Avoid Money Stress and Change Your Financial Life with Peyton & Brandon Carlile - 126

[00:00:00] Hello and welcome to today's episode of Money Talk with Skyler Fleming. Today we're talking with Peyton and Brandon Carlyle. Peyton and my wife Rebecca have been friends for a few years and Rebecca knew that they did a good job with their money. So when it came time to find some regular everyday people to come on my podcast, Rebecca suggested them to come on as a guest and they did not disappoint. There's some great information you can take away from today's episode. We discuss a handful of things in today's PowerPacked interview. We discuss how to feel confident about money, how to manage stress, how to learn about money, how to manage money in a man

[00:00:30] and Brandon shares a fantastic story about changing how he views and handles money. After he found himself in a financial situation, it didn't really like an ultimately one that he needed to change to ensure that his relationship with Peyton stayed on track. Be sure to stay tuned for today's interview because I can guarantee you'll be able to take something away from it. Before we dive into the money talking points, I wanted to talk about a few new things that I'm going to be doing with the podcast. I want to do more show segments in different parts of the show and things like that. I'm looking to expand the show and make it a little bit more in depth and detailed. I'm going to

[00:01:00] look to hear your feedback in terms of what you want to hear more of, what you may want to hear less of on Money Talk With Skyler Fleming. So please go to skylerflemming.com slash feedback to send your comments my way. I'm happy to take any information and see how we can apply it to the show. You're going to notice some new sections of the show and I hope you're excited for this next evolution of Money Talk With Skyler Flemming because I definitely am. I'm also most excited to be featured as a guest on a handful of upcoming podcast episodes and I'll be sure to share those on social media so you can head over there to listen to me as well. The most recent change of having more everyday regular guests

[00:01:30] on my show has been great and hearing about their experiences with money has been awesome. I found this new style of conversation to be super exciting, really engaging and really interesting for me. What do you think? Recent episodes with friends of mine like Josh Tons or Luke Enzyne were both great conversation. Today's episode as well is one where I'm talking to a couple about how they handle money in their regular day-to-day life. But the Money Talking points for today's episode are what financial behaviors have you allowed to slip into your life. And two, do you feel that there are any small adjustments that you can make to get your finances back on track? With the money talking

[00:02:00] points in mind, let's get right into today's episode. Welcome to Money Talk With Skyler Flemming where talking about money is encouraged. Let's get talking. Hello everybody, welcome to today's interview on Money Talk With Skyler Flemming. I'm joined today by Peyton and Brandon Carlisle and these are two. Peyton is one of my wife's friends so we're excited to have this conversation because my wife helps set it up and everything like that. So it's going to be a fun conversation here, talk to a two regular everyday people about how they handle

[00:02:30] their money, learn about money, things like that. So we'll start with Peyton but would you both go ahead and introduce yourself for everyone? Yep I'm Peyton Carlisle and I'm from Farmington, Utah and I work for Zion's Bank right now in commercial real estate lending which is something that I really enjoy so I'm a portfolio manager there and get to work on lots of big real estate loans throughout our state and some other areas and it's been a lot of fun to get to do that. I've been there for three and a half years.

[00:03:00] Cool, what's the biggest loan you've ever ever worked on? There was one that was $150 million and Zion told 75 million of that. That's one money that most people will see in their life so that's a big number to keep on.

[00:03:16] Yeah sometimes I catch myself being like oh that's not very much money and then I'm like wait a second, that's a lot of money to normal people it's just not.

[00:03:25] I hope that's a lot of money to anybody like you don't think that's where I'm like oh it's just a small loan, it's only a million dollars and I'm like yeah that's a lot for most of us but it's interesting.

[00:03:41] You're interacting in like a different realm when it comes to numbers and stuff like that so that's cool Brandon would you go ahead and tell everyone what you do and a little bit about you?

[00:03:52] I'm Brandon Carlisle 33 years old also from Farmington, Utah. We live in what's across the right now. I work for Farmington City in the water department so just making sure that everybody has healthy clean drinking water so as long as it looks good when it comes in there,

[00:04:09] the faucets are usually pretty happy. Yeah probably one of those departments that people don't realize what they have till it's gone so do the important work. Awesome well we're just going to dive right into it talking about money

[00:04:23] we got some fun stories to share that you guys have promised me with and I'm excited to learn about them and learn a little bit more about how you both handle money and everything.

[00:04:31] Let's just start out the gate. We'll start with Brandon on this one. How did you learn about money in general? Money management and such? Probably I think a lot of people just like their parents kind of given an idea and sharing with them that are saving money is a good idea and don't find yourself in debt and just make the right decision when it comes to money because as long as you're spending within your means, you'll be good.

[00:04:56] So that's something that kind of just helped me from a young age kind of form that that's an important thing. Yeah, but spending below your means is definitely like the most well known phrase I would say but Faden what were you going to add?

