And welcome back everyone. I'm Baker Pacho and I'm
at a and now to stretching your dollar. Yeah
. So today we're discussing the top four financial mistakes
a lot of people make and some great advice on
how you can fix them. So joining us now
in studio is Bobby Rell, the CEO of Financial
Wellness Strategies. Also, she's the author of launching
Financial Grown Ups and the host of the podcast Wellness
for Financial Grown Ups as well. Bobby. So
good to have you here. So as a financial
planner, you obviously see a ton of mistakes that
people make. So let's start with the math avoidance
. What is that exactly? We love to just
stay in blissful ignorance of the actual numbers that we
have to pay attention to, but the truth is
technology is making it so much easier. So all
we have to do really is start paying attention.
What's coming in. What do you make from different
sources? What do you need to spend? Right
? What investments do you have? What savings do
you have? So look at those numbers make a
budget and then I think the secret sauce of this
is to have an accountability partner, partner. That
could be a partner or a spouse. It could
be a trusted friend and it could even be a
third party. It could be an accountant. It
could be a professional who's going to keep you on
track. And you also talk about FOMO, tell
me why that's a drain on your finances. Yes
. Look, social media is real. What we
see around us now that we're getting out post COVID
is very real and we do, it's not only
social pressure, but it's just wanting to be out
there with our friends and family and doing fun things
. But remember that even like if you have a
co worker that makes the same amount of money,
they may have different resources than you. They might
have a trust fund, they might have a side
hustle so they have other income. Conversely, someone
also may have less than you. They may have
student debt, whatever it may be. So be
sensitive to that don't hang out with people that are
spending so much that it stresses you out because you
never know what somebody else's finances are. And it's
not fun if you're stressed out. Absolutely not because
then you're thinking about it the whole time like,
oh God, should I really be buying this drink
right now? You go home. So yeah,
or they gonna order that crazy bottle of wine,
right? So you also talk about the lifestyle creep
as well and this is apparently a huge mistake.
What's that? Yeah. Look, we love subscriptions
. So many things that we use now we can
pay for in little tiny increments. So we don't
always notice it, but it does creep up.
So, do an audit at whatever interval is comfortable
for you. You could even do it monthly and
see what you're paying for. Try to cut it
. They'll usually give you a better deal if you
do want to go back. So, don't worry
, they'll take you back. But if you can't
cut something, think about just downgrade reading it.
Right. Maybe you need, maybe you can do
the subscription, the TV thing, whatever channel you
want at a lower rate, whatever it may be
. Are you really using it as much as you
think? And then of course, just having too
much stuff. Yeah, we buy so much you
can sell it. You could even donate it.
Maybe keep the receipts for charitable deduction. And that
way you feel like your mind is more open when
you don't have so much going on there. It
really correlate. Yeah, it's not as exhausted.
It will simplify your life and streamline everything and maybe
you'll make some bucks by selling some, some stuff
. And finally, why you always need to be
mindful of your career. Yeah. Always stay aware
of what's going on around you. Not just what
you're doing, but the health of your company know
if layoffs might be coming off coming around. And
also, even if you have your own company,
be aware of what's going on with your clients,
make sure your skills are up to date. In
fact, many companies will even help you, they'll
pay for the courses or whatever it may be to
keep your skills up to date and even maybe even
upgrade them. You also can build relationships with your
coworkers, not just your boss, very important,
also build relationships with people that are your peers and
people that maybe report to you because they're your network
going forward. Not only if there's a laugh,
but throughout your career and those can be really valuable
. That's fantastic advice. Thanks again to Bobby Rabe
, author of launching Financial Grown Ups and CEO of
financial wellness strategies coming up. We've got the opening
bell over at the New York Stock Exchange and the
NASDAQ. We're gonna have it for you live.
Don't go anywhere.