Billionaire Budgeting Tips that You Can Apply to Your Finances with Manny Skevofilax - 143

[00:00:00] Want to learn the secrets of how Billionaire's budget? We're going to talk about just that today, but I know you'll be surprised by the answer Welcome to Money Talk with Skyler Fleming, where your money makes dollars and cents. Let's get talking

[00:00:13] I hope you're ready to talk in the billions today because today's guest, Manny Skevo Felix, has worked directly with a few billionaires He's going to share with us the secrets and somewhat obvious tips that Billionaires use to budget and manage their finances

[00:00:26] Trust me when I say you will be shocked to learn how they budget. We're going to chat about how you all need to keep things simple Which I promise tracking every expense can be simple and I'll explain how into one of today's money talking points

[00:00:37] I hope you're ready to learn how to think in budget like a billionaire and once you become a billionaire

[00:00:42] Remember my lowly podcast and please come back on my show because I'd love to have a chat with you all about how today's episodes that you want to path to become a Billionaire and earn a billion dollars

[00:00:52] But the money talking points for today's episode are how do you keep your budgeting simple and how do you track your expenses? With the money talking points in mind, let's get talking Hello everybody welcome to today's interview on money talk with Skyler Fleming joining me today

[00:01:16] I have Manny Skevo Felix and This is about our third or fourth time trying to record this we've had some technical difficulties But here we are we're going to go on with a great show. Manny would you mind introducing yourself for everybody?

[00:01:28] Yes, sure. Thank you for having me Skyler my name is Manny Skavo Felix I am a business advisor. I work with Business owners of all types Specifically to guide them on maximizing profits and overcoming growth challenges and I've had my firm for 21 years

[00:01:45] Awesome, and I know what what led me on and intrigued my mind is just that you've worked with a couple of billionaires before what is that

[00:01:52] blame? You know I got lucky Skyler. I grew up in a poor family my parents immigrated to America from Greece and World War II My prime directives I didn't want to be poor and I got a chance to work with three billionaire business families in my career

[00:02:10] And the main thing that sticks out is my parents my teachers and my mentors were doing all these like Cost of good sold calculations and things like that in their heads and when I went to school

[00:02:23] I thought I was going to get out of school and be doing all these you know finance calculations But that wasn't the case. I was wrong when I met the billionaire families

[00:02:33] I found that that they did exactly the same thing as my parents and mentors were doing they do everything very very simply Which amazed me? Yeah, well

[00:02:43] That'll be awesome to learn from that's that's the priority of this episode of some billionaire tips that people can apply in their lives So let's just I guess kick it right off with how do people get started if they want like billionaires in their mind?

[00:02:55] How do they get started if that's the track they want to be on? Yeah, this is a great question and and a little bit of a difficult one so in my opinion A human being has to balance their expectations of happiness and having

[00:03:15] Generating wealth. I'm gonna give you my Experience specifically. I told you I didn't want to be poor. I was willing to work as long and hard as it took seven days a week But that brought a lot of unhappiness sky owner so

[00:03:31] Again, in my opinion based on my experience Don't put that much pressure on yourself Because it's gonna it's gonna make you miserable if you're working to make that car payment every month It's because you wouldn't have a really nice car or you're working to make that mortgage payment

[00:03:45] eventually you're gonna come to the point of unhappiness So I found this out after a long time of trial and error So if you can manage your expectations when you're early early on in life It's gonna make this road a whole lot smoother

[00:04:01] Yeah, and I mean that makes complete sense to me like don't set your expectations too high How do you think people I guess let's say they're in a situation where maybe their expectations are too high right now

[00:04:12] How can they scale that down a little bit because it can be hard to go from That fancy a hundred dollar a month car payment that you you enjoy the car, but you know That's not the good balance how do people like real it back a little bit

[00:04:25] You know again this is a very difficult question if this is Only the person can answer that for themselves. What do you really want Out of this life what is the most important thing because we're all ambitious and we all want to achieve right? Especially here in America