[00:05:11] I was just going to say that's very similar to how I learned my parents were very good examples of saving and you know being financially savvy and fit.

[00:05:23] And so they helped set that example for me and then I started listening to the money guide podcasts like a year and a half ago and that has also greatly impacted and influenced the way that I think about my financial decisions.

[00:05:37] Yeah, that's one of my podcasts I always mentioned when people need something else to listen to is go check out that one. It's a really good one. So there's another recommendation for everyone.

[00:05:46] I guess for both you will start with Peyton how do you guys feel confident in your life around money? How do you make sure you know what you're doing and feel like you feel like you're on track?

[00:05:56] Listening to the money guide definitely helped with that so it kind of gave us baselines and like good factual data about what we should be saving for retirement and kind of some just rules of thumb that we could use in our financial decisions.

[00:06:15] And so then from there we've been able to be like okay, we feel like we are doing what we need to be doing here and that has allowed a lot of freedom and flexibility and a lot of peace as well that we're confident we're doing what we need to be doing.

[00:06:30] Awesome Brandon does that help you feel confident do you do like when she brings you these ideas from podcasts and stuff like that?

[00:06:36] Yeah, I've published into several of them myself. I don't want to say I'm quite as religious as Peyton is.

[00:06:42] It's not that but like there's definitely some like she'll send me like an episode or here or an episode there and like all and sometimes I was going to do it myself because they're really some really cool things that I've been able to like learn from there and kind of grow my understanding of finances because like you have the basic finances and when you have like the higher up like retirement and 401k's and all that jazz that I like I like.

[00:07:05] Learn about slowly over time but they kind of give it to me and some more understandable little easier Peyton, do you feel like the feel like using resources like that is extremely beneficial or do you feel like it's just something like should everyone be doing it?

[00:07:21] Listen to podcasts and stuff.

[00:07:23] I mean, I think so.

[00:07:26] Like I just I knew how to save money before listening to those types of podcasts but I really didn't know what the best route to do that was or how much I should be saving and so it's given me just like I feel way more in control than I did before.

[00:07:43] So I think it's super valuable to make that effort and even small like bits of increased knowledge or ideas can help you to have healthy conversations and and

[00:07:56] change the way that you treat your own finances.

[00:08:02] Do you feel like listening to those episodes helps you maybe get ahead of potential financial struggles and things like that?

[00:08:10] Yeah, I mean for sure. I think there were like some financial struggles I already knew to be ahead of like I already knew to have emergency reserves, saved up and knew that I should be saving for retirement but it impacted very much how much I was saving for

[00:08:29] retirement and some of those types of decisions.

[00:08:34] Yeah, awesome. I think it kind of allowed us to know exactly kind of where our money should be going at a specific time like more than just putting money into our savings account like preparing for future but what steps specifically should I go to first?

[00:08:48] Should I go to save it from my kids call or should I say well, my retirement and all that stuff so it's just kind of a perfect like ability to give you some steps that will help you to

[00:08:58] get you on the right track, especially if you're just trying to figure out how to budget and prepare for your future.

[00:09:08] Awesome. Well, how do you that we're off to a great start? We're really rocking and rolling here with some some great tips there for everybody so make sure you're listening to other resources and stuff like you guys

[00:09:17] said it helps you get ahead. Figure out those specifics because like I was saying with what Brandon said everyone's heard spend below your means everyone's heard save more than you spend things like that but what do you actually do with that part between where you spend in your

[00:09:31] means like what is what is that so that's really great insight just to start out and I think that as well as maybe spending above your

[00:09:38] means can be a source of stress for people. How do you guys manage stress with your money? How do you even stay on top of that because Monday can be stressful whether

[00:09:45] you're in a good place or not. I mean, I think that I tend to get more stressed about everything than Brandon does. For me part of managing that

[00:09:59] stress is having frequent conversations about it making sure that we're on the same page and that when we set our goals we make sure that we meet them. So like our savings that happens that just happens

[00:10:11] automatically before we even spend a dime and so that that helps a lot I think and yeah, just working on it together and sometimes I'll be like oh my gosh I'm so stressed about this upcoming typically

[00:10:26] like right now where my stress is lie is we're expecting our first baby and so I'll be like I don't know how much it's going to cost to have a kid in daycare or like how

[00:10:37] we're going to like how this is going to change what our expenses look like and so it will help me not be stressed about those things. We'll sit down and

[00:10:47] we'll do research and we'll talk about it and we'll like make sure that we have run numbers and things that make me feel more confident and like okay it's going to work out and it's going to be okay.

[00:10:57] Brandon is the person who's as the person who's probably mitigating some of that stress how do you feel like having that conversation helps.

[00:11:06] I think it helps me kind of like get on. Patens love one realize why it's causing her stress because like she said like I'm most of the time not most of the time not very a very stressful person like it takes a lot for me to kind of feel like I'm in a

[00:11:21] high stressful situation or something like that so.

