Saving with Steve, May 9, 2023
Saving With Steve with Steve Sexton
Guest, Michael Gilmore, Book of Zen Money
The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.
We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.
everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place Welcome To Die saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton hello welcome to the same with Steve shall we talk about the ins-and-outs of money pretty much everything under the sun that relate to you having a healthy relationship with money my name is Steve sex and I want to thank you for joining us today. I want to thank our 600,000 listeners this is just wonderful it keeps growing and growing thank you for sharing your show<br> with your family and friends. Today I'm going to be talking a little bit about stuff going on in the United States about the jobs report the Consumer Price Index recession all that kind of good stuff just for a few moments the first one who sings I just want to share with you I think it's really important is according to research 73% of Americans indicate the money is the number one cause of stress with Rising inflation there's no doubt many of us are feeling the pinch and experiencing anxiety just to buy groceries pay rent or mortgage or even try to pay off the debt that we developed over the holidays we have Michael Gilmore is also known as the $7 million are on the show discuss the seven simple effective ways to lower your money stress for the rest of the Year this is wonderful Mr Gilmore's the author the little book of Zen money a simple path to Financial Peace of Mind the same as delivery easy to follow steps of combining sensible savings strategies with mindful practice<br> in order to achieve financial peace of mind now I think that's very cool cuz a lot of people running into a lot of stress now we've got a pending recession the United States inflation it's affecting everybody receiving job loss so being done when it comes to your money is going to be a big thing cuz all reduced had stressed with that I want to introduce everybody to Michael Gilmore Michael welcome to the show<br> thank you very much for having me that's it that's a great introduction and yeah it's a very tough time for the loads of people yes it is about you and then have you tell us a little bit about why you started getting into the books and developing nose and offering them mr. Gill<br> Finance area for over two decades serves as a research director for all of these at Capitol it's an independent Boutique fund management company he also was the founder of the internationally-recognized money awareness and inclusion words this is basically the Oscars for the financial literacy and the reality is our supporters all over the world with this which is really really important the more people are worth money and their inclusion I think that's gigantic I think that's wonderful Michael I'd love for you to tell us a story how you really got involved with all this how did you get that $7 million are tags start out from college wanting to work in finance I was a post-grad reset I got off at a job working in finance and<br> essentially I was one of those teeth like like everyone else I was scared I was anxious about will be working in Investment Bank of these people use Jog and I didn't understand I could be very complicated I was genuinely stressed about it and I just got to drop into it. Myself through it for a couple of months and very quickly go to the free Sensations the person was it was a lot easier my phone once you get through the juggling a complicated mess going on outside like the big Quant funds but I don't ever do anything much more complicated than it was a lot of easy stuff and I realize how powerful it was I thought I'd spend my whole life without realizing it and that was like okay this is really the loneliest day of my throat and a lot more powerful myself understood wave hit me when I have those two realizations I sent and it was anger I was so<br> angry I never being told this I don't have to spend twelve fifteen years in full-time education and no one even gave me like a 1 hour conversation about money like I felt Angela for everyone in the world that we do this and do that really set in mind this sense of weed to fix this this could be fixed and we need to fix it so that's why that kind of strong motivation came from and then years later I was working in Singapore with Mark and where cuz I was volunteering at the weekend with my Chromebook is cuz that was a groups in the world that you can really help change if you changed how they think about money you know you can really help change the world bitching to change probity one family at a time many of them if they left a family behind the trying to send money home it's going to save a lot of surveys show that less than 10% of them actually make the changes they want<br> so you can help them understand that money better you can make that change with all I was doing that I realized it was still wasn't until this stuff in school so I then started working with Terrance I have been trying to make it fun with her and then one day she said to me okay okay I can see. I might want a million dollars one day daddy but what's the smallest amount of money I need to save every day to become a millionaire by the time I want to retire so we can just buy it was funny I was busy but is not this like this bass Adidas a spreadsheet let us spread chance okay let's assume we invested let's a shame that grows of the 7-page that's assuming we retire by 70s assume you start attending it's funny<br> $7 and the spreadsheet said send a check in three full-time the many people in the world that's my daughter didn't believe that we have to check it and she's like so I could be a $7 million and yeah you could be a $7 million that we could all be $7 million as if this is achieved and that's why I use that name because the me those three would $7 million are more interesting than Michael Gilmore they tell a story you could be a $7 million that and that's why I I keep with that because my daughter night we sat on the sofa with a spreadsheet in front of us and we just like we were stopped and we kept referring back to it up to it and you know I have to say so I wrote a book for her we were together<br> and I think it's the most successful book in