 --> 00:34:41.354 So you have to put in at least $95 per pay period in order 00:34:41.354 --> 00:34:42.824 to get that amount of money. 00:34:43.124 --> 00:34:46.319 It's not front loaded, so you can't put $3,000 right. 00:34:46.319 --> 00:34:49.984 January 15th, and then all of a sudden the department's gonna match that money. 00:34:49.984 --> 00:34:50.884 It doesn't work that way. 00:34:50.884 --> 00:34:52.624 It has to be per pay period. 00:34:52.674 --> 00:34:54.954 I would be curious to talk to hr, but I would. 00:34:55.274 --> 00:34:56.744 I'd be willing to venture that. 00:34:56.744 --> 00:35:01.904 we have 100% participation because it, it literally is free money guaranteed. 00:35:02.274 --> 00:35:04.014 Louie: It's a 100% match on your money. 00:35:04.014 --> 00:35:07.974 So it's basically you put money in and you get 100% return on your investment. 00:35:07.974 --> 00:35:10.694 It's, you're foolish if you are not getting that full match. 00:35:10.694 --> 00:35:11.564 You gotta do that. 00:35:11.764 --> 00:35:15.004 Jon: And if we're having a tough time, and I don't want to sound callous, but 00:35:15.004 --> 00:35:19.294 if we're having a tough time saving up $95 every two weeks, come see me. 00:35:19.804 --> 00:35:20.674 Yeah, no, I'm serious there. 00:35:20.674 --> 00:35:23.194 There will be ways and Louis will and I will talk about. 00:35:23.604 --> 00:35:25.194 Item number three here in just a second. 00:35:25.504 --> 00:35:29.044 but there, there's definitely room for everyone, even from our folks that are 00:35:29.044 --> 00:35:31.024 just getting through the academy, right? 00:35:31.024 --> 00:35:34.744 And are at, third grade wages, or not even third grade wages yet they can, 00:35:34.744 --> 00:35:38.924 I, I'm confident that they've got $190 a month that we can find for 'em. 00:35:38.924 --> 00:35:43.394 So this is something, once again, your future self will thank you drastically. 00:35:43.634 --> 00:35:46.814 We've run some of the numbers on just what the difference in that match is. 00:35:47.064 --> 00:35:51.564 if you extrapolate over 30, a 30 year career and it's hundreds of thousands 00:35:51.564 --> 00:35:54.654 of dollars that you're gonna have in addition to just by making that. 00:35:54.924 --> 00:35:55.914 Incremental change. 00:35:56.454 --> 00:35:57.199 So massive. 00:35:57.474 --> 00:35:58.404 Massive change. 00:35:58.404 --> 00:35:59.394 Massive change. 00:35:59.494 --> 00:36:03.224 So thinking about, once again, we're always trying to just put 00:36:03.224 --> 00:36:05.084 your finances kind of front of mind. 00:36:05.454 --> 00:36:09.054 so one of the things that we spend money on, I'm equally guilty 00:36:09.054 --> 00:36:10.644 of this, I'm sure Louis is too. 00:36:10.984 --> 00:36:12.544 Subscriptions, right? 00:36:12.544 --> 00:36:14.224 All sorts of different subscriptions. 00:36:14.224 --> 00:36:16.504 There's all sorts of subscriptions model out there. 00:36:16.864 --> 00:36:20.334 what we're telling you is not to just cut the cord on everything and cut all the 00:36:20.334 --> 00:36:22.344 subscriptions, but just do an audit Yes. 00:36:22.524 --> 00:36:23.574 Of your subscriptions, right? 00:36:23.574 --> 00:36:24.624 Is that a fair way to phrase 00:36:24.684 --> 00:36:27.919 Louie: I think looking through your subscriptions going through, sometimes 00:36:27.919 --> 00:36:29.089 you might have to find it hidden. 00:36:29.089 --> 00:36:31.219 I've talked to so many people who are like, oh, I didn't know I was still 00:36:31.219 --> 00:36:36.439 paying for my, whatever, paramount Plus subscription or my Netflix subscription or 00:36:36.604 --> 00:36:37.204 Jon: the automated 00:36:37.339 --> 00:36:39.319 Louie: Google Drive subscription or whatever it is. 00:36:39.319 --> 00:36:42.019 I didn't know that I was doing that, and I don't even use that anymore. 00:36:42.289 --> 00:36:48.019 And I've been spending whatever it is, 250 bucks a year on it, or 20 bucks a month. 00:36:48.199 --> 00:36:49.429 A lot of people don't even know. 00:36:49.429 --> 00:36:51.739 So you gotta really pay attention and audit maybe your 00:36:51.739 --> 00:36:53.209 credit card statements and see. 00:36:54.154 --> 00:36:57.514 Is everything that is being charged monthly to this thing automatically. 00:36:57.634 --> 00:36:59.554 Something that I'm using and something that I need. 00:36:59.614 --> 00:37:01.504 And if it's not trim it, cut it. 00:37:01.804 --> 00:37:04.684 And that's a way that you can easily save hundreds of dollars a year. 00:37:05.014 --> 00:37:09.404 There was a survey done by CNET in 2025 that showed the average 00:37:09.404 --> 00:37:13.904 US adult spends over a thousand dollars annually on subscriptions. 00:37:14.414 --> 00:37:19.234 And another survey showed that, US adults underestimate the amount that they spend 00:37:19.234 --> 00:37:22.414 on subscriptions by about $133 a month. 00:37:22.444 --> 00:37:24.244 So they asked people, what do you spend on subscriptions? 00:37:24.634 --> 00:37:29.014 And whatever that number is, they're $133 off on what they're 00:37:29.014 --> 00:37:30.874 actually spending on those. 00:37:30.934 --> 00:37:35.734 That is a ton of money that they're missing basically by not paying 00:37:35.734 --> 00:37:38.434 attention to what is being charged to their credit card every month. 