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Win Make Give with Ben Kinney

Wealth Series 2.0 - Episode 5 - Save Like Crazy

Win Make Give with Ben Kinney

Ben Kinney Training

Self-improvement, Education

4.9 • 1.5K Ratings

🗓️ 16 January 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

A robust savings account puts you in a position to weather storms and invest extra money wisely. In episode five of Wealth Series 2.0, Ben Kinney, Bob Stewart, and Chad Hyams discuss money-saving habits and budget models that put your savings on automation.

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:

  • Four elements of saving [1:36]  
  • Stats about saving [3:35]
  • Highlighter exercise [5:51]
  • Reducing things you don't really need [8:02]
  • Creating an emergency fund [12:21]
  • Calculating four months' reserve savings [13:27]
  • Saving and offsetting inflation [15:16]
  • Building an emergency fund for businesses [17:00]
  • Automate savings [19:11]
  • 50/25/25 budget model [23:26]
  • 80/10/10 budget model [27:27]
  • Ten ways to save like a pro [30:05]
  • Saving and investing questions [35:09]

Resources discussed in this episode:

Connect with the hosts:

More ways to connect: 

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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 has been Kenny joined with Chad

0:13.6

Himes and Bob Stewart. Hi gentlemen. Hi gentlemen. Still here. Idiots. I just

0:20.3

just doesn't get any easier to hang out with this guy. Last time we were assets.

0:24.3

No, we were ass. Oh, it's still idiots and assets. We are deep into the

0:35.4

well series to point out. We have spent time with an introduction to wealth. We've

0:44.5

had a reality check to tell us where are we at right now. Yep. We learned about

0:51.5

assets and calculated our net worth. We just took a journey to really learn

0:59.3

about income. The three different types and how do we actually increase our

1:06.3

income. Now we really need to do something. Feel like this is something that my mom

1:16.0

enjoyed to do. Okay. We need to save like crazy. Oh, and saving like crazy is

1:24.3

going to cover for and you'll find these in the workbook for very specific

1:33.8

sections. Number one, how do you actually cut expenses business and personal?

1:41.4

Okay. Number two, when you do that, you should have an excess, which you're

1:49.5

going to use to create an emergency fund. I got interesting stats on that, which

1:53.8

we're going to talk about. Yep. Next number three, how do you automate this? Let's

1:59.7

take the temptation out of our lives. Let's just make it easy to save like crazy.

2:06.0

Yes. And then last, Travis, this is your idea. How do we get everybody to live on

2:13.4

a budget? Yes. And pick a budget model that works for you. Now, my

2:24.2

steamed colleagues that you're going to call us? You what?

2:30.0

esteemed colleagues? That's what you're about to call us, right? No, I think it's

2:33.3

arrogant for you to think I was going to refer to you. Look like he was about to

2:36.9

throw something at us. My homey Warren Buffett. Ah, yes. Well, we're buddies. I don't

...

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