history because she's napping working for more than two years and she's saved more than half of every single paycheck she's at as soon as far as I'm concerned that book had one person market and it's got a hundred percent track record so I'm just happy with that but you know it's so funny you say that because I've had multiple conversations with nieces and nephews and relatives about saving we did the math because my nephew got married and they were like okay you don't have a freaking out about the stock market I mean you know all that kind of stuff I'm like what are you freaking out you're 25 and I and I said how much can you contribute and they combine their income I said how much do you need for your bills haven't you need for this and how much can you guys actually say I actually said if you guys can save the maximum comfortably and save this money for a house and all that kind of stuff let me show you what compounding will do over the next 30 Years and when<br> show them that they realize that with the company you know matching and all that stuff if they just worked for 30 years by the age of 55 they would have well over five million dollars and then count in work would be an option and I said earlier than later when you said that is like as a 54 year old that 55 numbers really meaningful to me when you 25 it sounded very long way away but when you 50 for psych that's right there I am I important because sometimes we fight as a little bit too much on the practicalities in the print copies are really important that the inspiration is important to it needs to be that long-term goal needs be worth it cheating if you can say something this this will happen for the penny 5 million dollars in one penny that on that particular day<br> but in the ballpark cuz it's a good Bullpup to get to and is a way better Pool Park then if you don't go in that direction I totally agree my feeling is retirement a long-term accumulation event it's about a week right at our jobs every day there's nothing wrong with writing out your financing but the cool thing about it if it's a 401k or IRA or some sort of a retirement savings account that you have you can just set it and forget it as long as you have it and don't freak out about the market because it's going to go up and down and when it goes down you can buy a whole lot more and when it goes up you buy a whole lot less when you get three or four years before your battery charger let's pay attention to it a little bit more but it's a long-term accumulation of it I think that's wonderful by the stress builds around because there's some other statistics which break it down by income group at the moment but something around 55% of Americans more than 100<br> in the year are stressed about money tells you something really important it's not the money it's it's the knowledge it said they don't know why they're doing with money that they never learn that they said he'd understand cuz 100,000 is enough money right and you can wear to game out on a hundred thousand pretty easily but it's it's not knowing what the game is not understanding how to play it that creates the stress I meant where we can talk to people on 25000 or fifty or seventy-five or a hundred and there's different types of game and different things to do but the key is do you understand what you doing and that's where I think we can address that stress stay right there or going to be right back with more Michael Gilmartin<br> more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show where to be talking about the in an ounce of money does Financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton<br> you're welcome back of the shaving with Steve show or we talked about the ins-and-outs of money we're here talking today with Michael Gilmore in his book the little book has any money a simple path of financial peace of mind so Michael we just kind of set this whole thing up about saving consistently you regardless of how much money and have but you started talking about how you go about looking at money so let's continue that conversation cuz a lot of people look at it differently and in fact I know a lot of people in California that have a $100,000 income and quite frankly they don't think they can afford a house or anyting else and they're worried about all sorts of things in their middle age so I would love to hear they're practically that you have a mission<br> emission sem ladder stands for money income savings spending investing owning and then cuz missio doesn't mean anything we had the last one on now which is when we have to stop because of no other time to stop let me use that through the $7 million project because the only thing with that is that we give people sign posts on a path because all of these things are possible you don't end up when you eat when you start 25 new do you think about retirement it's kind of hard and there's this big is a tough way to undo this thing that's why we use that in May And the tagline of the book simple path to Financial Peace of Mind<br> because it is a pulse way you know I miss is one of the problems is it if you kind of way to 35 and you go to mortgage and you go there and you go down you don't understand the simple Basics it's like coming across from the side on this but when I grow up in the west of England become a country walks and you want to Greenfield Grassfield you can see the path in front of you but if you come at it from the side you don't even see it it's invisible because just a bit of pain type of grass right that's what you see it's Joanie bankey you come apart from the side you can all see and that's what we do with money because we don't teach the fundamentals we tend to come from the side we just walk straight across the pathway and that's what you trying to do in the book is that what is money this is this is something you get from putting your time and your energy and your creativity into something and that's what you get back is you get someone else's time and energy and creativity so what is investing getting more<br> I'm in energy and creativity back then you put in and you have to put your money into things that create that the growth at Value and that's why that's a pulse rate once you understand this money is going to stay this game it's not a way of showing off its not a way of doing all these crazy stupid