Wealth Series 2.0 - Episode 2 - Financial Reality Check

Win Make Give with Ben Kinney

Ben Kinney Training

Self-improvement, Education

4.9 • 1.5K Ratings

🗓️ 6 January 2023

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

To fully understand your financial situation, you must know your monthly expenses, debts, and income. In episode two of Wealth Series 2.0, Ben Kinney, Bob Stewart, and Chad Hyams walk you through a financial reality check, so you can evaluate where you're at right now and create a sound financial path to move forward.

Before you listen to the episode, print off recent statements from your bank, credit cards, student loans, and mortgage. You can also download Win Make Give's FREE Personal Budget & Expense Tracker at https://winmakegive.com/resources.

Disclaimer: You should not use our advice to make financial decisions. We highly recommend you seek professional advice from someone authorized to provide investment and retirement advice.

In this episode, we cover the following:

The importance of a financial reality check [:30]

The financial reality check process [3:50]
Stats on income, spending, food, and inflation [5:47]
How small expenses and luxuries add up [13:10]
Credit card and bank statement highlighter exercise [16:28]
Takeaways on required vs. optional expenses [23:35]
Debt and liabilities highlighter exercise [26:12]
Income or annual salary exercise [33:15]
Reality check exercise [36:07]

Resources discussed in this episode:

Enroll in Wealth Series 2.0: https://WinMakeGive.com/wealth/ to receive all the workbooks and have the resources emailed to you directly
Download the workbook and resources for Episode 2 at https://winmakegive.com/wealth-part-2/
Win Make Give's Personal Budget & Expense Tracker: https://winmakegive.com/resources
Win Make Give Facebook group: https://www.facebook.com/groups/WinMakeGive

Connect with the hosts:

Ben Kinney: https://www.BenKinney.com/
Bob Stewart: https://www.linkedin.com/in/activebob
Chad Hyams: https://ChadHyams.com/
Book one of our co-hosts for your next event: https://WinMakeGive.com/speakers/

More ways to connect:

Sign up for our weekly newsletter: https://WinMakeGive.com/sign-up
Explore the Win Make Give Podcast Network: https://WinMakeGive.com/
Listen to Win Make Give Season 3 on YouTube: bit.ly/3pPEdAx

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Part of the Win Make Give Podcast Network

Transcript

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0:00.0	Welcome to the win make give well series. This is Ben Kinney. I am joined here with Chad
0:15.2	Himes and Bob Stewart. That's us. Hey, hey, that's us. Hello, Chad. Bob, how are you?
0:23.4	Today we are diving in to the wealth series section called Reality Check. Yes. This may
0:36.3	be no big deal to some of you. And it might be a big gigantic wake up call for you to
0:47.3	understand where are you actually standing at this moment. Excellent point. We need to understand
0:59.4	the financial position that we are in whether or not it ends up being good news or bad news.
1:10.2	We need to have the news. I just open up my app on my phone and look in my bank account.
1:18.4	Like, isn't that at the end of the day just how much money is in my bank? That's what most people
1:22.4	probably do for their financial reality check, right? They're just like, how much money do I have left?
1:26.2	At different points in my life, my strategy was put in my pen and pray that the charge went
1:34.2	through. Other points in my life. It was get home from work and hope that the power was still on
1:41.4	or the water hadn't been turned off. Yeah. My reality check for years was counting the money
1:46.1	that was in the little cookie jar because I was a waiter. So we just came home with tips,
1:49.3	put all the cash in the cookie jar and you hope Chad enough money to get you through.
1:52.2	Yeah. Coinstar was our friends. Yes. At certain points. So here's the deal.
1:57.8	We don't care what you learn today what the outcome is. That's not important.
2:03.7	It could be bad. It could be good. It could be no big or hot of you. But what we care is,
2:09.6	you know exactly where you're at because the rest of the well series is going to be about
2:15.4	getting you to where you want to go. Yeah. I don't think there's any, I can speak on behalf of
2:20.2	the three of us, I believe in this situation. There was at least in each of our lives at one point,
2:26.4	a time when doing the reality check scared the living crap out of us because there was probably
2:30.0	a very large negative number in front of it. Yeah. Absolutely. Right. The numbers that came
	...

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