[00:04:42] But you you have to have your own soul searching and say, you know, am I happy with the path that I'm that I have because you're the one Am I happy with the path that I've placed myself one and by the way

[00:04:56] Where does this lead me in the next 12 months? 24 months 36 must look at it short term is it getting you where you want to be? Awesome. That's a fantastic place to start and a recent episode I had someone on where we talked about

[00:05:09] Choice versus circumstance and I think that is kind of what your question is getting to it. Did you choose to be in the Situation? It's likely that you did because One of the things I said in that interview was so many people feel like

[00:05:21] There be holding to a circumstantial event when really you made the choice 24 months ago 36 months ago, and that's what landed you in the situation. So I like that looking forward in that amount of time period because that's when

[00:05:33] You're going to start to really fill the effects of your choices you make. So that's fantastic Do we have to think differently about our money if we want to become a billionaire or is it just same old Same old? Great question short answer is yes So

[00:05:50] Coming from poor family nothing wrong with that my parents came here to Seek security in a better life and provide opportunities for their children. I'm very grateful for that But

[00:06:04] You you or we or I we just can't jump from that modest beginning to becoming a billionaire the percentage is you know You know 50 decimal points to the right it's very rare

[00:06:19] But we've got all this social media that puts the bling in our face every day and it might make us feel an adequate like we're not keeping up. You know, and I mean So you you have to first of all Some people are going to get lucky

[00:06:32] Yeah, some people are going our extremely intelligent. They're going to address a global market with a piece of software It just takes a match at Okay, and it's something that people are going to want to use and And they're going to become a billionaire in their 20s

[00:06:46] Other people are going to toil for a lifetime and they're never going to become a billionaire The object of the game in my opinion is to have that balance where you have to Balance your need to have fun and spend money

[00:07:00] You know with saving a couple dollars so that's the thought process that needs to change instead of using You know you want to eventually get to the point. This is not easy, but you eventually get to the point where your money is working for you

[00:07:16] Yeah, right but their stage is in order to get there you got to get your education first Which might Intel you taking on debt student loans just like that But eventually you'll get to the point you can get there where your money starts working for you

[00:07:31] Yeah, and I think that's honestly one of the most exciting things for me is I hear people another podcast talking about like that threshold where Your money is moving in larger amounts than you make in a day or a week or a month

[00:07:42] Then things like that that's kind of like those exciting points where all your hard work is beginning to pay off so That that's awesome because once you get to that point

[00:07:52] That's when things worked like a rocket ship you're like how is my money moving so much and it's because of Compound interest and things like that so it sounds like that to get threshold to get to if you really do want to try to become a billionaire

[00:08:02] Which is a huge a huge number because Anyone can become a millionaire is what I say like it's totally possible to reach at that point But a billionaires a thousand millions like that's a lot of money

[00:08:14] So how do you budget that much money? How do people who have that much money? Budget how do you billionaires work there finances? You know again what I learned based on my experience or what my teachers and mentors taught me the same way

[00:08:29] They budget the same way we do they just got more zeros in the budget Right the numbers are bigger So for example they They use a simple budget but they put all their expenses in there that's the difference as human beings

[00:08:45] We're like, ah, let me do this budget and it's close enough But you've like not included all your expenses because it's painful And maybe you don't want to face reality But what they do is they include

[00:08:59] You know, I'm gonna spend whatever a hundred bucks for a haircut. I don't want to spend 50 bucks at Starbucks. It's really he gave it all their expenses in the budget It's very simple the numbers are just bigger scholar

[00:09:13] That honestly I bet there's someone listening that's like oh man I thought there was gonna be a secret when you said that's what when you started off with I thought that's what I thought when I first started. I thought there was just like huge secret There's not

[00:09:27] When you started off in this interview and you said I found the billionaires keep it the same and keep it simple I was like oh man we're not gonna Not gonna have some happy listeners looking for that secret but

[00:09:36] Honestly, if anything it kind of continues to push people in The direction of doing budgeting right like you said we tend to so often Hide expenses. Oh, I don't want to put that in there because

