Money Management

Social Proof Podcast

Social Proof Network

Business, Entrepreneurship

4.9 • 2K Ratings

🗓️ 22 September 2023

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capial usage of an individual or group. The term can also refer more narrowly to investment management and portfolio management.

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Transcript

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0:00.0	So what do you think? What do you think is the biggest reason people don't accomplish
0:07.1	This particular goal of a million dollar net worth. I think it's because well, it's a lot of reasons, right?
0:12.8	But I think one of the main reasons is I mean what
0:17.6	Making money is an action, right? Like I think we all can understand now that making money is isn't that hard right when you especially
0:23.4	When you have the right access to the right information
0:26.2	Saving and managing money is a behavior, right? So there's a lot of emotion tied to how what you decide to do with your money once you make it
0:34.8	I think that's where a lot of people get hung up and then investing money is a skill right a lot of people are chasing
0:39.8	You know the pandemic was a great time for people to get awareness about investments
0:44.3	They were chasing meme stocks AMC everybody was looking for that. How can I come up quick?
0:49.4	Investment and that's not typically how this game goes, right?
0:52.4	And so I think that the challenge is people are trying to solve long-term
0:58.1	Financial issues and behaviors with short-term fixes and so instead of doing the work of I need to I mean
1:05.9	Money is fundamental spin less than you make, right?
1:08.6	What happens is people go out and they see the next person who's
1:12.2	Flexing and stunting and they want to do that as soon as they get their money and they don't end up keeping it
1:16.8	Right, so if you don't develop the behavior of a person that wants to build a million dollar network
1:22.4	You're always going to be in this rat race of making it spending and making it spending you can because making a million dollars and keeping a million dollars are too
1:28.2	Toly different things right and that's the issue people can make a lot of money
1:32.6	But they have a really hard time keeping it because they have
1:35.9	Financial behavioral challenges, which again is rooted in exploitation, right?
1:40.2	It's like if you get recognized and celebrated when you get the house that you can't really afford you got too much house
1:45.7	Or you get the car that you can't really afford, but people say oh that's a blessing congratulations
	...

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