[00:11:24] I either am able to help talk Peyton off the ledge a little bit like it's not like we're going to be totally fine or what not or I'm able to she's able to bring me up to her level like yo bro we got it.

[00:11:36] You hear this out like this is causing me stress and you should be worried about that too and so it just allows me to kind of use both of our strengths to be able to help each other out and like Patens like amazing it.

[00:11:50] Excel obviously because that's what she does pretty much all day every day and like it just allows me to see it in her light I'm like first it helps me just understand where she's coming from and then also see the numbers for myself and I'm like yeah that

[00:12:04] definitely is something that could be a problem so we can need to attack this before we comes an issue.

[00:12:09] Payndy feel like those conversations are helpful what do you think about them similar thoughts or.

[00:12:14] Oh yeah for sure like and fun like we not only are we getting to plan for the future we're getting to dream for the future together and make sure that we're on the same page about how we want to get there and so it's really exciting to me and I enjoy like every we sit down every month and update our like spreadsheet of how much we've spent that month and kind of.

[00:12:37] Look at our budget and and where things are at and then every year we also will update our own personal financial statement you know I look at a lot of personal financial statements of work so ours isn't quite quite like some of our guarantee towards there but.

[00:12:53] It's a lot of fun to get to sit down and be like wow like look how far we came just last year and like let's see what we can do this year yeah I can I hear the I hear the money guy thread through what you're describing stuff like that.

[00:13:06] You're in your net worth statement and stuff like that. It's super fun whenever I hear other people say oh yeah we have our monthly budget meeting or we sit down twice a year or something like that I'm like go you because Rebecca and I do the same sort of thing and it's just the best thing for us as well it helps us a ton and I don't know where we'd be without it quite frankly.

[00:13:28] Yeah yeah super super beneficial how do you guys make those fun because I think some people here oh you sit down every month and talk about money and they they're anxiety builds in their chest and they get all worried how do you guys make it fun I think kind of goes back to like what pain to say like we talk about like how we did that month but we're more like talking about oh because we did so amazing this month like we're going to be able to say about more and be able to drink for the future like we have.

[00:13:58] A lot of future plans that we hope the one day will be able to accomplish and just just because we're able to talk about that it kind of just allows us I think to focus more on our budget each month like when we're going through the month you're like oh because I was able to sacrifice this I'm able to do this one day like one day down the road and if some for some people I don't know if that works exactly like obviously there's a lot of people here here in now type kind of people and it's hard to.

[00:14:28] I kind of see that light it in the tunnels probably not the right word but be able to see the future in light because I'm sacrificing now I'm going to be able to do what I really want to do and so it's sacrificing the small things for the greater good.

[00:14:44] There's for sure like a big things that are that are farther down the road but they're small things or smaller things that we are totally getting to enjoy right now like we ran and went to Hawaii for the first time this year when we went in January and we went to Europe together last year and so like there's things like that we're making sure we're having fun and doing things that are really valuable.

[00:15:08] Outside of our monthly meetings and that we have where we look at stuff and then I think another thing like something that would make those meetings stressful is if you feel like you're like getting in trouble for what you've spent the prior month but we're very careful to use our budget as a guide but not as like not as a law that we're going to be punished if we pray.

[00:15:35] And I think that there are maybe times in people's lives where they do need to treat their budget like a law that we're not at that point in time because we're already saving everything that we needed to be saving and so the budget really is just like a spending guide and we're still saving above what we're what we need to be saving each month and so that makes it a little more enjoyable to where it's like oh yeah our grocery bill was hired inflation gosh dang it.

[00:16:03] It just keeps making us in the drain camp of it's not like something where we're like how could you how could I spend more on grocery.

[00:16:14] How could we so yeah I find a perfectly example is I think you might learn in this podcast that I love Matt and do and we have limited my mandate consumption both for my health and for budgeting reasons because things multiply over the month and begin to work.

[00:16:33] I think we're going to continue to go to the Maverick or the gas station and get your mountain do like but she's ever getting mad at me obviously helps that I'm close to within what we have budgeted if we open up the mint app one of these days and she's like there's 31 days worth of now due purchases on here.

[00:16:54] Yeah, I think it's a different tone than she would.

[00:16:56] Yeah, but for the fact that we trust each other and like we're not she's not constantly looking at our statement like oh my gosh he's going to to the to the gas station again I'm able to know that we're not going to judge each other like Pay and said and so it's just even the small little things just as long as you're trying your best and you're working together as a couple or by yourself if you're not if you're not married like just don't beat yourself up over it.

[00:17:23] Because you're trying your best and it's kind of a hard journey that whole saving money.