[00:09:48] That was a lot and then it just devolves your budgeting practice into nothing because then you just don't want to do it But if you keep it simple you put everything in there You're gonna have a whole lot easier time actually budgeting the money that you're

[00:10:01] Earning making budgeting it to work for you. So I really I love that and which leads us into the next question is do we need to track every expense and category and it sounds like the answers yes Yes, and then give you some secrets so we can make

[00:10:16] You listen to the secret is so so You know I get this these opportunities to ask questions now to people that have money My first question is why are you working so hard you have all this money

[00:10:29] Because I thought that I'm sure I thought they were lighting their there are cigars with $100 bills That's the thing I'm serious that's what I thought it was right life styles of the rich and famous

[00:10:41] What I found was this doesn't work in like 67 the hours a week they're flying 200,000 miles a year on Delta Airlines They've got you know Operations that it's physically impossible to visit each location that really blew my mind right there right

[00:10:59] I'm coming from the restaurant business. That's where I grew up or we had one location So the secret here is they don't like to lose They want to win they have a drive to win and they're not afraid

[00:11:12] To persevere they keep going but if they make a mistake they don't torment themselves about it That's what I found they're like oh whoa is me they just they will stop whatever that money losing activity

[00:11:25] Turned out to be quickly lick their wounds and quote unquote give back up on that words and get going That's in my opinion their secret That's really interesting to learn so

[00:11:36] Yeah, they push through hard times they keep it simple on the front end as what it sounds like but they work like And crazy on the back end they're traveling everywhere to make sure things are running right

[00:11:46] That's really that's really intriguing to learn because I'm thinking someone's listening saying oh I found myself in some credit card debt That wasn't maybe there not making money mistake because maybe they tried to credit card hack But in the billionaire mindset they're saying oh that sucks

[00:12:01] Figure it out you're past and keep going and find the next thing to work towards that's that's some great advice there Well, thank you something that I was taught it fascinated me scholar

[00:12:13] Yeah, and one I don't I don't know if I want to work that hard so maybe like you said I need to set my expectations

[00:12:18] The happiness and money and things like that because I don't I'll probably never be a billionaire because I'd be crazy like you said it takes an element of luck Yeah, it does and you gotta be happy you gotta have your health right

[00:12:31] Yeah, you gotta have all those things in a in a good mix in order to live a happy life. That's very well said nicely said

[00:12:38] Well, well thing get complex how do people set themselves up now so that they have more money to be comfortable and maybe keep it simple

[00:12:46] Because if as many grows that's when the complexity comes with investing and all that sort of stuff how do people keep it simple now It's a great question scholar I'm answering this question with the benefit of hindsight

[00:13:01] Okay, this is what I've experienced because I started off certainly on the wrong foot I had a boatload of credit card debt and some student loan debt and now it's like I wasn't thinking it through And I'm not trying to be a wise guy for example

[00:13:16] Rule number one if you're a young person don't go to a school and rack up three hundred thousand dollars in student loan debt if the major that you're pursuing and the job that you're gonna get is only gonna pay you 75 thousand dollars a year. Yes, okay

[00:13:35] That right there is extremely important to your mental and financial health Yeah, it'll be impossible to get out of that if you're only making it 75 thousand here So the other piece that goes hand in hand in my opinion is find your passion

[00:13:51] I know it's an old saying but let me tell you it's it just keeps repeating itself Find your passion and you'll never work a day in your life If you truly love what you do and you use that good mix as you refer to it's scholar

[00:14:06] That's that's it and then You know so you had something that failed okay, it might take you three or four years to pay back some of the debt that you had or the credit cards or whatever You know, it sounds like

[00:14:17] You know an insurmountable task. It's not a big deal You just got a stay focused work Pay that debt off save a couple more dollars get to the next episode

[00:14:26] But what's really awesome here is we have the power of the internet where you can get rip back on your feet with all these online products and things like that That has changed the game as opposed to the way it was you know generation ago

[00:14:38] Yeah, then it makes it completely different That's why we're sitting here talking about this because this was impossible a while ago So that was some good advice. I like the don't rack up