00:37:38.789 --> 00:37:40.739 Jon: I'm sure you're probably the person, but do you go through 00:37:40.739 --> 00:37:42.149 your credit card statements? 00:37:42.659 --> 00:37:45.239 Like just just to make sure that, I mean, I don't know if you go 00:37:45.239 --> 00:37:48.149 like literally line by line, but you just kind of do a quick lands 00:37:48.359 --> 00:37:49.289 Louie: I do, I do. 00:37:49.289 --> 00:37:51.239 And, and I'm, I, so I'm not the norm. 00:37:51.239 --> 00:37:53.819 I, I don't really need to go through the credit card statements because I have 00:37:53.849 --> 00:37:55.439 a budget budgeting software that I use. 00:37:55.439 --> 00:37:59.489 I use YA as everyone knows, and it shows me exactly what I'm, what 00:37:59.489 --> 00:38:01.409 I'm spending money on every month. 00:38:01.439 --> 00:38:05.119 And I go through, I do go through it every month to see, in fact, I just, this 00:38:05.119 --> 00:38:09.099 morning I got, a, a email from my credit card company saying, Hey, we noticed some 00:38:09.099 --> 00:38:10.779 fraudulent activity on your credit card. 00:38:11.079 --> 00:38:11.199 Really? 00:38:11.229 --> 00:38:14.259 And so I had seen it too and I was like, this is kind of a weird charge. 00:38:14.259 --> 00:38:15.849 I have to talk to Caitlyn about it when I get home. 00:38:15.849 --> 00:38:17.469 'cause I don't know if she made it or what. 00:38:17.469 --> 00:38:17.559 Right. 00:38:17.889 --> 00:38:19.749 And it wasn't, it was just a fraudulent charge. 00:38:19.749 --> 00:38:22.599 And there were some things from the UK and Hong Kong that were trying to hit. 00:38:22.629 --> 00:38:24.979 And the credit card companies are really good at catching that. 00:38:24.979 --> 00:38:26.329 So my credit card's on lockdown. 00:38:26.329 --> 00:38:27.349 I can't spend money now. 00:38:27.349 --> 00:38:30.859 I'm forced to not spend money, which is probably a good thing, I guess. 00:38:31.069 --> 00:38:31.459 Yeah. 00:38:31.459 --> 00:38:32.749 But I do pay attention to that. 00:38:32.829 --> 00:38:37.199 that being said, it's easy for me to, forget that I have certain 00:38:37.259 --> 00:38:40.679 automatic subscriptions coming on, or maybe I signed up for a free trial. 00:38:40.769 --> 00:38:42.689 And then that's what happens to a lot of people. 00:38:42.689 --> 00:38:45.269 They sign up for three months free and they forget about it in 00:38:45.269 --> 00:38:48.689 three months, and all of a sudden their 1299 a month is being taken 00:38:48.689 --> 00:38:49.889 out for a subscription service. 00:38:49.889 --> 00:38:51.089 That happens all the time. 00:38:51.144 --> 00:38:53.934 Jon: there's a model in a, a, a method behind the madness. 00:38:53.934 --> 00:38:55.224 Why all businesses do that. 00:38:55.229 --> 00:38:55.359 Mm-hmm. 00:38:55.439 --> 00:38:58.344 They give you a free trial period for almost any type of subscription. 00:38:58.344 --> 00:38:58.704 Right. 00:38:58.914 --> 00:39:00.384 But you have to put in a credit card. 00:39:00.424 --> 00:39:03.004 In order for you to open up the subscription, even though they 00:39:03.004 --> 00:39:07.234 won't bill it, because they know inevitably people get busy and they 00:39:07.234 --> 00:39:10.774 just forget about it and they just know how sticky these models are. 00:39:11.404 --> 00:39:11.494 Oh yeah. 00:39:11.494 --> 00:39:12.514 Subscription models. 00:39:12.514 --> 00:39:15.274 That's why gym memberships and all these other things, man, they're just, 00:39:15.504 --> 00:39:17.034 like we just talked about habits. 00:39:17.034 --> 00:39:19.254 Like you go there and March and they're like, dude, there's no one here. 00:39:19.464 --> 00:39:21.174 That gym is still getting all that money, man. 00:39:21.204 --> 00:39:22.704 People are still paying. 00:39:23.044 --> 00:39:25.894 so this is one, and I'll be honest, like I am terrible with this. 00:39:25.894 --> 00:39:28.919 I don't even know where to ballpark what our subscriptions would be 00:39:28.919 --> 00:39:34.799 a month between Spotify, Disney, Hulu, paramount, plus Netflix. 00:39:34.799 --> 00:39:35.819 I'm just going through 00:39:36.079 --> 00:39:37.219 Louie: Amazon Prime, 00:39:37.259 --> 00:39:40.349 Jon: I got a chat, GPT, I've got like all of these things. 00:39:40.679 --> 00:39:44.539 Like I'm actually now partly mortified when I actually calculate 00:39:44.539 --> 00:39:48.679 and be like, dude, how do I have $350 a month in subscriptions? 00:39:48.679 --> 00:39:51.799 I won't be surprised if that's actually a conservative estimate. 00:39:52.219 --> 00:39:56.229 but this is making me take some action and just doing some audit itself. 00:39:56.589 --> 00:40:00.969 Louie: You can easily find your $190, 4 57 match in those subscriptions. 00:40:01.484 --> 00:40:01.724 Guaranteed. 00:40:01.964 --> 00:40:03.039 I guaranteed, yes. 00:40:03.054 --> 00:40:06.174 Jon: I I would go, I would, I would say that's an accurate statement. 00:40:06.354 --> 00:40:10.329 So, Louis talked about, the platform that he uses or the app that he 00:40:10.329 --> 00:40:12.394 use, he uses YA, you need a budget. 00:40:12.724 --> 00:40:15.304 so this is one that I, I don't personally use. 00:40:15.354 --> 00:40:17.244 But I've, man, I've heard about so many people. 