things it's a waste your time and your energy in your time and yet someone else's time and energy out once you get that and that's where your papa is going you understand what those steps up the whole thing becomes much more straightforward you see why you're going to go if you see what you want to go you can even deposit cage need it doesn't matter you take your own pulse way because you know where it's going to go do you understand what those steps everybody wants something really simple when it comes to financial industry on how to invest responsibly<br> easy to understand there's a lot of people out there that reading all these things inspect I talked to one lady today she just cuz I just don't know why I'm reading all these books and all that kind of stuff and I know when they start going Google too much information and they just shut down so how can we make it easy for somebody to be a responsible investor<br> that's coming with time on the first date they did say it's touching you in the street so we are the dimensions of a single DIN money away in a snake do you know what's in this year we put in a new world for sustainable Finance literacy because we find that is probably one of the thinnest areas in the world in terms of the talent is I don't think you know what they say the maybe it's the people in the world are financially literate it's a smaller number of people to the sustainability literature because it's a complex of you to scratch the surface of it but it's a very complex subject and when you put that diagram. Venn diagram together people have a sustainability let's trim people that have financially the trick is very very few people and that's the problem. So that's where it said the financial Industries building this I think it's a shame there's a lot of backlash because because of the lack of this understanding of how complex it is<br> the mocking people that I think they're people buying to the delusions of diversification cuz they don't understand it they just said hey if I do this this and this and then they find out when during the tech bubble everything went down 70% and they thought they were Diversified but then they realized that all the different mutual funds they had had the same tech companies just in the last last year similar situations that happened so understanding that makes a big difference I agree with you continuing that education is important never stop learning about money because it'll make you better off it'll make you more confident make you smarter we regard as of how old you are<br> I mean I work in the industry and I find out who is in it's great to has any be learning new things being pulled apart is do we need to stop with the very Basics because if you try and learn on a shaky fundamentals that's where you going to run into problems you cuz you kind of dumb stuff that doesn't really mean anything like some of the valuation people actually took them like they were real you never these weren't real valuations so close they fell apart over something that was running out of these businesses so there was no real meaning for building up on fundamentals that's why it's so important that we do that. You but you can never stop learning about investing it just it will keep on this anymore it's for the market the market is very fast learner and that's if you're going to be in the market you going to try and learn at some kind of paste if you know the professional investor I would do is advise just you know what is simple as you can and then what<br> you want to learning and slowly adjust the keeping it an appropriately Diversified portfolio meaning something that's pretty much balance like the economy you know you want to be in line with the economy with a little bit of a little bit of a little bit of a little bit of Kashima that would probably treat you about right you have mindfulness exercises Mantra meditation help keep people centered could you eat with us<br> well I think the most important one that we have I treated like I need a lot of Zen meditation talk about journaling and bring that to me how we going to do about money I think there's a two ways that we can actually approach this the first way we should so see people do is actually tracking a spending every single thing you know people are just guess any enemies like psychological research says that people made me remember five out of 10 things and lips maybe six occasion he said they just getting three things out of 10 that's why you got no idea where it's going and maybe it's 50% of spending so you can't know how you budget your bus is going to be totally inaccurate she is really important and then come step to this as well because one of the best definition of Zen is not listening out it's seeing reality directly so until you looking at<br> you just imagining to tracking this evening and take a little piece of paper with you writing down every single thing you do adding that up knowing where it goes segmenting at now and I spend this much on axis much on what do that's really different from what I ideally budgeted okay with that I need to change my budget a little bit because that will bring you knowledge<br> the second one I love to do is I love you and this is more like kind of free writing exercise just sit down and write a list of things I love doing the ground expensive maybe free every time I do a different one thing is on there as going for a walk I love going for a walk it's like you guys to too many people in one place to another free I love it you stink your mind develops it's a great thing to do another thing you could just be like you know the pumping out for like just buy something with the kids I mean cheats on the shelf and making sure you go with I might just spend a little bit of extra time that you didn't have to spend with them all these kinds of every time I ride list of something you in there as a free writing exercise the one of the other ones which is less enjoyable but I do sometimes is my most expensive vacations has been the most money most expensive vacation<br> because if they know exactly the same list it tells me I don't need to spend this money and there's a very often you hear someone say to you some shoes, since you say I don't want to say I just want to enjoy myself now<br> are you saying that you saying spending enjoyment exactly