[00:14:48] Hundreds of thousands of dollars in debt for a job that won't even get close to that because that's when you're gonna Find yourself owing more than you started because of interest in the way student loans work

[00:14:57] So make sure you're setting yourself up for success on the front end To that you don't have to climb out of those hurdles on the back end. So I like that. That's what I like that advice

[00:15:08] If people feel like they're on stable financial footing, so let's say someone's They're doing all right. They're like hey, we know how to budget We're doing pretty good our net worth is growing only slightly

[00:15:17] If they're on that financial footing what steps can people take to get to that next level to kind of move it towards my money's work How do they get there so eventually it becomes like addictive Where you might have lived a financial life

[00:15:32] You know that wasn't really conducive to To getting you anywhere good, but then all of a sudden you change and you might have went through a few years of doing it right and then it really gets kind of addictive You want to do better so you

[00:15:44] You don't want to take like outside's risks You've got to take risk that's very important. There's there's no such thing is no risk But don't go and stick all your money into as now you got money don't go stick it into Your friends really an idea For example

[00:16:02] Like a can't miss you got to you got to like do your best to keep your emotion out of it I very emotional I get fired up on the fantastic Don't let it blind you stay on your path

[00:16:15] So the only thing that's happening is you mentioned compounding your money starts compounding And once you see you're happening it really fires you up So if you're happy with what you're doing stay with what you're doing If you want to do a little more maybe you try another

[00:16:32] You know kick off something another side hustle and additional what you're doing there's other ways You know the main thing is don't let it interfere with your happiness. That's the main thing

[00:16:43] Yeah, I like the dead that it interferes with your happiness. What do you think let's say someone does want to start something up? I intend to say start small maybe add a little piece at a time

[00:16:53] Be what do you think about that how should people if they do want to face them do? I think that's excellent advice and and very well said sky or start small You know I used to be overly ambitious

[00:17:03] Okay now I think I'm just ambitious. I finally got it under control start small don't bite off more than you can chew And for talking business wise, you know don't rush into something that you don't have the money for

[00:17:16] Don't don't say well I'm gonna go get a loan from a bank. Well, I'm gonna charge you on these credit cards Make sure you know what you're doing and what you're risking because you do have to pay that back Yes, our small

[00:17:28] Yeah, I'm great advice you can start for free. There's I recently got a grant from a local college as bicarough fund That it helped me like get some equipment. Yeah, it was it was really fun to do and I learned

[00:17:40] But there's things like that where you can work with local small business organizations to learn how to do it And when you start small and don't go in like guns blazing with a $2000 or $20,000 credit cards Trying to spend everything

[00:17:56] That's when you get yourself in trouble and you have to lick those wounds and move on but if you start small it's a whole lot easier to control That's excellent advice Skyler Can anyone become a millionaire man?

[00:18:06] What do you think about what do you think about becoming a millionaire? It depends some people Some people so here let's say so I'm Greek okay my parents were born in Greece it's a completely different

[00:18:21] Situation in Greece where I would tell you it's probably gonna be extremely difficult if you're a young person Greek citizen to become millionaire in Greece They don't have the level of opportunities. They don't have all these things

[00:18:34] They don't have that grant that you told me about that's now moving you right However if you're In America I believe the opportunities and the infrastructure are here and you've got to you got to put some work into it

[00:18:47] So long answer to your short question. I think yes, you can become a millionaire You know, yeah the opportunities are here. I love that you said that I mean it It is unfortunate. I guess that that's not available anywhere in the world

[00:19:01] But if it is here take advantage of it take advantage of the way that you can Try new things all the time you can change your career at any point. You're not you're not just trading and bartering to survive

[00:19:13] You're trading time for wealth opportunity so there's a lot of those available I mean you're just you're hitting the nail right on the head skyland very well said We've talked about some secret tips and tricks already and maybe how some secret tips and tricks don't exist

[00:19:31] But is there maybe some tricks that you feel people underestimate when it comes to managing their money and we can even Rediscover one of the things you brought up so far what's something that people don't put enough emphasis on in their finances spending the true So you know

