1882: Why We Don't Micromanage Our Money by Liz of Frugal Woods on Establishing a Money Routine

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🗓️ 5 May 2022

⏱️ 11 minutes

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Summary

Liz of Frugalwoods talks about why she doesn't micromanage her money Episode 1882: Why We Don't Micromanage Our Money by Liz of Frugal Woods on Establishing a Money Routine The Frugalwoods are ex-urban, rookie homesteaders finding contentment (and a lot of chores) on 66 acres in rural central Vermont along with their two young daughters. They write about a wide range of topics, including their experience as parents, their adventures as novice homesteaders, and the financial decisions that made their life possible. Their philosophy is that managing your money wisely enables you to pursue unusual aspirations and opens up a world of options for how to live your life. Through the application of frugality–coupled with good incomes and judicious financial management–they have created a life that they love living every single day. It’s not a life beholden to consumerism or the drive for material perfection or the incessant clarion call for more. The original post is located here: https://www.frugalwoods.com/2015/11/09/why-we-dont-micromanage-our-money/ Visit Me Online at OLDPodcast.com · Note: The podcast ad for the IMPACT app is unscripted and being recorded live. It may contain some slight differences. Please visit https://impact.interactivebrokers.com/ for full details of products and services. Interactive Brokers, LLC member FINRA/SIPC. · The projections or other information generated by IMPACT app regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Please note that results may vary with use of the tool over time. · The paid ad host experiences and testimonials within the Podcast may not be representative of the experiences of other customers and are not to be considered guarantees of future performance or success. The opinions provided within the ad belong to the host alone. Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily, Episode 1882, why we don't micromanage our money
0:07.0	by Liz of frugalwoods.com, and on your host and personal finance enthusiast, Diana Mariam.
0:14.7	Now let's hear today's post as we optimize your life.
0:22.4	Why we don't micromanage our money by Liz of frugalwoods.com.
0:27.4	Want to guess how much time Mr. frugalwoods and I spend managing our money every month?
0:34.0	A whopping 30 minutes. Yes, we are quintessential frugal weirdos, and yes, we save over 70% of our income.
0:43.8	And yes, we plan to quit our jobs at 33. And yes, we write this personal finance blog.
0:52.1	But no, we don't obsess over our finances. Why? There's nothing to gain by micromanaging our money.
1:00.5	Money is happiest as a loner. It wants to be left alone with other money to do its interest
1:07.3	earning thing. The less we mess with our money, the more of it we have.
1:12.8	People often assume we employ a ton of time and energy managing our financial empire,
1:19.3	but a part of the secret to our success is that we don't. I think it would drive us nuts to
1:25.2	constantly think about our accounts and fret over our funds. It would also serve about as much
1:31.3	purpose as a greyhound dressed as a bunny rabbit. And it's a lot less adorable.
1:37.2	Our money routine. Hint, it's pretty simple. People ask what our secret sauces for early retirement
1:45.2	and how we have so much money saved up. And I hate to disappoint, but the answer is pretty boring.
1:51.2	We created a very simple math-based system for managing money, and we monitor it regularly,
1:57.6	but not fanatically. We don't have one weird trick or some complicated algorithm underlying
2:04.4	our fiscal procedures. I think it's very easy to fall into the trap of this idea that the more
2:10.6	you fiddle with your money, the better off it'll be. But in reality, we're better off setting it
2:17.0	and forgetting it. Our regular money routine involves logging into personal capital.
2:23.0	To view our credit card and checking accounts weekly to scan for fraudulent charges,
	...

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