10 Steps To A Healthy Relationship With Money - David & Donni # 394

Social Proof Podcast

Social Proof Network

Business, Entrepreneurship

4.9 • 2K Ratings

🗓️ 14 September 2023

⏱️ 115 minutes

🔗️ Recording | iTunes | RSS

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Summary

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In this episode of the Social Proof Podcast, David Shands and Donnie Wiggins discuss the importance of creating a healthy relationship with money. They explore the concept of setting a financial "zero" can be an adjustable floor that you can set over time. They also emphasize the significance of letting money go and the impact it can have on others. The conversation highlights the misconception that giving money away is simply losing it, when in reality, it can create greater value and a sense of fulfillment. Tune in to this episode as they delve into the mindset and actions necessary for a healthy financial outlook.

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00:00 Intro

00:00:32 Creating a healthy relationship with money.

00:06:30 It's not really about the money.

00:08:03 It's not all about the money.

00:12:00 Our attachment to money.

00:15:22 Gifts and gift giving.

00:19:15 Organizing your money.

00:23:44 Money and triggering reactions.

00:27:25 Wealthy people make money on their money.

00:30:08 Relationship with money improvement.

00:33:16 Money etiquette in networking.

00:37:52 Saving and stealing your money.

00:41:30 Unnecessary daily expenses.

00:45:48 Saving money through daily increments.

00:50:42 Financial self-care plan.

00:54:21 Raise Your Zero.

00:58:51 Give back.

01:03:49 Give, give, give.

01:07:47 Remove apps from your phone.

01:10:21 Saving money on subscriptions.

01:15:19 Conducting a monthly financial audit.

01:19:21 Being careful about relationships.

01:22:05 Budgeting and money management

01:27:31 Budgeting and credit card roulette.

01:29:32 Budgeting and credit card roulette.

01:36:26 Dating someone with a lower income.

01:37:10 Dating and financial disparities.

01:41:08 Financially responsible vehicle.

01:45:26 Dating the retail store manager.

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Transcript

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0:00.0	How do we create a healthy relationship with money? I think that should be the conversation.
0:04.7	Someone asked me one day to say, you know, when, what does it mean when you're broke? I said,
0:09.3	well, I don't have anything. And he said, well, that's your zero. Your zero is nothing. Your zero is
0:15.6	zero. We don't have anything, you're broke, right? But he said, your zero should be a thousand dollars.
0:22.8	He said, you should save a thousand dollars. So where you start getting down to your last thousand,
0:28.7	you say, I am what broke? I ain't got it. Somebody asked for money. And all you have is a thousand dollars,
0:36.0	you're like, well, I ain't got it. Part of creating a healthy relationship with money is letting money
0:45.5	go, letting money go and seeing that your ability to give to others can create impact that's
0:54.4	greater than the value of the money that you actually let go. Right? And what? Yeah, you got
1:00.9	a really, if you're going to explain this, I think so many people miss this. They just think
1:07.4	you like to take it. No, no, go ahead. I'm enjoying this. This is good. Yeah. Yeah. Welcome to another
1:12.8	episode of the social proof podcast. You guys, my name is Donnie. And I am a professional. How about you?
1:18.8	Yeah. Professionals don't put their sneakers in another beautiful day as an entrepreneur.
1:31.8	Going after a dream, I think is worthwhile. I really, really do. I think everyone, maybe everyone
1:40.1	shouldn't be an entrepreneur, but I think everyone should do something entrepreneurial. Now,
1:45.3	people do it for different reasons, whether I want to financial freedom or whatever. But I think
1:50.3	to have an idea in your head and bring it to life is a worthwhile goal. I agree. I don't believe
1:58.2	that everybody should be an entrepreneur. I do believe that everybody should create something
2:06.3	for themselves that can plan for long term, a long term wealth strategy or an additional income
2:13.3	strategy. So if it's not entrepreneurship, you're investing. If it's not investing, you are
2:19.4	leveraging life insurance policies and things of that nature. I don't think that you have to be
2:24.8	an entrepreneur to do things like get you a property that you can cash flow or that you can hold
	...

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