00:40:17.499 --> 00:40:18.249 Using it. 00:40:18.409 --> 00:40:20.899 I listen to a lot of different podcasts as well. 00:40:20.929 --> 00:40:24.289 Most of 'em have some type of financial undertone to 'em, and this 00:40:24.289 --> 00:40:26.389 is one that it gets brought up a lot. 00:40:26.389 --> 00:40:30.139 So I did, I tried to do a little bit of research here and I think it's worthy. 00:40:30.139 --> 00:40:33.754 And this, once again, this is not a testimonial for this service endorsement. 00:40:33.854 --> 00:40:36.109 Not an endorsement, but just something that I think it's 00:40:36.109 --> 00:40:38.179 worthy for people to consider. 00:40:38.459 --> 00:40:40.559 so there is something called Rocket money. 00:40:41.164 --> 00:40:44.654 if you've heard that term before, rocket, they're a huge mortgage company. 00:40:44.654 --> 00:40:46.394 That's basically what they started as. 00:40:46.604 --> 00:40:50.264 But they've kind of become like a FinTech, like a financial technology company. 00:40:50.564 --> 00:40:54.284 And one of the things that they do now, it's to the YA as far as they will let you 00:40:54.284 --> 00:40:58.394 do some budgeting with this, but then they also have some additional layers on here. 00:40:58.664 --> 00:41:01.394 And one of the things that they will, they will do for you. 00:41:01.394 --> 00:41:02.714 So there's two different options. 00:41:02.714 --> 00:41:06.314 There's a free version, which is legitimately free version, and 00:41:06.314 --> 00:41:09.254 then there's what they call their premium option or the paid option. 00:41:09.554 --> 00:41:13.244 But both options, whether it's free or paid, will and once 00:41:13.244 --> 00:41:17.024 again, you have to entrust this company to, put in your financial 00:41:17.024 --> 00:41:18.764 information like your credit cards. 00:41:18.764 --> 00:41:20.624 'cause that's how they're getting the information. 00:41:21.074 --> 00:41:22.904 But the credit card will go through, its. 00:41:22.994 --> 00:41:25.994 Proprietary algorithms, and they will identify all the 00:41:25.994 --> 00:41:27.284 subscriptions that you have. 00:41:27.554 --> 00:41:30.434 So you don't have to go into whatever your Chase account and 00:41:30.434 --> 00:41:31.874 be like, okay, I line by line. 00:41:31.874 --> 00:41:33.824 Like you put in your Chase login, right? 00:41:33.824 --> 00:41:36.884 So they can access what your credit card statement is, and 00:41:36.884 --> 00:41:39.054 then from there they're gonna go through oh, this is a subscription. 00:41:39.054 --> 00:41:40.914 This is a subscription, and it'll highlight all that. 00:41:40.914 --> 00:41:40.974 Yeah. 00:41:41.484 --> 00:41:43.714 So the difference between the paid and the non-paid is. 00:41:44.359 --> 00:41:49.469 Allegedly, the premium version, which I think from the research I could do 00:41:49.469 --> 00:41:54.629 was about $10 a month would if you want to cancel a subscription, so like your 00:41:54.629 --> 00:41:59.369 Netflix subscription, all you have to do is just go on to cancel subscription 00:41:59.609 --> 00:42:01.679 and Rocket Money will basically do 00:42:01.779 --> 00:42:02.469 Louie: do it for you. 00:42:02.474 --> 00:42:02.634 Okay. 00:42:02.819 --> 00:42:04.469 Jon: So you don't have to log into Netflix, you don't 00:42:04.469 --> 00:42:05.279 have to do anything else. 00:42:05.279 --> 00:42:08.369 So they will take that, I don't know, that friction away. 00:42:08.369 --> 00:42:11.789 And basically you just click it and it'll automatically take away the subscription. 00:42:12.249 --> 00:42:14.559 Louie: The free version will just tell you, Hey, 00:42:14.639 --> 00:42:18.839 Jon: it'll tell you, and a lot of times it will give you like contact information. 00:42:18.869 --> 00:42:22.709 So like a one 800 number or something else like this in order for it. 00:42:23.229 --> 00:42:26.559 the free version will flag it, whereas the paid version will 00:42:26.559 --> 00:42:28.869 allow you to take care of it now. 00:42:28.929 --> 00:42:31.989 Once again, when I read reviews of this, it sounds like 00:42:31.989 --> 00:42:33.699 that's not for every platform. 00:42:33.699 --> 00:42:37.149 So if you go to Joe's gym, they probably don't have that option. 00:42:37.329 --> 00:42:39.069 It's mainly for the big hitters. 00:42:39.069 --> 00:42:42.459 If you think about it, the Spotifys, the Apples, the Netflix is the Paramount 00:42:42.459 --> 00:42:46.089 pluses, the Hulus, like all these things where there's millions of subscribers 00:42:46.089 --> 00:42:50.079 with, I think they have a an API that just works with that on the backend. 00:42:50.319 --> 00:42:52.989 That just you click on the one button and it takes care of it. 00:42:53.319 --> 00:42:56.839 So I think I would start with the, and I actually might do this, I would 00:42:56.839 --> 00:42:59.979 start with the free version and just see what you're spending out there. 00:42:59.979 --> 00:43:04.479 Just do a little forensic analysis and sit there and go oh my dude, I'm telling you 00:43:04.479 --> 00:43:09.459 right now, I bet my over under is probably gonna be $300 in all the subscriptions 00:43:09.459 --> 00:43:12.469 between Katie and I and our family that I bet we spend a month on just. 00:43:12.754 --> 00:43:13.984 All sorts of different things. 