[00:17:29] Yeah, I like what you said there that you guys don't feel like you're judging each other and so it's cool when you get to that place and I wish I wish Rebecca wasn't working right now or we could have her on here too because I think that'd be a fun conversation for two couples that I would say are doing well with their money

[00:17:43] and know how to talk about and handle their money.

[00:17:45] It would be it'd be really interesting conversation because I think there's a lot of threads between what both of us are doing and that's just that's fun to see and it's fun to hear you guys doing well with the things that can cause a lot of I guess turmoil in relationships and marriage is something that can be really hard when it comes to money.

[00:18:02] And like you said Brandon you don't feel like she's judging you if you do by soda but you also know that there are limits.

[00:18:09] How do you guys get to that point because I don't know for Rebecca and there is definitely a point where that number of what can I spend without asking is lower and it's growing and things like that.

[00:18:19] How do you guys get to a point where you get to that judgment free zone?

[00:18:23] I think it came down to I've been to go back to the mountain do you specifically got to a point where we were able to openly talk about it like at first for me it was it was very much challenge since I came from single life and

[00:18:37] yeah get it when you want to tell me how much amount of do I could consume and everything like that but it was something I think that we talked about when we were dating and stuff like that because paying on somebody that was going to be financially secure and everything like that.

[00:18:52] But then we got to a point where we got brought back up again by myself I'm like we are doing we keep on talking about how amazing we're doing like why can't I find like more mad news and stuff like that.

[00:19:03] But it came to communicating and then also compromising because it wasn't like Peyton laid down like you are three mountain do's a week and there's no talking about it.

[00:19:15] And then I came back as we came back and negotiated and I guess it was it was the same drive conversation that that that we were having but we're able to talk and compromise and allow each other both to be in a spot that made us happy and I think as long as you're at a point where both.

[00:19:32] Parties are happy it's a lot easier not to the step over that line and feel like you might go above me on the list.

[00:19:43] How do you bring up that like maybe you feel like oh we don't want to spend as much money at the gas station or whatever it might be coffees whatever how do you bring up that to your spouse.

[00:19:56] I mean I think that you just have to both be willing to have those conversations like that that's the most ideal situation is when it's not you're not worried that it's going to like cause a fight when you bring something up you can just bring it up and have a healthy discussion about it and make sure that you're both on the same page with where you're feeling things are at.

[00:20:19] Awesome that's fantastic there is a there is a whole bunch of great info for everybody whether you're married or not I would say because like you said it got brought up while you're dating that you want to make sure you're both financially secure so like you're going to bring up money whether you're married not married single it's going to come across the board.

[00:20:36] I want to get into is what we're racing through time here this is the fun conversation but payton you shared that Brandon has a story about changing his views on money so I want to make sure we touch on that Brandon can you share a little bit on that story how did you handle money before and then will kind of move through your story.

[00:20:54] Well for going to put it into a small little nutshell not good I kind of started out like I think most people like I got my first full time job and like you're like oh my gosh I make so much money I was 21 years old and naive compared to the money that I make now itself I know but like I was doing everything that my parents had told me I was saving money I was going to buy I was going to buy my first car I got $10,000 really quick and like all this is so.

[00:21:24] So easy and like there's no problem with it and so I bought my first car in 2010 Hyundai Sonata put down a very healthy down payment knocked out the car payment in a year and then I guess you could save the beginning part of me changing for negative happen like after a few years I'm like I need a better car.

[00:21:49] Like I didn't go like insane I just bought a newer Hyundai Sonata because I really liked the Sonata so I did that and I paid that off in a year and so it doesn't sound bad but I think going through cars on a quick basis can definitely lead to negative things so but then I got myself a credit card for the first time we meet my parents were going on a trip to Boston and I love going out outdoors and doing adventures so I got myself a kevella's gift from my dad.

[00:22:19] I was like a credit card so I was able to get some reward points for him booking the flight and the Airbnb and all that jazz.

[00:22:29] So in the beginning like it wasn't all that big of a deal like I pay my monthly payments every month and do exactly what you're supposed to be doing but then I a car problem came back up again I always wanted a truck.

[00:22:45] I bought myself a used Toyota Tacoma I put down some money on it like not not probably what I should have but like it wasn't a horrible decision but a couple of weeks after I bought the truck.

[00:22:58] I was driving home and there was this horrible thumpy noise that I heard and for the next day I took it into the shop and they're like you need like $4,000 worth of repairs on like the front suspension area and because of choices that I've got.

[00:23:15] I had made put money towards down payment which I probably didn't have all that much like I didn't have the money to fix that Tacoma so I still have this anata and I sold this anata but I didn't get like a crazy amount of money out of it.

[00:23:31] I got enough to fix the truck and everything and I'm continuing to drive that and but then I think the real problem was I got to the point because I didn't have all that much money

[00:23:38] I was just putting things on I was buying things on credit and I was still continuing to pay down but I wasn't paying it off at each month like I had previously been doing that.