[00:19:52] Exactly how much money you're going to bring in right let's say that you're working some in a firm and you're saving your money And you know you're in the early stages you're at a school so you're in a different stage

[00:20:04] So you know exactly how much money is coming in every month, but you don't know exactly how much expenses are going to be and that's something in my experience I found that we tend to underestimate

[00:20:14] So I got all these lessons that were taught to me let me give you let me share one it's not how much money you make It's how much money you keep

[00:20:26] And that was told to me by a very wealthy plastic surgeon who started from zero and became like one of the top-class Exertions in the world I'm like what do you mean by that because I always thought if you can make a million dollars a year and pay

[00:20:41] You're going to be doing a fantastic job This point was yeah you got a million coming in but you're spending a 1.1 million Yeah So I was just like you know blown away by that so it's not how much you make it's how much you keep

[00:20:58] So do your best to try to you know if you're making 50,000 Let's just say after tax try to live under the 50 That's gonna help you If you're living on a 102% budget then no matter what your income is You're probably going to stick to that 102%

[00:21:17] Budget because and that's gonna drive you into the hole because you don't have more you don't have any left You're keeping I like that piece of advice Thank you

[00:21:26] So we're coming to the end here, man. So thanks so much for all the secrets tips and tricks and maybe some Not-so secret ideas that people are gonna leave saying oh man now I got a budget if I want to become a billionaire

[00:21:38] Thanks so much for all the advice there's a couple questions here as we wrap up The last one is going to be what's one thing you wish you knew sooner about money

[00:21:45] But I'll let you think about that one first second if you please tell us working people find you online or learn more about you Yeah, thank you My website is portal cfop.rtlcfo.com and

[00:22:00] Also write a wrote a book ultimate profit management to share all these experiences that I've gone through and that's available on on Amazon So it's a helpful guide

[00:22:13] If you're trying to you know grow your business profitably what is one thing you wish you would have known sooner when it comes to money that you would tell your younger self Oh, this is like the cherry on the top

[00:22:25] Hard to make money and easy to spend its Skyler so really think twice you know So that's the biggest thing. I always thought that oh, you know I'm gonna buy this stock and it's gonna go up 10x

[00:22:40] And that'll worry about you know, I mean I'm gonna buy this dude does a sour Yeah, it didn't it not work that way Awesome, that's a micro moment to leave it on. It's hard to make money, but it is easy to spend it

[00:22:51] Man, you thank you so much for joining me working through all our technical difficulties. This has been a fun conversation Thank you Skyler enjoyed being with you

[00:23:08] Thank you so much to Mani for coming on today's episode how is this going to impact you and maybe what's a little bit more that we're gonna talk about?

[00:23:15] Well, I hope you're able to take away the impact of having balanced expectations with money work and happiness because that can be Extremely important You can also expect a mindset shift to think a little bit more like a billionaire think a little bit more simply

[00:23:28] But also have that passion and drive like billionaires have You're also gonna walk away from today's episode with some practical budgeting tips Learn how to get to the next level which Mani and I talked about in our interview and

[00:23:39] We're gonna talk about of course the importance of tracking your expenses But I want to get into the money talking points which remember these are talking points that you can take dear friends and have a money talk with them

[00:23:49] So take these next two questions. We're gonna discuss and go have a money talk with a friend The first money talking point is how do you keep your budgeting simple? Well for me and my wife

[00:24:08] We've been doing it the same way for really four years with only slight adjustments, and I think that's a way to keep it simple Another way that I think you can keep it simple is don't try to over complicate things. Yes, the zero dollar or the zero-based budget

[00:24:21] Does require you to balance and budget every single dollar, but that doesn't have to be that complicated You can do it in whole numbers and then when you get to the end just kind of throw that in where you need a little bit of an extra buffer

[00:24:33] You don't have to literally budget down to the exact penny per say But you do have to make sure that money gets finished up and allocated properly This somewhere where it's gonna be helpful. So keep your budgeting simple by not over complicating it with weird strategies of

