Hello, Winebbers my name is Jesse Meek and this is podcast number 286 for Wineb, where we teach you four rules to help you stop looking

paycheck to paycheck, get out of debt and save more money.

As you look at your finances, whether it's how much you're spending, why your account

will reconcile, how much you should save for X, Y, Z, should you care about this or that thing how much is that discount worth to

you whatever it is when you're dealing with money you also need to think about a

little phrase that I learned back in my auditing classes for accounting called

materiality and auditors will go in and they'll audit a public company well

not necessarily a public company but they the audit of company's books,

and the auditor will have this letter of engagement

that they talk about, where here's how this audit will work,

and you have to understand that we will not find every single error,

that there is a threshold of materiality, and as long

as errors are underneath that threshold of materiality, we won't really care about them.

Because when you're talking about materiality you're saying would this have an effect on

an investor reading these financials or a banker or some kind of other lender

potential business partner would the difference that we're finding here in our audit, be material enough, make

a difference enough for these third parties that are reading these financials?

And if it does make a difference, then you obviously have the client make an adjustment.

That idea of materiality is important as it relates to your budget.

You just want to make sure that you have your own materiality threshold,

your own threshold for, hey, it's okay

if spending's out of line by X.

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