Our question of the month comes from Chad from Ohio:
Hello Andy,
I know I’m supposed to save, but I just don’t.
I read your blog and hear you talk about saving and it sounds natural for you. I’m not sure I’ve been blessed with the saver’s gene.
Do you have any advice for me to get motivated?
Thanks!
Chad
Thanks for writing in Chad!
I totally get where you're coming from. Saving, budgeting, investing … they can be super boring.
I talk to my wife about these topics all the time and I just put her to sleep. In order for me to talk to her about these topics, she requires that I give her a back massage while doing it so she’s at least getting something out of it.
But you didn’t come here to hear my marital bedroom talk … you asked for motivation. And Chad, I’m going to give it ya brother!
Not only am I going to tell you what I think, but I asked 9 of my good buddies from FinCon to join me in answering your question as well. These are personal finance experts, millionaires and money geeks that talk to people all around the country about growing their wealth.
I asked my friends three questions:
- Why do they save?
- If they were given $100,000 right now, no strings attached, how would they use it to build their wealth?
- If they were given $1,000,000 right now but had to give it away, what would they do with that 7-figure sum?
The 10 of us (including my forthcoming answers) definitely don’t know your specific financial situation, but I’m hoping you’ll find a nugget or two in here that gets you jacked up. Because that’s only way you’ll save … with a compelling reason.
Super Saver Crew
- Jillian from Montana Money Adventures
- Garrett Philbin from Beyond the Dollar
- Nick True from Mapped Out Money
- Zina Kumok from Conscious Coins
- Chris Mamula from Can I Retire Yet?
- Joe Saul-Sehy from Stacking Benjamins
- Nick Elkins from Teach My Kids Money
- Peter McPherson from Do You Even Blog?
- Marcus Garrett from Paychecks & Balances
CLICK THE PLAY BUTTON ABOVE OR LISTEN ON:
Money Master of the Week
Lynn from New Jersey shared a recent win in our Thriving Families Facebook Community! (SHARED WITH HER PERMISSION)
Last night one of my friends posted on FB she was trying to get a large group of women to go on a tropical vacation in late 2019 for a long weekend. Earlier I had seen an ad for the cost of something similar and it was starting at almost 2k for 4 days.
The amount of people that were commenting and interested was astounding to me – especially since I know many of them are deep in credit card debt. Thankfully I was able to resist even the urge to say that I was interested.
But once the pictures post next year I think I will be jealous lol – then reality will hit and I will thankful I didn't spend $ on that and instead paid off my husbands' student loan that's been around so long it has outlived all our pets.
The reason I think this is such a big win is that Lynn is making a pivotal choice. She’s decided that she wants to become student debt free more than going on another vacation. She’s delaying instant gratification to do something incredible.
With our country drowning in $1.5 Trillion in Student Loan Debt, Lynn is taking matters into her own hands and saying, “Not us! Not anymore! We’re paying this bad boy OFF!”
Lynn from New Jersey is our Money Master of the Week!
If you have a financial victory you want to share on this show, please leave me a voicemail (or email) and include the following: name, location, your big win, how you did it and your plans for the future.
Your story will inspire others to save more, make more and plan for their family’s future.
FinTech Spotlight
Check out Ally to learn more about their high yield savings accounts.
Our Featured Guest: Anand Talwar
Anand Talwar was appointed Ally’s deposits & consumer strategy executive in June 2017. In this role, he is responsible for leading Ally’s retail deposits and consumer payments business, including product management, pricing profitability, and operations. In addition, he leads analytics, innovation, and strategy across Ally’s consumer products.
Before joining Ally, Talwar worked in the finance organization at Bank of America supporting technology, the corporate investment bank, and digital banking, among others, during his tenure.
Anand holds a B.S. in Business Administration with a concentration in Finance from Boston College’s Carroll School of Management.
Show Resources
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MKM PODCAST RESOURCES
Young Family Wealth Playbook (FREE): 7-Steps to Solidifying Your Family’s Future Wealth
Stacking Benjamins Podcast Tour: Join us in Detroit on 10/24!
Support this Show
If you enjoyed this podcast episode, here are some excellent ways to support the show:
- Leave a review for the show on Apple Podcasts or Stitcher
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Questions?
I’d love to hear from you!
If you’d like your question featured on the show, reach out and let me know. It would be my honor to support you in your journey toward financial freedom.
Leave me a voicemail or connect with me on Twitter, Facebook or shoot me an email.
2 Comments
Chad from Ohio, My advice on how to save if you lack motivation is to take the need for motivation out of the picture. Set up a portion of your paycheck to automatically go to a savings account that you don’t look at often. Then you don’t have to worry about the daily motivation of saving – just the one time action.
Of course the next step is the motivation to spend less…. It’s a mindset and a journey. Good luck on your journey, just the fact that you are asking the question leads me to believe that you will make it.
Excellent advice!! Automation makes it SO much easier.