00:43:13.984 --> 00:43:15.099 I'm telling you right now, I, 00:43:15.139 --> 00:43:15.739 Louie: I believe it. 00:43:15.739 --> 00:43:16.759 I probably need to do it too. 00:43:16.759 --> 00:43:18.859 I put this on here 'cause I'm like, yeah, I need to go through it. 00:43:18.859 --> 00:43:21.709 It's that time of year where I need to audit my own subscriptions and see, I'll 00:43:21.709 --> 00:43:25.459 tell you, one subscription that I will, you'll have to pry for my Cold dead hands. 00:43:25.819 --> 00:43:29.329 And that is my Costco membership subscription. 00:43:29.379 --> 00:43:31.569 I will die with that subscription in my hand. 00:43:31.569 --> 00:43:32.589 I'm not gonna change that. 00:43:32.589 --> 00:43:33.489 I love Costco. 00:43:33.519 --> 00:43:34.599 Huge Costco fan. 00:43:34.809 --> 00:43:36.609 We're a Kirkland Signature household. 00:43:36.929 --> 00:43:40.019 So I'm just gonna say if you're, if you got that subscription, you 00:43:40.019 --> 00:43:40.919 should probably keep that one. 00:43:40.919 --> 00:43:44.759 Everyone loves Costco, a buck 50 Hot dogs, cheap gas. 00:43:44.909 --> 00:43:46.409 Don't, you don't need to get rid of that one. 00:43:46.409 --> 00:43:49.709 But, but maybe these streaming services with all this TV and 00:43:49.709 --> 00:43:51.759 all this, zombie stuff going on. 00:43:51.759 --> 00:43:52.299 you could probably. 00:43:52.569 --> 00:43:54.999 Jon: well, and what I've noticed is there's just been, and this 00:43:54.999 --> 00:43:59.029 has been cited, the, the cost that the, the platforms are going 00:43:59.029 --> 00:44:01.279 to now, like I use Hulu, right? 00:44:01.279 --> 00:44:05.509 And I remember when we first got it, it was like $50 a month because 00:44:05.509 --> 00:44:06.559 I'm like, we're cutting the cord. 00:44:06.559 --> 00:44:07.579 I hate comedy cast. 00:44:07.579 --> 00:44:08.599 I can't do this anymore. 00:44:08.649 --> 00:44:09.669 let's get rid of this thing. 00:44:10.089 --> 00:44:12.119 And and we did and it was great. 00:44:12.179 --> 00:44:13.079 And it has been great. 00:44:13.079 --> 00:44:16.289 But now I know it's $85 a month. 00:44:16.294 --> 00:44:17.999 They keep, they just keep incrementally. 00:44:18.014 --> 00:44:18.134 Louie: up. 00:44:18.164 --> 00:44:18.584 Yeah, 00:44:18.724 --> 00:44:19.834 Jon: Just increasing it. 00:44:19.834 --> 00:44:21.784 Just like we talked about these incremental changes. 00:44:21.784 --> 00:44:21.964 Most 00:44:21.974 --> 00:44:23.534 Louie: Disney Plus is increasing. 00:44:23.724 --> 00:44:25.644 Spotify has recently announced an increased. 00:44:25.644 --> 00:44:25.704 Yeah. 00:44:26.004 --> 00:44:30.584 They're all trying to get these shows and get these, IP deals made. 00:44:30.584 --> 00:44:31.484 So they need more money. 00:44:31.814 --> 00:44:32.054 Yeah. 00:44:32.164 --> 00:44:33.814 Jon: all this stuff and content costs money. 00:44:33.814 --> 00:44:37.354 So, man, I know we're harping on the subscriptions, but I truly believe 00:44:37.404 --> 00:44:40.134 And just knowing all of you guys out there, I think this is one where you 00:44:40.134 --> 00:44:44.894 can easily shave, probably a thousand dollars per year, on just subscriptions 00:44:44.894 --> 00:44:48.114 and just making sure, and to Louis's point, if you value something and you 00:44:48.114 --> 00:44:51.494 get a lot of use out of it, AKA in Louis's case, Costco, great way to 00:44:51.494 --> 00:44:53.744 spend money, keep it, keep it 100%. 00:44:53.744 --> 00:44:56.564 Same thing if you, Spotify, if you love music, if that's how 00:44:56.564 --> 00:45:00.074 you're getting this podcast, like keep it, keep it, it's valuable. 00:45:00.194 --> 00:45:02.684 But no, if you, if that's a thing and you're like, dude, that's 15 00:45:02.684 --> 00:45:05.024 bucks I spend every month, but I listen to it, I get a lot of value. 00:45:05.024 --> 00:45:05.444 Great. 00:45:06.134 --> 00:45:08.324 Cancel those subscriptions though that you're just not 00:45:08.324 --> 00:45:10.574 using or you use occasionally. 00:45:10.814 --> 00:45:13.184 There's always those free options or whatever. 00:45:13.189 --> 00:45:14.774 It's just not bringing you value. 00:45:14.774 --> 00:45:18.224 So I think that's really what we wanted to, what we wanted to highlight 00:45:18.374 --> 00:45:20.224 about, just audit the subscriptions. 00:45:20.224 --> 00:45:24.134 I think that's a good healthy habit, to make sure that your money's going 00:45:24.134 --> 00:45:26.744 where you want it to and you don't have some of this, some of these 00:45:27.104 --> 00:45:29.064 leaks, in the financial house, so 00:45:29.084 --> 00:45:29.414 Louie: to speak. 00:45:29.419 --> 00:45:30.704 Plug, plug the leaks. 00:45:30.794 --> 00:45:31.034 Yeah, 00:45:31.109 --> 00:45:31.979 Jon: plug them leaks. 00:45:32.289 --> 00:45:35.499 And then this is one probably resonates with Louie and maybe 00:45:35.499 --> 00:45:38.829 some of the other ones, but read one financial book this year. 00:45:38.949 --> 00:45:39.099 Yeah. 00:45:39.159 --> 00:45:39.609 Ooh. 00:45:39.729 --> 00:45:40.209 All right. 00:45:40.209 --> 00:45:41.259 What do you wanna say about this? 00:45:41.359 --> 00:45:42.019 Louie: this is our fourth thing. 00:45:42.019 --> 00:45:43.669 I already told you guys that I'm a reader. 00:45:43.669 --> 00:45:46.489 I, I love reading and I think that it's really important to expand 00:45:46.489 --> 00:45:48.769 your mind, keep your mind nimble. 00:45:48.769 --> 00:45:51.919 I think the best way you can do that is by actually reading a book. 00:45:52.219 --> 00:45:53.414 And if you are really. 