[00:23:50] And then I got to the point where I was eating out breakfast and lunch I kind of wanted to have the here and now cool things I bought half jazz season tickets I bought BYU season tickets for my dad and my brothers

[00:24:05] and then just a bunch of different non-essential things throughout my life.

[00:24:12] I continued to try and save money like into savings account and then also try and lower my debt at the same time like at the peak I got probably close to $5,000 and credit card down like not into the same amount of money but compared to what I wanted to be at it's a heck of a lot of money and it's

[00:24:35] kind of it keeps you a prisoner to where you don't want to be and so I just got to the point where I'm like I just can't deal with this and I admitted that I had a problem to myself.

[00:24:51] What led you to change your habits? What do you think broke what's the straw that broke the handles back I guess?

[00:24:56] The real thing that fixed it was was paying here because of like what I'd mentioned already like I'm gonna give myself a little kind of like I knew I had got rid of the credit card a little bit before Peyton came into the pictures.

[00:25:11] I stopped using it but I still I still had to add and everything and still try to save money but it wasn't until me if the payments are dating a month or two end or relationship that I'm like

[00:25:23] if I if this is some of them to spend the life with like I have to have this awkward conversation like she had no idea that I was in the situation or not and I knew that it was something that had to get in the open and I knew that it was not going to be easy because of

[00:25:39] I knew that she was in a strong financial situation and I knew that the partner that she wanted in life also had to get on board with that it was a get on boarder get off the train time kind of thing so

[00:25:53] we had that really challenging conversation and I opened up to this whole story here I told her the whole story about everything and we kind of just went to bed not knowing exactly where we were going to be

[00:26:11] and I had a couple or not so but the first thing I did when I got home was I had that money in the savings and I put pretty much all of my savings that I had and paid off the rest of my credit card that it was about I think $1,700 that I had to do and I'm like well the police this will show her that

[00:26:29] I wanted this to work so but there was that was just the very beginning of trying to change is I had to stop eating out I had to sell like individual games right the jazz and stuff like that make money back

[00:26:46] that way so I could build up savings I had a ton of like subscriptions and because I was living at home which was also a really bad thing in this whole thing I didn't have expenses but I was head Netflix and Amazon Prime taking my family out to dinner because I'm like I have rent to pay it away so I just kind of went with went with that but I

[00:27:08] came find out like all those stuff really add up quickly over time yeah

[00:27:12] yeah they're all small things that just pile on Peyton how does this feel from your perspective so you're dating and this story gets dropped on you and people can often like especially if there's a financial thing like this like debt that you're not aware of can just feel like a bombshell in a way

[00:27:28] how do you feel having this conversation on the other half of it?

[00:27:32] yeah I was I felt sick I was like I thought that this could work I don't know if it can work like I'm this isn't the type of thing where I'm going to meet in the middle like he needs to get on my level or it's not

[00:27:46] I was I was very clear about that at the time and we had a lot of very honest conversations about where things were at like I was like honestly like I have to see major changes before I'm willing to

[00:28:02] like move forward or build a life with you like things things have to be different so they were like pretty severe changes at the time because we also like as time went on and we continued dating

[00:28:16] we were talking about getting married and I was going to buy our home and so I was like dude you got you got to save up some cash like I need I need to have you have cash that you're bringing into this this marriage too

[00:28:30] if I'm about to spend all mine on a down payment or a lot of mine and so yeah it was it was for sure challenging but I think like I was able to see Brandon make major changes his family was way supportive when he was like hey like I'm not going to pay for all these subscriptions anymore

[00:28:50] so whichever ones you want like transfer the like put your cards in on them instead like I can't afford to do this and I'm going to be really careful for the next while and so like they they were willing to do that even though I'm sure that was hard too

[00:29:08] and yeah I just I feel like we we just had a lot of frank conversations and as I saw Brandon make those changes like no regrets now I remember being so afraid then like I don't know like what if he just does this temporarily or resents me for it but I think Brandon very much was like okay this is yep this is what I want to do this is how I want to be and now too would say that it was so worth it

[00:29:37] and we're in a way better spot than he was then and that's because of a lot of the changes that he's willing to make at the time and obviously those were tighter changes I would say than how we even live now but needed to happen

[00:29:53] for that time wow that that story was super impressive that's that's awesome both from from both your perspective one that paid in your willing to like stand up that firm because people might say oh it's okay let's maybe let's let's back off of a couple things maybe you don't need season tickets right now but you can still do the other things

[00:30:11] you were you were firm and Brandon you're like okay that's that's what I got to do that's that's some impressive stuff and I'm glad you're both in a place now where you can be a little more free like you said Brandon you don't have to worry so much about by an

[00:30:22] assota now wears back then that might have been the one thing that broke you guys up if you would have stuck too hard choice and that's that's super impressive to hear that's super awesome

[00:30:33] wrap up here towards the end of this and I just wanted to hear from both of you what's something you know now that you wish you knew sooner when it comes to money

