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Radical Personal Finance

550-How Much Does It Cost You To Live Today?

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Self-improvement, Business, Education, Investing

4.21.9K Ratings

🗓️ 31 May 2018

⏱️ 17 minutes

🧾️ Download transcript

Summary

Calculate your daily cost of living. Then analyze it.

Joshua

Transcript

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0:00.0

Welcome to Radical Personal Finance, the show dedicated to providing you with the knowledge, skills,

0:04.5

insight and encouragement you need to live a rich and meaningful life now while building a plan

0:09.6

for financial freedom in 10 years or less.

0:12.6

My name is Joshua and I am your host.

0:14.6

I am your fellow journeyman, fellow Voyager,

0:17.8

down this path towards financial freedom.

0:20.0

And I want to share with you some things

0:21.8

that I have found useful in my own quest for financial freedom.

0:25.8

Specifically today I want to talk to you about the number.

0:30.0

But I want to talk to you about the number in a way different than usually this subject is addressed.

0:37.0

Most commonly when people think about the number, they think in terms of how many millions of dollars do I need in order to be financially

0:48.1

independent.

0:49.1

There's a place for that.

0:51.8

But the trouble is we have a hard time conceptualizing millions of dollars.

0:58.2

Very few of us have ever seen a million dollars. We've very rarely held a million dollars

1:02.4

in our hands.

1:04.2

Very rarely do we have the ability to grasp what the time and the effort were that were needed in order to accumulate a million dollars.

1:16.8

And so most commonly, this millions of dollars number floats into your brain, usually at the input of some financial

1:25.9

advisor or some financial writer, and then it floats right out again because it is a number that's hard to grasp. Well I'm a simple man and I like

1:38.6

to keep things in a way that I can grasp. So here's something that I have done over the years. I've taken my

1:45.8

numbers and I've translated them from millions of dollars into the smallest unit that I can conceive of, the smallest practical unit. For me, that

2:00.6

most useful number has been daily expense.

...

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