[00:24:48] Oh, we're gonna budget this month with this paycheck. This much with this pit just keep it simple If you're feeling complex you're overwhelmed by your budget that's a sign that you need to

[00:24:57] tone it back a little bit and keep it simpler the second money talking point is how do you track all of your expenses? And this is one that I said we were gonna talk a little bit more about because this is one that when many mentioned

[00:25:08] I was like wow that's overwhelming. I can't imagine spending a billion dollars and Tracking all of that one billioners probably aren't spending a billion dollars because that's all of their money, you're right

[00:25:18] But how do you actually track all your expenses? There's plenty of apps out there for it There's apps like empower which I know is completely free There's apps like Quick in if you really want to go old school. I guess but it does work well

[00:25:30] There's apps like monarch money as well, which these are all great Apps that you can connect your accounts and it'll track it for you or you can use a simple spreadsheet

[00:25:39] But once you do start getting into a lot of expenses maybe a spreadsheet can be a bit overwhelming and it doesn't go back to that Keeping your budgeting simple unless you just really loves spreadsheets like me

[00:25:48] Then you're all for putting things in spreadsheets and doing all that fancy math with your spreadsheet automatically Which is just fun for me But make sure you're keeping a simple and there are plenty of free apps out there to track your expenses

[00:25:59] If you have any questions about something to track your expenses away if there are specific situations you're in Shoot me an email. I'd be happy to chat with you about a way that you can track your expenses and do it simply to help you

[00:26:09] But I want to talk about how we can keep it simple just like billionaires next So what is the billionaires budgeting approach? Well, it's fundamentally the same just with more zeros at the end

[00:26:19] You'd rather make sure you're including all your expenses so that you have realistic financial planning But make sure like we talked about so many times already so far and we're just barely getting into the episode

[00:26:29] Keep it simple. We have to make sure to keep our budgeting simple or else it's just gonna get overwhelming and not fun Imagine you're budgeting for your next yacht as a billionaire And you don't keep it simple because you're maybe throwing things on last minute

[00:26:44] You're shopping like crazy so your budgets getting thrown all out of whack This implicitity in our budgeting also comes in our spending which we're gonna talk about more at the end here about Managing our expenses and how that's so important

[00:26:56] But you still have to keep your budgeting simple. You have to make sure all your expenses are included so you're looking at a realistic budget Key takeaways for me were

[00:27:04] That complexity does not equal better financial management honestly. I think complexity equals worse financial management because it just becomes harder and harder to deal with Simplicity aids clarity and consistency in our finances

[00:27:17] We need to be consistent like we talked about in previous episodes being consistent with our investing and starting earlier Also that helps so much with simplicity Set up your investing accounts to be simple and keep it consistent and there you go That's how billionaires get ahead

[00:27:33] Avoid over complicating your financial plans too and this is something I directly experienced actually and everyone knows when crypto was a boomin that Everyone wanted in and out of it in and out of different ones different

[00:27:46] Settle small bank accounts were offering crypto things in this that and the other and I was a part of yada savings Which I think is having a lot of problems now with a valve having issues, but I don't know that whole story

[00:27:58] But yada offered a crypto product and I was like yeah, let's get into it But I was getting into it in such a complex way or I was like let's do it with this amount of money

[00:28:06] But then if we did a little bit more it gives us more Chance for rewards and yada just ended up complicating my financial situation more than anything Whereas it was supposed to simplify it and help you save more money with their

[00:28:18] Investing and lottery type approach to getting your tickets and earning rewards But it just ended up complicating things and thankfully I realized before the crypto went bad Is that I just needed to keep it simpler and get out of that

[00:28:32] And we eventually ended up getting out of yada all together, which saved us some headache is now people are I think still having issues getting access to their money with the issues that yada is having So make sure you keep it simple. Don't over complicate your financial plans

[00:28:44] But what are the real billionaire secrets? Let's talk about that next So like Manney said the real secrets of billionaires is a relentless work ethic not just luck Push through hard times without being deterred by mistakes and that includes your little financial mistakes

[00:29:08] Like I mentioned to Manney if you do find yourself in credit card debt understand It's not great of course, but it's totally possible to get through set your relentless work ethic

[00:29:18] On getting out of that and that's the billionaire secret. We need to maintain discipline through both saving and investing and here's the key Spending Billionaires don't like to lose anything and they're always striving for improvement But mistakes are seen as learning opportunities not set back

[00:29:33] So let's take your credit card debt situation if that's where you found yourself and Let's consider it as a learning situation. How did you wind up here?

