Aug 23, 2022
Summary:
Wondering how you can cut back on costs and decrease the effects of
inflation on your day-to-day life? In this episode, Gordon Stein
and I talk about some methods for doing exactly that. Gordon comes
on the show to talk about his recent book, The Cash Flow Cookbook,
and discusses how he went from cutting smaller costs (such as car
washes) to making a career teaching others about this topic.
Inflation in the US economy affects the cost of many necessities,
but by mindfully spending and strategizing, you can minimize the
effects of these price increases. Tune in for more insight.
Highlights:
-Every month, consumer credit goes up and consumers are in the
hole
-The Cash Flow Cookbook can help you
-Gordon Stein was inspired to write the book when he found a way to
get car washes for free; it was an effortless matter. He found the
way to cut the costs of a few things, and make a list of these
ideas. He eventually made a spreadsheet, book, and a speaking
career about it
-When people think about saving money, they assume they have to
give something up. The purpose of the book is to evaluate how you
can save with minimal effort
-Your credit score can change the interest cost of your loan, your
insurance cost, etc. by a large percentage
-We end up buying a lot of things we don’t use rather than shopping
mindfully—especially when it comes to clothing
-Gordon helps clients free up cash to grow their relationship with
their advisor
-It’s never too late to implement these strategies. If you start
earlier, you can see your growth over time. Someone in their
twenties can add a lot of wealth to their investing/retirement
-You can unwind the effects of inflation by cutting down on certain
expenses
-It’s better to spend money on things you enjoy than spend more
money than necessary on things you need
Useful Links:
Financial Survival Network
Cashflow Cookbook