00:45:54.159 --> 00:45:58.089 Even if you know a lot, I, I would say that I know a lot about personal 00:45:58.089 --> 00:46:01.689 finance and financial independence, and I listen to a lot of podcasts and 00:46:01.689 --> 00:46:05.559 I read a lot of articles, but I also make it a habit to try to read at 00:46:05.559 --> 00:46:08.119 least one financial book, every year. 00:46:08.449 --> 00:46:14.189 And that has helped me understand a little bit more about finances, my own personal 00:46:14.189 --> 00:46:17.519 finances, or about psychology of finances. 00:46:17.789 --> 00:46:19.619 And I think everyone could benefit from this. 00:46:19.619 --> 00:46:23.579 So even if you're not a reader, even if you're not someone who likes to read 00:46:23.609 --> 00:46:26.999 50 books a year, you can still say, I'm gonna read one financial book to 00:46:26.999 --> 00:46:28.949 try to improve my financial situation. 00:46:28.949 --> 00:46:29.429 Right now. 00:46:29.699 --> 00:46:32.819 Some of this, some, sometimes, your financial book might be 00:46:32.819 --> 00:46:34.929 different than, my financial book. 00:46:35.289 --> 00:46:39.609 If you are struggling with debt, read a book on getting out of debt, if you 00:46:39.609 --> 00:46:41.649 are trying to get more into investing. 00:46:42.169 --> 00:46:45.379 Read a book on investing or if you wanna know how the economy works 00:46:45.379 --> 00:46:48.649 or how the stock market works, there's some great books out there. 00:46:48.919 --> 00:46:51.109 I have a lot of suggestions that I can give people. 00:46:51.109 --> 00:46:52.099 I'm sure John does too. 00:46:52.099 --> 00:46:55.909 If you ever wanna reach out to us, text us or email us or send an email 00:46:55.909 --> 00:46:58.579 to ask fiscal firehouse@gmail.com, 00:46:58.969 --> 00:47:01.609 we would respond to you and give you some recommendations for really good 00:47:01.609 --> 00:47:06.129 books that maybe fit your, financial situation that you're currently in. 00:47:06.379 --> 00:47:08.269 I think reading a financial book is great. 00:47:08.449 --> 00:47:08.779 Jon: Yeah. 00:47:08.779 --> 00:47:11.599 And it's all, all the academics and all the studies will tell you whenever 00:47:11.599 --> 00:47:15.469 you're trying to learn about something or consume something, it's all about 00:47:15.469 --> 00:47:17.269 where you are in that moment in life. 00:47:17.269 --> 00:47:20.959 So if we're talking about purchasing a home, like there is plenty of. 00:47:21.049 --> 00:47:23.929 Good books that talk about like first home buying, home buying first time 00:47:23.929 --> 00:47:27.369 home, buying things to consider, some of the things that maybe your realtor's 00:47:27.369 --> 00:47:30.459 not telling you or they just didn't tell you, or all these other things, like you 00:47:30.459 --> 00:47:34.469 can get educated in so many different things where you are in your life, having 00:47:34.469 --> 00:47:38.819 kids and saving for college, investing, retirement, all these other things. 00:47:38.879 --> 00:47:41.979 And it doesn't always have to be, a physical book. 00:47:41.979 --> 00:47:44.799 Like some of these you can find blog sites, you can find all 00:47:44.799 --> 00:47:49.239 sorts of really good, like well vetted professional commentary, 00:47:49.239 --> 00:47:51.039 if you will, on all these things. 00:47:51.099 --> 00:47:53.799 So there's all sorts of different sources of information, but 00:47:53.799 --> 00:47:55.539 I, I do agree with Louie. 00:47:55.649 --> 00:47:59.219 I typically read a couple different financial books per year. 00:47:59.279 --> 00:48:02.369 I got a real nerdy one right now that just came in the mail yesterday 00:48:02.369 --> 00:48:03.619 and Katie's Did you get this? 00:48:03.619 --> 00:48:04.999 And I'm like, yeah, I did. 00:48:04.999 --> 00:48:07.399 I listened to this guy on a podcast and I'm like, I really 00:48:07.399 --> 00:48:08.389 like what he had to say. 00:48:08.809 --> 00:48:10.129 So I bought his book. 00:48:10.389 --> 00:48:14.559 And it's all, and it's, and I do get a lot of things I would say I know the majority 00:48:14.559 --> 00:48:18.219 of it or have a pretty good, well-versed idea of it, but there's always something 00:48:18.219 --> 00:48:19.779 I'm like, oh, I did not understand. 00:48:19.779 --> 00:48:22.629 right, technically that's how that works, or I didn't really think about 00:48:22.629 --> 00:48:24.579 it in this particular circumstance. 00:48:24.579 --> 00:48:29.179 So there's always something to be learning out there, in regard to finances and how 00:48:29.179 --> 00:48:31.039 you wanna improve your financial health. 00:48:31.039 --> 00:48:32.359 So yeah, I think that's, I think 00:48:32.454 --> 00:48:32.604 Louie: healthy. 00:48:33.084 --> 00:48:34.674 And if you don't know where to start, we'll just give you 00:48:34.674 --> 00:48:35.574 a couple suggestions here. 00:48:35.574 --> 00:48:41.014 So, we know a lot of people struggle with debt or how to, pay off their 00:48:41.014 --> 00:48:44.404 debt or the method they should use to pay off, different interest rate 00:48:44.404 --> 00:48:45.854 loans and credit card debt and. 00:48:46.134 --> 00:48:46.854 Things like that. 00:48:47.334 --> 00:48:49.374 And I would say a great starting point. 