[00:29:40] Well one day you started spending a little bit more because you needed some a little bit nicer clothes for a work trip You were going on and you're like, oh I know I can't pay this but I'll use next month's paycheck to go ahead and pay it off

[00:29:51] But then you didn't realize that you needed some other expense that was kind of an emergency But you could have planned for it and now you're buried in credit card debt because you could never

[00:30:00] Get back around depending off that credit card bill because you still have to live life even when you're in credit card debt And where are you spending that money on probably still on the credit card and as long as you're spending on the credit card

[00:30:11] It's going to be next to impossible to get out of credit card debt because interest eats up so much of your payment Things like that. So if you're trying to get out of credit card debt pause the spending on the credit card for right

[00:30:21] Now use this as a learning opportunity to say I cannot spend beyond what I can pay off in one month on my credit card And figure it out and fix it going forward But that's the real billionaire secret is their mindset and they're drive

[00:30:33] So if you want to chase towards that magic billion dollar number you got to have some Relentless work ethic and drive how do you actually get to the next level if you're living a simple financial life? We're gonna talk about that next

[00:30:45] So how do you actually get to the next level well you got to evaluate your financial status Make sure you find balance and work money and happiness first because you don't want to just drive to the next financial level and turns out

[00:31:05] It actually kind of sucks because you've forgotten about your family You've forgotten about work, maybe and you're too focused on having fun and you're spending all your money There is a good balance between the three But make sure you're taking calculated risks and avoid oversized

[00:31:20] Crazy financial risk because that's just gonna lead to complexity or heartache and a learning opportunity through a mistake that you're making So keep it simple take risk, but don't take giant crazy risk

[00:31:31] Remember that money compounding over time should be a key motivator for you. It should help you Drive to invest more money simply as you start to see that money invest and I keep hearing this magic point

[00:31:42] Where your money moves or makes as much money as you're able to put in it in a single month And that sounds exciting I can't wait to get to that point because knowing our money is able to shift is

[00:31:53] Much is worried able to put into it like I heard a story that someone is putting about 20 thousand dollars investing a month And maybe not a month, but they were doing it either way that their account was also growing at

[00:32:06] $20,000 over that same span and they're like wow this account just grew more than I can make it grow with my own money That's a cool point to get to and that comes by keeping it simple and not over complicating

[00:32:17] It was large outside's risk the practical advice here to get to the next level is to stick to what makes you happy and Explore small manageable growth opportunities through simple investing maybe there is a slight business venture

[00:32:30] You can go into but it's not going to be the massive one where your friends opening a restaurant And needs fifty thousand dollars, but they promise they'll two exit and they're just speaking all this jargon to try to get you to invest Take small manageable growth opportunities

[00:32:43] But avoid rushing into large financial commitments just like that restaurant thing I just mentioned Avoid those large things like a mortgage Stuff like that if you're not truly ready Keep it simple and your life's gonna be better off for it

[00:32:55] But I do want to begin to wrap up here with our final topic of the importance of tracking our spending We talked about it in the interview and I'm gonna talk about it a little bit more right here, but it is extremely important to do

[00:33:06] So we'll talk about that next Why is it so important to track our spending? Well, it's critical to know your spending is as important as knowing your income We have to understand our expenses or it's gonna lead to financial issues because it's so easy

[00:33:28] We have pastubs we have taxes. We know exactly how much money is coming into our lives But we don't know exactly how much is going out and if a business was around that way