[00:30:41] for me it kind of goes back to some of my set already like how much things multiply on top of each other that $5 breakfast burrito and the $5 Wendy's biggie bag and the $2 mountain dew and the 1999 Netflix subscription

[00:31:01] and so on so forth like you get to the end of month and they're like there was $300 or $500 exactly what it was anymore just because I don't have all the subscriptions and whatnot anymore

[00:31:15] like you're like wow like it wasn't until I had made the change that I could see them like like once I had none of that nothing left like we got up to like I got up to quite a bit of savings quite quickly because I was in a good place with my job and everything so

[00:31:32] and I still lived at home like it was just it was just insane to see like you're like wow I would have made this decision three years ago

[00:31:41] I had the same amount of money as Peyton has right now when we could buy a nice or house or something like that so yeah it's definitely discouraging to look back now but like I'm just glad that I made the decision when I did

[00:31:55] and like that were both where we're at now and really able to be happy and do the fun things that we want to do.

[00:32:03] Awesome yeah the same goes that like yesterday was the best time to plan to tree and today's the second best or something like that same goes with money decisions so

[00:32:11] like we all could have made the better decisions ten years ago and been in a better spot but at least we're making them now.

[00:32:16] Peyton what do you wish you would have known sooner?

[00:32:19] I wish that I would have known sooner or realized sooner how much I should be saving for retirement like when I first started working

[00:32:27] I was getting my employer match and I was contributing some to my Roth IRA but I don't think I wasn't maxing it out.

[00:32:35] I was mostly saving in cash for a future down payment which wasn't it worked out and it was fine but that same thing is that you're tree saying

[00:32:47] it would have been nice if I had known then how valuable that would be but I didn't and I learned fairly early still

[00:32:55] and I'm young enough that it's just fine and we're going to be just fine.

[00:33:00] Awesome yeah and I think everyone I hope they've all three of us here there's always things that I wish I would have done five years ago

[00:33:07] and that's okay so like if you're listening now and you're saying wow I wish I had more often money talks I wish we had better budget meetings or annual net worth stuff

[00:33:15] like do it now and you're going to be far better off going forward don't hold too much regret over yourself that's it'll be okay but fantastic

[00:33:23] Peyton and Brandon thank you so much for both coming on here this has been a great conversation.

[00:33:27] Yeah thank you happy to join it's fun to get to do this.

[00:33:37] Thank you so much to Brandon and Peyton Carlisle for coming on today's interview I thought that was a really great conversation.

[00:33:45] I want to talk a little bit here about the impact that you might be able to find on your life and the kind of impact that you can take and apply to your wallet.

[00:33:53] So one of the main things that I took away is an impact is what do you do beyond just spend less than you make?

[00:33:58] What do you do with the money that is that difference? What do you do with that less than you make amount of money?

[00:34:04] One of the things that I think was most helpful is Peyton's idea of listening to podcasts and resources and things like that so that you can hear what others are doing with their money.

[00:34:12] I think that's a really great way to figure out what else you can do with your money that maybe you have left over.

[00:34:17] I also liked that stress is unknown it's something that you got to figure out you got to put in a little bit of time to do the research

[00:34:23] and I love the idea of dreaming together when it comes to handling your money as a couple or even if you're single and just living by yourself.

[00:34:30] Have a friend that you can dream about what you want to do with your money when you grow up or when you get older what you want to do now.

[00:34:36] That can really help ease the stress but also help you get pointed in the right direction and figure out what you want to plan for.

[00:34:41] Also another thing that applies to stress is that a budget is a guide not the law.

[00:34:45] I really like that quote is that using your budget as a guide instead of the law allows you to have more open and free flowing financial conversations makes it a whole lot easier for you.

[00:34:55] Also make sure you're willing to be open and compromise in a marriage because frankly that's going to happen regardless of whether you want to or not.

[00:35:02] So if you just give into it and be honest with yourself and honest with each other your manager is going to do a whole lot better with money.

[00:35:08] Let's talk a little bit about Brandon's story I think it can be really impactful if you really pull away the lots of little pieces in there that you can learn things from.

[00:35:16] One is that lifestyle creep is real you might not realize it but maybe you have a little bit more money than you're used to so then you spend it on a few extra nice things.

[00:35:24] You open up that credit card you get some rewards points and you want to spend those rewards points then you're spending a little bit extra because you didn't have enough rewards points now you're getting used to that nice trip you went on things like that that lifestyle creep can really add up.

[00:35:36] It can really grow and it can really cause a lot of challenges when it comes to raining back in that spending and like Brandon shared his story he got into more than he realized but then he had a motivating force to change with patent and that's something I want to talk about.

[00:35:48] A little bit more in death later in this episode but you need to make sure you're willing to change your habits because that's going to probably happen to everyone at some point in their life.

