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Automate your life to build wealth effortlessly
“We are living in an automatic economy. That economy today is making you automatically rich because you use the technology and the tools to build wealth automatically, or it is making you automatically poor because you have signed up and given people access to your income where you're paying everybody else automatically. So the key is the way your money flows. It has to flow to you first.”
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Ditch budgets to avoid relationship conflict
“And I go, David, we just did everything you talked about in your class, except we didn't do that budgeting thing. That thing where you talked about budget, we didn't do that because we tried to budget the first year of our marriage and we almost got divorced over it. So we put everything on autopilot, like you talked about, but we automated everything.”
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High salaries won't fix poor spending habits
“The reality of life is this. Nobody's coming to save you financially. You are going to have to save yourself financially, and it's going to get worse, not better. What I thought was if I made more money, then I'd start saving. But when I made $50,000 a year at a college, I was still broke. And then when I made over $100,000 a year, somehow I was still broke.”
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Pay yourself first by using automatic transfers
“I would find myself telling people over and over again, the one thing you need to do is make it automatic. What does that mean? It means you have to automate your entire financial life. And I would go through what that meant. And I would say, you have to pay yourself first. What does that mean? And I would explain it.”
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Stop looking rich and start being rich
“I sat down at a dining room table in my house, and opened my journal, and said, today is the day you're changing your life. And I wrote to myself a letter, like, David, we're done looking rich and not being rich. No more big hat, no cattle. This is, when we go back to the office tomorrow, we're changing everything.”
BUILD SAVINGS
All podcast episode summaries matching BUILD SAVINGS — aggregated across every podcast we track.
“I find that women are far more open, because I teach, my first love is really teaching. So I do a lot of classes in person. So women are far more open about saying, I don't know. Because especially in America, we've grown up in a society where it's okay for women not to know how to manage money, because there's not an expectation there for them to know. But men are usually a little bit more afraid to admit that they don't know, because the gender expectation is that they should know.”
- •
Automate your life to build wealth effortlessly
“We are living in an automatic economy. That economy today is making you automatically rich because you use the technology and the tools to build wealth automatically, or it is making you automatically poor because you have signed up and given people access to your income where you're paying everybody else automatically. So the key is the way your money flows. It has to flow to you first.”
- •
Ditch budgets to avoid relationship conflict
“And I go, David, we just did everything you talked about in your class, except we didn't do that budgeting thing. That thing where you talked about budget, we didn't do that because we tried to budget the first year of our marriage and we almost got divorced over it. So we put everything on autopilot, like you talked about, but we automated everything.”
- •
High salaries won't fix poor spending habits
“The reality of life is this. Nobody's coming to save you financially. You are going to have to save yourself financially, and it's going to get worse, not better. What I thought was if I made more money, then I'd start saving. But when I made $50,000 a year at a college, I was still broke. And then when I made over $100,000 a year, somehow I was still broke.”
- •
Pay yourself first by using automatic transfers
“I would find myself telling people over and over again, the one thing you need to do is make it automatic. What does that mean? It means you have to automate your entire financial life. And I would go through what that meant. And I would say, you have to pay yourself first. What does that mean? And I would explain it.”
- •
Stop looking rich and start being rich
“I sat down at a dining room table in my house, and opened my journal, and said, today is the day you're changing your life. And I wrote to myself a letter, like, David, we're done looking rich and not being rich. No more big hat, no cattle. This is, when we go back to the office tomorrow, we're changing everything.”
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Start money conversations with children early and often
“Honestly, I grew up in a house where money was taught all the time. My father was a CFO and an accountant and my mom was just really frugal. They had five girls and so they taught us about money just all the time and I became the go-to person for all of my friends when it came to, well, how do you save this and how do you budget that? Because I grew up in a house where that was just the norm.”
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Leverage existing skills to transition into new careers
“While I was teaching preschool, I was showing my staff, I was showing parents, maintenance people used to come in. I was showing everyone how to budget and save money during my break. It got to be so popular that during nap time, because the kids would sleep for about an hour and a half a day, I would have parent university and the parents would come in and I would teach them how to budget. So it was a natural transition.”
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Community support is essential for financial behavior change
“And about 9,000, a little over 9,000 of those women have joined the Facebook group and every day for 24 hours a day, they give each other support, they answer questions, they hold each other accountable. I mean, it is amazing. And to me, that's the magic sauce of the Live Richer Challenge is that you get the support group of 9,000 women worldwide helping you.”
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Women are more open to admitting financial ignorance
“I find that women are far more open, because I teach, my first love is really teaching. So I do a lot of classes in person. So women are far more open about saying, I don't know. Because especially in America, we've grown up in a society where it's okay for women not to know how to manage money, because there's not an expectation there for them to know. But men are usually a little bit more afraid to admit that they don't know, because the gender expectation is that they should know.”
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Prioritize life experiences over mindless daily spending habits
“So my top financial philosophy is really live richer, which is to purposefully and passionately pursue your ideal life. So money to me is just a tool to that. Living richer is so much more than money. Like what does your life, what do you want your life to look like? I want you to pursue it with purpose and passion and to use money as one of the tools to get there.”
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