00:48:49.374 --> 00:48:50.754 It's by far not the only one. 00:48:50.754 --> 00:48:53.394 And I don't necessarily agree with everything that this guy says, 00:48:53.394 --> 00:48:56.394 but the king on helping people get outta debt is Dave Ramsey. 00:48:56.874 --> 00:49:00.204 And the book that kind of revolutionizes, it's called The Total Money Makeover. 00:49:00.204 --> 00:49:00.264 Yeah. 00:49:00.294 --> 00:49:01.134 By Dave Ramsey. 00:49:01.584 --> 00:49:03.234 And it is extreme. 00:49:03.264 --> 00:49:06.844 It is, something that will change your life if you are struggling 00:49:06.844 --> 00:49:09.604 with credit card debt, if you're struggling with personal loans and 00:49:09.694 --> 00:49:11.104 card debt and things like that. 00:49:11.704 --> 00:49:14.524 I don't think there's any guy better that has helped more people get outta 00:49:14.524 --> 00:49:18.574 debt than Dave Ramsey and his Total Money Makeover book is a phenomenal place to 00:49:18.574 --> 00:49:22.774 start if you wanna start looking at debt differently and figuring out practical 00:49:22.774 --> 00:49:24.574 plans for pay, paying off that debt. 00:49:24.964 --> 00:49:27.574 I think it's a great point to, or a great start. 00:49:27.634 --> 00:49:31.084 I read it a long time ago, even though I wasn't struggling with debt and it, 00:49:31.084 --> 00:49:33.994 I, like you said, I learned a lot and was like, man, that's a great way to 00:49:33.994 --> 00:49:39.444 think about debt and kind of the, the borrower being slave to the lender. 00:49:39.744 --> 00:49:40.794 Really, really good stuff. 00:49:40.794 --> 00:49:42.594 So if you're struggling with debt, there's no shame in it. 00:49:42.594 --> 00:49:45.654 There's no shame in being like, man, I don't, I don't wanna read 00:49:45.654 --> 00:49:48.194 this book 'cause it's gonna bring up all these problems that I have 00:49:48.194 --> 00:49:49.544 and all this shame that I have. 00:49:49.794 --> 00:49:52.554 it will, but you shouldn't be, so shamed that you don't 00:49:52.554 --> 00:49:53.784 wanna improve yourself on it. 00:49:54.054 --> 00:49:56.904 Read the Total Money Makeover, it'll help you get outta debt. 00:49:56.989 --> 00:49:58.129 Jon: Yeah, and I agree. 00:49:58.169 --> 00:50:02.249 but with Louis, I, I personally don't have a lot of, I wouldn't 00:50:02.249 --> 00:50:03.299 say disdain for the guy. 00:50:03.299 --> 00:50:07.389 I don't like how he like, he's got a a, a radio show and a 00:50:07.389 --> 00:50:10.449 podcast, and then he pretty much belittles people, I would say to 00:50:10.454 --> 00:50:10.574 Louie: say. 00:50:10.574 --> 00:50:10.634 Yeah. 00:50:10.759 --> 00:50:11.049 Yeah. 00:50:11.199 --> 00:50:13.409 Jon: he really does, I mean, he, it's, it's some tough 00:50:13.409 --> 00:50:14.369 love, I guess you could say. 00:50:14.369 --> 00:50:17.609 he'll, he'll, people will come with all these problems and he'll be like, well, 00:50:17.609 --> 00:50:21.239 number one thing is you've got $180,000 in student loan debt and you're worried 00:50:21.239 --> 00:50:25.439 about buying a brand new truck and you make $25,000 a year, so you're stupid. 00:50:25.439 --> 00:50:27.829 I mean, he'll, he'll flat out he'll come at you hard. 00:50:28.199 --> 00:50:31.469 but I think some people need to have some of that tough love truly to 00:50:31.469 --> 00:50:33.399 recognize, dude, I'm in a bad place. 00:50:33.404 --> 00:50:35.114 Louie: and firefighters, we love tough love. 00:50:35.114 --> 00:50:38.504 I honestly, I think that's a great firefighters, just that culture. 00:50:38.504 --> 00:50:41.984 You're used to hearing hard feedback and telling people, telling you you're dumb 00:50:41.984 --> 00:50:43.214 or you didn't do something the right way. 00:50:43.604 --> 00:50:44.984 I think a lot of he'll speak to a lot of 00:50:45.074 --> 00:50:45.434 Jon: that might 00:50:45.524 --> 00:50:47.324 Louie: and be like, man, this is what I need. 00:50:47.324 --> 00:50:48.434 This is what I need to hear. 00:50:48.644 --> 00:50:48.944 Jon: Yeah. 00:50:48.944 --> 00:50:51.914 And I don't agree with a lot of his other advice when it comes 00:50:51.914 --> 00:50:53.114 to investing in some of these 00:50:53.114 --> 00:50:53.924 Louie: credit cards even. 00:50:53.924 --> 00:50:54.134 Yeah. 00:50:54.254 --> 00:50:57.764 Jon: But I will say though, I, I totally agree with Louie and I know 00:50:57.764 --> 00:51:01.464 a lot of financial, professionals that recommend his stuff as well. 00:51:01.734 --> 00:51:06.534 There is no better person that has created a framework for you to get out of debt. 00:51:06.594 --> 00:51:08.334 And we're talking some significant debt too. 00:51:08.334 --> 00:51:10.824 We're not talking about paying off a $200 credit card bill. 00:51:10.824 --> 00:51:13.434 We're talking about people that have, you know, tens of thousands 00:51:13.464 --> 00:51:17.334 of dollars that they've gotten out of debt on a pretty modest salary 00:51:17.334 --> 00:51:18.714 over a certain amount of time. 00:51:18.924 --> 00:51:21.774 Like he calls it the debt snowball methodology, if you will. 00:51:22.054 --> 00:51:25.114 But he really does have the market cornered when it comes to. 00:51:25.769 --> 00:51:26.489 What is debt? 00:51:26.819 --> 00:51:27.719 How do you get outta debt? 00:51:27.719 --> 00:51:29.699 How do you prevent yourself from getting back into debt? 00:51:29.699 --> 00:51:32.699 Like I will tip my hat to him and give, credit where credit 00:51:32.699 --> 00:51:33.959 is due, no pun intended. 