[00:35:56] But we're going to get to this point where we realize always let maybe things go a little bit too loose and we need to bring it back in and a motivating force can be huge to help you with that so make sure you listen to Brandon's story again and see where you can take away from it.

[00:36:09] I liked what they both said that they wish they would have known sooner small things do add up both with compound interest and was spending.

[00:36:16] I like to think of the credit card as compound interest in reverse its anti compound interest it's working against you a lot so make sure you're avoiding credit card dead there.

[00:36:25] But like Peyton said she wasn't quite sure what to say for retirement I think honestly everyone finds themselves in that place at some point in their life.

[00:36:33] So at least start with your employer match and again there's another episode that the employer matches been mentioned so make sure you're getting it so you can check off that very easy personal finance win and get that moment to move in and work in your direction.

[00:36:45] But let's talk about the money talking points next.

[00:36:57] So the first money talking point is what financial behaviors have you allowed to slip into your life and one that I wanted to share a little bit about is subscriptions.

[00:37:05] And this is something that I've recently done and something that I've thought about a little bit more recently is that subscriptions don't need auto renew and why is that because once it auto renews that's going to tell you whether you need it or not.

[00:37:17] Because when you go to auto renew a subscription think about it let's say you have paramount plus just for that one thing that you wanted to watch one time been on auto renew you haven't worried about it too much because you're like well there's some good stuff on there but if you actually watched any of it.

[00:37:31] So my tip is to go turn off auto renewal and then the thing is if you notice it right away you can keep it but it's likely that you're going to get a month or two after.

[00:37:40] And you're going to be like oh yeah what happened to that subscription then you're going to realize you canceled it and then you're going to realize wow I didn't really need it in the first place and guess what the subscription isn't going anywhere they're not going to not allow you to sign up later.

[00:37:51] So turn off auto renewal and then see if you even notice that it cancels if you don't notice that it cancels keep it canceled and then renew it when you want it like if there is that one show you really want to watch by one month but make sure you turn off auto renewal again because that's where they try to get your subscriptions prey on auto renewal that's how they make their money is by people mindlessly sending it to them and if you want to mindlessly send money to people I'm happy to take it from you so you can pay a subscription of this podcast but don't don't bother with subscriptions they're not worth it cancels.

[00:38:20] I'm not worth it cancel them don't let a model or new and then figure out if you really need them or not the second money talking point is do you feel there's any small adjustments you can make today to get your finances back on track.

[00:38:30] And honestly it goes hand in hand with our first money talking point of what he feels slipped a little bit I just listed a bunch of small adjustments you can make with your subscriptions but a couple other ones are things like make more than the minimum payment.

[00:38:41] Put a reset in place on a spending category that's got out of hand you feel like your fast food eating's got out of hand well maybe commit to one week of meal planning and see how that goes and compare the cost savings there.

[00:38:53] One thing that my wife and I like to do every now and then when we feel like we spent a lot of money is having a no spend week it can help you do some small things to have a reset.

[00:39:02] Maybe you do still spend some money because yes there are necessities but a no spend week can help you realize wow I didn't realize how much we were spending and makes you really think about if something is necessary or not and then if you really still need it in a week you can buy it then.

[00:39:17] But those are the two money talking points what do you think about them let me know on social media or send me an email my email of courses in the show notes but I want to talk about some new sections that I have coming up so up next is money talk mastery.

[00:39:32] Welcome to money talk mastery this is where we are going to take a little bit more of a deep dive into a specific topic from the episode so what are we talking about today well what if you find yourself in a hard financial situation where you don't want to be we're going to talk a little bit more about that motivation that it takes to get out of those situations a huge applause to Brandon for digging himself out of the situation before it really got too far.

[00:40:00] I think in the interview he shared a little bit about how it wasn't a ton of credit card that he was in but it was credit card debt it wasn't a crazy financial situation but it was one that he didn't really want to be in what is your motivation for wanting to change your financial situation for Brandon it was patent and their relationship.

[00:40:16] But let's say you're doing okay so you're you're listening you're doing well you're checking those boxes you're hitting those things that all the podcasters are talking about and you're doing pretty well and you're not drowning in dead or anything like that what keeps you motivated to do well that's what you really wanted to do.

[00:40:30] You need to consider it's not just a driving force to get you out of debt or to get you to change your financial situation but it's really something that keeps you moving along the path often it's going to be others in your life that help you stay motivated like with Brandon patent helped him stay motivated and helped him get motivated to go on the right track.

[00:40:48] He knew what he needed to do but she helped him figure it out and get it on track and help drive his motivation a little bit.

[00:40:55] Do you have a spouse friend or children that are lying on you for money or that can help you stay motivated that can help cheer you on or celebrate you when you have those financial wins.

[00:41:05] That's great others in your life can really help you stay motivated when you are doing pretty well in your financial situation and you just want to stay on that path and keep your momentum going in the right direction.

