3065: Personal Finance and The Long Game by Honey Smith with Get Rich Slowly How to Build Wealth

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 8 March 2025

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3065: Personal finance is all about making smart sacrifices today to reap financial security tomorrow. Honey Smith explores how strategies like saving for retirement, maintaining an emergency fund, and paying off debt help build lasting wealth, even when they seem like tough choices in the short term. By prioritizing financial well-being and making intentional decisions, you can create a more stable and rewarding future. Read along with the original article(s) here: https://www.getrichslowly.org/personal-finance-and-the-long-game/ Quotes to ponder: "Personal finance is about making choices that are harder in the short term for the good of the long term." "By maintaining a reasonable balance in liquid vehicles, you decide that losing out on some dividends or interest is a smarter choice than paying interest to a credit card company when emergency strikes." "Perhaps the biggest trick to the long game is realizing that you can't do everything at once. As the saying goes, you can have anything you want, but you can't have everything you want." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Ready to launch your business? Get started with the commerce platform made for entrepreneurs.
0:04.8	Shopify is specially designed to help you start, run and grow your business with easy customizable themes that let you build your brand.
0:12.5	Marketing tools that get your products out there. Integrated shipping solutions that actually save you time.
0:17.5	From startups to scaleups, online, in person, and on the go. Shopify is made for
0:22.9	entrepreneurs like you. Sign up for your $1 a month trial at Shopify.com slash setup.
0:30.6	This is Optimal Finance Daily, personal finance, and the long game by Honey Smith with
0:37.4	getrichslowly.org.
0:40.0	When you think about it, personal finance is about playing the long game. Sure, it's about
0:45.4	other things as well. It's about paying off debt. It's about spending less than you earn.
0:50.2	But when you think about it overall, it's about making choices that are harder in the short term for the good of the long term.
0:58.0	Here's what I meet. Saving for retirement.
1:01.8	Saving for retirement, for example, means having less money to spend today.
1:06.8	Having less to spend today can help avoid lifestyle inflation, which is generally regarded as a good thing.
1:13.2	However, there are plenty of responsible things that could be done in the short term with that money.
1:18.4	For example, you could pay off debt or give to a charitable cause that is meaningful to you.
1:23.9	You could stash that cash in an emergency fund or eat organic foods and hire a personal trainer.
1:29.3	None of those are necessarily bad choices, but you decide that taking responsibility for caring for yourself in the event that you are no longer able to work full time is more important, so you play the long game.
1:42.3	Saving in Liquid Vehicles. Keeping an emergency fund in a
1:47.8	high-yield online savings account or even a few certificates of deposit doesn't provide nearly as good
1:54.4	of a return as many other types of investments. Notice the sarcastic quote marks around high yield, and even CD rates aren't much better at the moment.
2:04.6	However, investments that typically provide higher returns are also riskier. That is, they don't always
2:11.5	provide higher returns. In addition, keeping your funds and other types of investments may
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Optimal Living Daily LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Optimal Living Daily LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.