1225: Tracking My Savings Rate As A Young Kid by Joel of 5AMJoel on How To Save Money to Build A Wealthy Life

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🗓️ 17 July 2020

⏱️ 9 minutes

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Summary

Joel of 5AM Joel shares his thoughts on tracking his savings rate as a young kid. Episode 1225: Tracking My Savings Rate As A Young Kid by Joel of 5AMJoel on How To Save Money to Build A Wealthy Life Joel is a 35-year old living in Los Angeles with his wife and their dog. He was born and raised in Australia and moved to the US when he was 22. About 4 years ago he started getting up every morning at 5am. It started as one of those 30 day challenges, but after the challenge was over, Joel never stopped. He started noticing major improvements in his work, health, relationships and happiness in life. Joel sends out a short daily message at 5am each morning. He writes about happiness, positivity and learning to be a better human. The original post is located here: http://5amjoel.com/savings-rate/ Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Hi again, I'm your host and narrator of the show. My name is Dan and I'm here every single day
0:14.4	reading to you from some of the best personal finance blogs on the planet.
0:19.0	And if you have any topic requests for us, something you'd like to hear me read about in a future show, please visit
0:24.5	old podcast.com and share those ideas with us.
0:28.8	And I'm going to keep this Friday intro nice and short for you today, so let's get right to it as we start optimizing your life.
0:39.0	Tracking my savings rate as a young kid by Joel of 5 a.m. Joel.com.
0:45.0	I think about my savings rate in a different way than most people.
0:49.0	It's because of my mom.
0:51.0	When I was a young kid my mom paid me and my siblings to do chores around the house. Pretty standard chores
0:56.4	like doing the family laundry, vacuuming, mopping, dishes, yard work, etc. For each job, mom would pay me five cents.
1:04.0	Pretty rough.
1:05.0	I'd have to bust off each day before and after school
1:08.0	and all weekend, just to earn maybe a dollar for the week.
1:11.0	My friends on the other hand had a completely different story.
1:14.8	Their parents would give them a pre-negotiated weekly allowance for doing one or two simple things,
1:19.8	such as keeping their bedroom tidy or doing their homework.
1:23.0	Easy stuff, stuff you had to do anyway.
1:25.3	Their allowance was like $5 or sometimes $10 per week.
1:29.6	How unfair!
1:30.6	My friends were getting 10 times the money I got, yet I would work 10 times harder than them.
1:35.0	But the biggest difference wasn't how much we got paid, it was how we got paid.
1:40.0	Savings rate 101.
	...

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