00:51:34.299 --> 00:51:37.899 but he, dude, he has definitely, he has helped out a lot of people. 00:51:37.899 --> 00:51:40.629 So if you're in that circumstance, great recommendation. 00:51:40.649 --> 00:51:40.964 Louie: Yep, yep, yep. 00:51:41.439 --> 00:51:45.069 Jon: another one we have on here, and this is actually one that in the past, 00:51:45.379 --> 00:51:49.279 we didn't do it with the last group, so I apologize, but some of our other recruit 00:51:49.279 --> 00:51:53.519 academies have been given a gift, if you will, from the union, on this book. 00:51:53.519 --> 00:51:57.419 And it's JL Collins, the Simple Path to Wealth Man. 00:51:57.629 --> 00:52:01.139 If you're just looking at someone and, and this has got some kind of 00:52:01.139 --> 00:52:04.489 investing, undertones to it, but it, it really is just kind of getting 00:52:04.489 --> 00:52:05.839 your financial house in order. 00:52:05.929 --> 00:52:07.579 And just kind of one simple book. 00:52:07.639 --> 00:52:10.189 He basically wrote it for his daughter, right? 00:52:10.189 --> 00:52:13.039 He's trying to explain to his daughter about money in college 00:52:13.039 --> 00:52:13.999 and some of these other things. 00:52:13.999 --> 00:52:17.429 And that's really, I would say the perspective in which he writes this 00:52:17.429 --> 00:52:20.909 for, it's kind of for someone that's just starting off and is considering 00:52:20.909 --> 00:52:23.789 you know, what to do with their money, now that I got a job, what, you know, 00:52:23.789 --> 00:52:25.199 what should I invest in, kind of things. 00:52:25.199 --> 00:52:28.559 that's really the framework and the viewpoint that he sets it through. 00:52:28.559 --> 00:52:33.509 But man, I've read a lot of books and I've gone to school for a while and I've really 00:52:33.509 --> 00:52:35.639 immersed myself in personal finance. 00:52:35.639 --> 00:52:40.139 And if I could give out just one book to anyone, really, wherever they are 00:52:40.139 --> 00:52:44.159 in their life cycle, it would be his, I, I really do, I think it's the most 00:52:44.159 --> 00:52:47.219 holistic, well-rounded, unbiased. 00:52:48.059 --> 00:52:49.469 It's based in academics. 00:52:49.529 --> 00:52:54.219 Like all his research, he's not, he's not affiliated with any type of institution 00:52:54.219 --> 00:52:56.819 or firm or he's, it just, it truly is. 00:52:56.819 --> 00:52:59.359 It's just I've spent a lot of time thinking about this, and this is 00:52:59.359 --> 00:53:01.819 kind of what he wrote, and, and owed to his daughter and trying to 00:53:01.819 --> 00:53:03.589 set his daughter up for success. 00:53:03.589 --> 00:53:09.319 And I just think it's the easiest and most simplistic way of investing that 00:53:09.319 --> 00:53:12.709 you can come up with that has been proven time and time again to work. 00:53:12.714 --> 00:53:12.934 Yeah. 00:53:13.294 --> 00:53:13.494 I just, 00:53:13.759 --> 00:53:16.549 Louie: JJ Cols is great and he really has a heart for trying 00:53:16.549 --> 00:53:18.079 to make complicated things. 00:53:18.079 --> 00:53:18.649 Simple. 00:53:19.159 --> 00:53:22.639 John and I can sit here and talk to each other about, I don't know, 00:53:22.669 --> 00:53:26.389 factor investing and all these other crazy things that a lot of people are 00:53:26.389 --> 00:53:27.709 like, I don't know what that means. 00:53:27.709 --> 00:53:29.029 I don't want know what that means. 00:53:29.029 --> 00:53:32.569 I just wanna know, like, how can I set myself up and my family up to 00:53:32.569 --> 00:53:34.129 be financially secure in the future? 00:53:34.399 --> 00:53:35.569 And he keeps that in mind. 00:53:35.569 --> 00:53:37.759 And so his book is about, let's keep it simple. 00:53:37.759 --> 00:53:42.319 Let's talk about investing general high level concepts and how you 00:53:42.319 --> 00:53:44.929 can set up your portfolio to. 00:53:45.074 --> 00:53:48.974 Be financially secure and make it so that you can retire when you wanna 00:53:48.974 --> 00:53:51.494 retire and be financially independent. 00:53:51.734 --> 00:53:52.604 It's a great book. 00:53:52.604 --> 00:53:53.384 I totally agree with you. 00:53:53.384 --> 00:53:56.634 I've read a lot of investing in financial, self-help books. 00:53:56.634 --> 00:54:00.564 I guess over the course of my life, I don't know if I would put 00:54:00.954 --> 00:54:04.104 any book up to his and say this is a better book for you to go to. 00:54:04.404 --> 00:54:06.654 Anyone who's starting out, or anyone who doesn't really care 00:54:06.654 --> 00:54:07.794 about getting super nerdy. 00:54:08.124 --> 00:54:09.024 This is the book for you. 00:54:09.024 --> 00:54:13.284 this will change your life if you actually apply what he said and you 00:54:13.284 --> 00:54:15.034 start, investing for your future. 00:54:15.094 --> 00:54:18.089 And, Accumulating wealth, like he says, it's, it's phenomenal. 00:54:18.129 --> 00:54:20.959 Jon: I can't give this guy a big, a big enough testimonial for 00:54:20.959 --> 00:54:25.579 just how I think, how I impactful that one really simple book. 00:54:25.579 --> 00:54:28.249 And it's written, I mean, literally like at a 10th grade level. 