[00:33:37] It wouldn't go anywhere because you have to know how much you're spending how much money is going out It's so beneficial to have control over your finances to be able to plan better Helps you identify and cut unnecessary costs like subscriptions and things like that

[00:33:51] And it helps you ensure more money is kept rather than spent Impulsively or spontaneously or seemingly it just disappears sometimes, right like the money just seems to disappear If you're not tracking your spending

[00:34:02] But that's the importance of it so you can actually know where the money is going Maybe we should come up with instead of income taxes We should do expense taxes and really it's just a way for you to have an annual review of your expenses

[00:34:14] I kind of like that idea. I'm gonna toy around with that one and I'll report back later If I learn anything going down that avenue and maybe I'll come up with the expense tax report

[00:34:23] But what are the best practices to track your spending? Make sure you're regularly reviewing your expenses and Aligning them with your budget used tools and apps to help track your spending and set realistic financial goals based on your spending data

[00:34:36] Like for me in my wife right now we're in a season where we're spending more on College and student loans and things like that and that's allowed us to set realistic goals around

[00:34:45] We need to pay those off soon before we really start driving to invest while we still are investing plenty of money now But once we pay those off we'll be able to invest even more but our realistic financial goals are able to come around because we're realistic

[00:34:58] And our expenses because we're tracking them so make sure you're tracking your expenses It can be a huge deal and really help you get going on the right path But that's today's episode. We're gonna wrap it all up next

[00:35:19] All righty everyone. That's a wrap for today's episode. We covered some serious ground in the billionaire World and I hope you're leaving with a wallet full of wisdom Let's quickly recap what we've learned from our billion dollar discussion today first off

[00:35:32] We discovered the billionaires keep it simple. They budget just like you and me only with a few extra zeros Keeping it simple is the secret to getting wealthy We've delved into the real secrets that many shared with us like hard work

[00:35:45] Resilience and maybe a sprinkle of luck and talent of course But it turns out they're not just lighting their money on fire for fun to sit back and smoke a cigar like Manny said they're meticulously tracking every penny and pushing through tough times without breaking a sweat

[00:36:00] Next we talked about leveling up financially That is the key takeaways balance your money work and happiness Don't bite off more than you can chew and let your money compound over time It's like watching my wife's plant scroll slow and steady, but they eventually start growing like crazy

[00:36:15] So make sure you're putting in just little bits keep it simple. Let your money compound And also don't forget the importance of tracking your spending Knowing where every dollar goes isn't just for control for each or money nerds

[00:36:27] It's a crucial step in keeping your hard earned cash where it belongs in your bank account After all, it's not how much you make it how much you keep Finally remember the building wealth it's a journey

[00:36:37] It might take some real soul searching to figure out what you want to do with your money Make financial plans things like that. It might also take a few financial mistakes, but it's going to take a whole lot of patience

[00:36:46] That's a guarantee, but the right mindset and a bit of perseverance you can set yourself up financially for a comfortable future But thank you for listening to this episode. Thank you so much to Mani Skivo

[00:36:57] Felix for coming on and especially for being so nice about the technical difficulties that we had We had a couple of them with the interview, but we worked it out and the interviews are going smoothly forward So we're gonna keep it going

[00:37:08] But make sure you share this episode with a friend and then go to those money talking points and ask your friends How do you track every expense and then you're both gonna say oh neither of us track expenses?

[00:37:18] Let's figure out how to let let me email my podcast host that I was listening to this episode on And maybe he'll jump on a call with us or you can both come on the podcast episode and we can kind of talk through

[00:37:29] How to track your expenses because a coaching episode so to speak could be a fun one for people to listen to So if you're interested reach out and I'd be happy to talk through a money situation with you But go have a money talk with your friend and

[00:37:41] Become billionaires together, but thank you for listening to money talk with scatherflamming I'm your host scatherflamming have a great week. Thank you for listening to money talk with scatherflamming This show is provided for informational and entertainment purposes and may not be specific to your unique situation

[00:37:57] Please be sure to do additional research before making any financial decisions