the same thing but that's basically the underlying principle of that statement if you can have a tight if you have different list of most enjoyable times and most expensive times then all the same thing and you can look at that list of things you enjoy doing and do more of them and thinking more of them and that becomes your life and then you stating become so much easier cuz you're happy cuz you doing things you enjoy the experience of fact that's so funny that you can have a wonderful experience and not spend a lot of money and you can go to one of the most expensive things and just got wow that was deflating we're never lived up to your expectations so it's getting very very interesting one of these days we have a series of steps of things you do an exercise you can try and one of the Michael imbue is coming old fancy word but in view just means add value to things<br> how do you think I'm used to it by thinking about it did you like let's look at this I got a little cut in front of me you no problem just ignoring it was drinking from it remember who gave this to me when they gave it to me why they gave it to me how much the rude thing it says on it which I want show you makes me laugh when I look it up<br> that kind of thing right you did put the more you think about it the more you buy me you get from it because you imbue it that's what happened to mising does first but it's fake so I can do this myself a real and then if something is a Simplex Us free and this becomes more valuable to me as a result I want to thank you so much for being a show I always know when it's a good interview cuz it goes like that where can people take a little book has any money to on Amazon is the easiest place to look for it is a special web site codes and money net super easy to find an omen that we got some of those steps so I told about the individual daily steps indoor team is maybe 20 of the 50 steps that are in the book so people can try them out and have a play with them and some of those ones I mentioned to him that in the book as well to to see what it looks like one last thing how do people get involved with the money we're innocent inclusion towards dog<br> any projects you know or you think of who you seen that you think is teaching people about money in a really interesting way it can be entered into the awards with everything in the whole world we think it's one of the things that was missing right now in solving this problem is just Gathering all together there's lots of people like used either doing great work all over the world and yet we don't know but it and unfortunately that means a lot of those that would reinvent the wheel gets missed stay small and we need to build a momentum for this it's really important that we don't let another generation head into another crisis and think why didn't anyone tell me that this can happen why is it happening we could avoid that really easily able repeat a lot of what their parents do all the time because they just don't know Michael this has been wonderful thank you for being with the show thank you for sharing your knowledge with us I'm going to put a link up on our website for your book so people want to connect with the book that can do that I'm also going to put a link for your website there as well as the award so people want to be involved<br> beard balm so thank you for being with us today you have a great year and don't freeze okay<br> more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the ins-and-outs of money those financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending on your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton<br> hello welcome back to the shaving with Steve show where we talked about the ins-and-outs of money this is all about making sure you have a happy healthy relationship with money and right now I want to share a little bit with you a table that came from the Bureau of Labor Statistics so let's go back for January you saw the report come out for the Bureau of Labor Statistics and its job report indicated that there was 517000 new jobs in January and it arrived at this courtesy number of the household survey the Bureau of Labor Statistics also admitted that these jobs were added was called via population control affect which is also known as an accounting gimmick now if we remove the gimmick and<br> you take a look at the screen this comes from the Labor Statistics Bureau you'll notice that we only gained 84000 jobs last month but you can't make this stuff up it's their own chart<br> okay so here's the other thing was crazy about this is investors are actually buying into the markets based off this stuff secondly<br> Thursday yield curve is called an inverted yield curve but it still functions as a Telltale sign of a recession to come Bloomberg, Jerry Lisa Ingram has she even said the idea of a soft Landing or no land and gets into more more front this inversion is The Benchmark the US yield curve and it's plummeted you do the most recent Consumer Price Index this is the time to be cautious you want to pay attention to this because we're in a tougher situation we think recession is right around the corner where people are still losing their jobs so again this is what it means to do so when it comes to investing or anything else I encourage you to proceed with caution I want to thank you again for joining us today on saving with Steve if you would like to see all the other episodes you can go to w.w. Saving with Steve. You asked if you're enjoying the stories of helpful<br> information inside on saving two seats than Anchorage you to subscribe to your YouTube channel so you never miss a show and check out a few of our Affiliates at UK Health radio BTS Radio talk radio New York City among others all these Network dedicated to empowering you to solve problems uplift your spirit live a life of personal financial Freedom you can also follow us on Facebook and saving was Steve Sexton Insider Club saving with Steve. Us you get you all the replay success exclusive access to our shows guest gift and a whole bunch more they looked I want to say thank you for joining us today will look forward to seeing you next week and be safe out there see you next time bye bye thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under<br> Sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton<br>