00:54:28.309 --> 00:54:28.369 Yeah. 00:54:28.509 --> 00:54:31.809 That will really, if our society got behind that and just, I 00:54:31.809 --> 00:54:35.379 mean, first of all, the financial industry would crumble for, for one. 00:54:35.619 --> 00:54:37.929 They would, they would, they would probably not be akin to that. 00:54:37.929 --> 00:54:41.019 But it, it is one of those things that it is a very well 00:54:41.109 --> 00:54:43.179 written, very easy to digest. 00:54:43.479 --> 00:54:47.379 You can implement it in any type of, employer plan, any of these ir, 00:54:47.439 --> 00:54:50.889 whatever you're talking about, whatever investment vehicle you want to use. 00:54:51.149 --> 00:54:54.089 the evidence that he has to, you know, basically own a couple 00:54:54.089 --> 00:54:57.599 index funds and just set it and forget it and just live your life. 00:54:57.599 --> 00:54:59.309 that's all we basically talk about here. 00:54:59.309 --> 00:55:03.639 But he does it in a very, simple way that is easily, to understand. 00:55:03.639 --> 00:55:04.749 can't recommend him enough. 00:55:04.749 --> 00:55:07.179 Like this is one that Louis and I will definitely give a 00:55:07.179 --> 00:55:08.799 full fledged testimonial for. 00:55:08.799 --> 00:55:11.469 That's if there's only one book that you wanna read on 00:55:11.469 --> 00:55:13.389 anything financial, this is it. 00:55:13.394 --> 00:55:13.634 Louie: Yep. 00:55:13.724 --> 00:55:18.674 So once again, that's a simple path to, or the simple path to Wealth by JL Collins. 00:55:19.314 --> 00:55:19.914 Jon: Very good. 00:55:19.944 --> 00:55:20.484 Very good. 00:55:20.484 --> 00:55:24.034 So hopefully guys, that's some stuff to unpack and digest as 00:55:24.034 --> 00:55:26.104 we move into, into the new year. 00:55:26.354 --> 00:55:29.324 we've got a lot to be thankful for, both Louis and I on the podcast. 00:55:29.324 --> 00:55:30.164 We've really enjoyed it. 00:55:30.164 --> 00:55:33.464 We've tried to, Keep this till a once a month or at least every 00:55:33.464 --> 00:55:34.934 month, put out a new episode. 00:55:34.934 --> 00:55:37.304 So we got some stuff in the background that we're working 00:55:37.304 --> 00:55:38.684 on for the next couple months. 00:55:38.904 --> 00:55:42.744 I know tax season's coming up here, so I think we'll probably do something, 00:55:42.774 --> 00:55:46.974 regarding taxes, but we may have some, the special guests coming on the episode too. 00:55:47.254 --> 00:55:48.184 maybe next month. 00:55:48.214 --> 00:55:50.564 it is Valentine's Day, so maybe we'll see. 00:55:50.564 --> 00:55:51.494 We'll see what happens with that. 00:55:51.494 --> 00:55:54.664 But, nonetheless, we really do appreciate your guys' feedback. 00:55:54.724 --> 00:55:57.784 We've gotten a lot of feedback and this thing continues to grow. 00:55:58.154 --> 00:56:00.794 I'm telling you right now, it's gotten right way outside of the 00:56:00.794 --> 00:56:03.844 walls of, just West Metro Fire, which we're really proud of. 00:56:03.844 --> 00:56:07.154 And we really hope, at the end of the day, Louie, and i's really goal with 00:56:07.154 --> 00:56:11.174 this was just to have a conversation like we would with any of our brothers 00:56:11.174 --> 00:56:12.674 and sisters around the kitchen table. 00:56:12.954 --> 00:56:17.174 and to, just make the concept of finance is not so scary and undaunting. 00:56:17.174 --> 00:56:19.964 'cause there's a lot of people that really try to make it complex and 00:56:19.964 --> 00:56:22.724 just be able to have a conversation and raise some awareness. 00:56:22.724 --> 00:56:24.494 So hopefully we're doing that for you. 00:56:24.549 --> 00:56:26.559 But Louie, I gotta tell you, nine AM's looking good on you, 00:56:26.574 --> 00:56:26.814 Louie: Oh. 00:56:26.814 --> 00:56:27.714 But hey, thanks. 00:56:27.714 --> 00:56:28.159 I feel good. 00:56:28.359 --> 00:56:28.779 Jon: You do. 00:56:28.779 --> 00:56:30.909 and you're finally back to drinking coffee. 00:56:31.149 --> 00:56:35.109 I'm glad you did finally come around to realizing that there are some things 00:56:35.109 --> 00:56:37.629 in life just not worth giving up. 00:56:37.689 --> 00:56:39.159 And, coffee is one of that. 00:56:39.159 --> 00:56:40.359 So, cheers to you, brother. 00:56:40.494 --> 00:56:41.754 Louie: Hey, it tastes good too. 00:56:41.984 --> 00:56:42.789 Jon: And it looks good. 00:56:42.939 --> 00:56:43.629 It looks good. 00:56:43.629 --> 00:56:44.229 Tastes good. 00:56:44.529 --> 00:56:44.859 All right. 00:56:44.859 --> 00:56:47.169 Without further ado, you guys be safe out there. 00:56:47.199 --> 00:56:49.659 thanks again for listening, and we will catch you next month. 00:56:49.704 --> 00:56:50.844 Louie: Stay safe and keep saving. 00:56:53.371 --> 00:56:55.951 Outro: The Fiscal Firehouse Podcast is a podcast curated 00:56:55.951 --> 00:56:58.441 specifically for local 1309 members. 00:56:58.561 --> 00:57:02.251 This podcast is for informational and educational purposes only, 00:57:02.461 --> 00:57:05.371 and should not be construed as professional financial advice. 00:57:05.521 --> 00:57:08.251 Should you need professional advice, consult a licensed 00:57:08.371 --> 00:57:10.771 financial advisor or tax advisor. 00:57:10.951 --> 00:57:14.821 The opinions of John Beatty, Louis Barilla and their castmates are 00:57:14.821 --> 00:57:18.061 solely their own, and don't reflect that of West Metro Fire Rescue.