How do you find balance between smart money management vs. missing out on opportunities?
Should you pile money into investments or take that dream trip to Tanzania?
What should you do when your heart leads you to a decision that doesn’t make sense on paper?
In today’s episode, former financial planner Joe Saul-Sehy and I discuss the purpose and practice of mindful money.
Do you have a question on business, money, trade-offs, financial independence strategies, travel, or investing? Leave it here and we’ll answer them in a future episode.
Nick asks (at 2:03 minutes): How do I counterbalance being systematic and formulaic – making sure that I’m being mathematical about my future while also ensuring I don’t miss out on opportunities or ensuring that I really open myself up to opportunities.
I firmly believe that when you say yes, or think about things in a positive manner, you’re more likely to be successful.
However, that can sometimes interrupt or complicate the systems that you have in place. I wonder if there are any ways to think or things that you use to counterbalance these goals.
I feel like I’m in a really good place right now with a lot of systems to my life that have made a huge difference in making things better, but I also don’t want to miss out on the things that could be life changing opportunities.
Coral asks (at 24:19 minutes): If you’re ever able to interview Mr. Money Moustache (MMM) again, I’d love to hear you explore these three questions:
First, you don’t always agree that early retirement is as simple as 25x your annual expenses at any given point. I’d love it if you could discuss what that number is useful for and how it can be dangerous as an oversimplification.
Second, Tanja Hester and MMM advocate for being self-insured. How do your viewpoints differ on this topic?
Third, MMM has often pointed out that FI is often aligned with environmentalism. You have a different viewpoint on when it might make sense to live in the suburbs and commute in by car, versus his “biker for life” philosophy. When are there tradeoffs between financial independence and environmentalism, has he encountered those, and how does he approach them?
Thanks to our sponsors!
Landlord Studio offers a full suite of tools designed to help landlords save time with their income and expense tracking and property management tasks like rent collection, rental listings, lease management, and tenant screening. You can learn more about Landlord Studio by heading to Landlordstudio.com/affordanything.
In minutes you can work out how much life insurance coverage you need and compare personalized quotes to find your best price. Go to policygenius.com for free quotes and comparisons across more than 30 insurers. It only takes a few minutes to get started, and Policygenius never sells your information to other companies.
Evite is helping make my celebrations feel extra special and they can help you too. Head over to Evite.com/paula to choose from thousands of design options to create and send invitations for free.
Gusto makes payroll, benefits, and HR easy for modern small businesses. In fact, 72% of customers spend less than 5 minutes to run payroll! If you sign up at gusto.com/paula, you’ll receive 3 months free once you run your first payroll.