[00:41:15] What if you are in a really bad financial situation forget about your situation for a second whatever it may be and let's dream together for a little bit money was no object what would you want to buy right now do you like to travel and where would you go if you could afford it do you have others in your life counting on you for financial stability and there's always somebody counting on you for financial stability because whether you have a spouse children or anything like that you're always counting on you for financial stability and what were the point of those first couple of questions well.

[00:41:43] What do you want to buy right now where would you want to travel and such those are things that can help drive your motivation a little bit because maybe you want to travel but you know deep down you can't really afford it but what if you could that's where dreaming can come into play to really motivate you to get you out of a bad financial situation so sit down and have a dream session with somebody and really think through what could motivate you to do better with your personal finances consider those questions help you find your why and then begin to work towards progress on changing your financial situation.

[00:42:12] And then refer back to episode 11 it's called finding your why to grade episode to go back and listen to you that's a long time ago it's over 100 episodes ago as we're now on episode 126 and counting on and there was one little thing that I want to talk about next that Peyton mentioned in our interview today let's talk about that next.

[00:42:31] Welcome to the handy hint the handy hint is going to be a little bit of a segment where we talked about something small and quick they can be helpful for you in your financial life so one thing that Peyton mentioned is their net worth and tracking the net worth.

[00:42:51] We mentioned that this was from the money guy show is they are really huge advocates of tracking your net worth annually and that's what I want to have as our handy hint today is the annual network statement sitting down and documenting your net worth regularly at least annually is a huge thing towards motivating yourself because you start to see that go up it gets more and more fun because that number grows faster and faster and that's just awesome to see but that's going to be today's handy hint are you tracking your net worth at least annually if not get started with it.

[00:43:22] Welcome to what are other saying what are other saying a section where we talk about some of the recent social media comments or feedback from you.

[00:43:37] I wanted to bring up a few comments from social media and talk about them here on the podcast Dave the scholarship coach mentioned that he enjoyed seeing one of his previous guests on my show.

[00:43:45] Danny coffee was on a recent episode about affording vacations and Danny coffee was also on Dave the scholarship coaches show on his podcast as well so thank you to both of them for coming on my show they were both fantastic guests and I'd love to have them both back on some time.

[00:43:58] Bob Wheeler also commented and said thanks for the opportunity to talk about money it doesn't need to be taboo and that's a throwback to the episode with Bob Wheeler just recently I really appreciate him coming on my show.

[00:44:09] He had a lot of great info to share in a fantastic story about how you felt with money and his relationship with his mom when it came to money that one's a must listen to so be sure to go find that one wherever you listen to podcasts let's wrap up today's episode next.

[00:44:22] Thank you so much for listening I'm so excited for the next steps of money talk with scatter flaming there's going to be more segments and more depth to the show so you're going to want to make sure you subscribe so that you don't miss it.

[00:44:41] Also like I mentioned at the beginning be sure to look for me as a guest on some other podcast I'll be sure to share those on social media and let you know when I go on those other podcasts so if you want to hear my voice on some other shows

[00:44:51] and hear me get questioned those will be a great place to hear some of my takes on what other podcast hosts have to ask me that was a great conversation with Peyton Brandon I'm really excited for them because it's awesome when a couple has a good healthy money talk between them

[00:45:04] and it's awesome how they're doing with their money you can tell that they enjoy talking about money and that they know that by talking about money they're going to do better and better and better with it.

[00:45:13] It makes me think though that I need to get my wife back on the show she hasn't been on since episode 88 and if you want to hear my wife come back on the show let me know and I'll make sure to pass on the feedback to her so that we can

[00:45:23] convince her to come back on the show. That'll be a good money talk for us to kind of catch up what's been going on in our lives what's been going on in our lives and kind of get a catch up on how we're handling money now that

[00:45:34] we're approaching four years of marriage anyone can do well with money even you like we talked about today start to dream and then figure out what it's going to take to get there and make sure you have a money

[00:45:44] buddy along the way money buddies or someone who you can help stay accountable to and if you need one let me know shoot me an email and I'd be happy to be your money

[00:45:52] buddy and talk to you about money and get you going on the right track. It all starts with the conversation and being open Brandon had to be open to Peyton but Peyton also had

[00:46:01] to be open and honest to have clear conversations with Brandon so make sure you're having those good healthy money talks and subscribe and share

[00:46:08] today's episode with a friend and then go have a money talk where you can be open and vulnerable and learn a little bit more about each other

[00:46:15] and how to handle your money better but thank you for listening to money talk with Skyler Fleming I'm your host Skyler Fleming have a great week.

[00:46:21] Thank you for listening to Money Talk with Skyler Fleming this show is provided for informational and entertainment purposes and may not be specific to your unique situation.

[00:46:30] Please be sure to do additional research before making any financial decisions.