Smart Money Management. Savings. Leverage. Compounding interest.
That is basically what we are talking about in today’s podcast as inspired by two of our listeners who wrote in. Now, rewind a few episodes, and you’ll find the boys quoting Albert Einstein famous words, “Compound interest is the eighth wonder of the world. He who understands it, earns it… he who doesn’t… pays it.” And today’s focus is all about getting the foundation RIGHT, finding the SWEET spot for your money management habits and understanding WHAT delayed gratification is all about.
One of the questions that we asked the listeners today is,
Would you take a million today or take a cent now and double the amount every day for the next 30 days?
Tune in to find out the numbers behind this question and here are the Free Resources mentioned in today’s podcast:
- LocationScore Webinar – Register your interest here
- Video on RealEstate.com.au | The ‘flour jar’ method of saving for a house – Watch the video here
- Video on RealEstate.com.au | How debt helps you build a property portfolio – Watch the video here
- The Life-Changing Magic of Tidying Up by Marie Kondo on Blinkist – Read here
Just in case you’re wondering, here’s what the two listeners wrote in:
- From Chris:
Hey guys. Love the podcast. I’ve told so many people about you guys. Out their flying the flag. One day I’ll probably knock on your door for a job. Seriously.
I find that one of the biggest advantages/disadvantages to building wealth can of be determined as to whether you are or aren’t on the same page as your partner when it comes to finance and household spending. I meet so many people in life who are either money savvy (to some degree) or they just aren’t. I love that we all have different passions in life, it makes the world go round, but wouldn’t it make life, relationships and wealth building easier if we all LOVED the concept of making our money work harder for us. We were all money SMART 🙂 *Thanks rubbish Australian education curriculum!
So my challenge is to you. Not an easy one. Do one podcast that in the most effective mainstream fashion, gives those that aren’t ‘interested’ yet, just a taste of how they MUST be money smart. Because…it is not actually that hard, how it can impact their lives so dramatically and how they should take a bigger interest in how to make their money work for them now if they want options of living a wonderful life. A life of experiences. Inspire them. One podcast I can make my loved ones listen to, to try flick that switch in them to take more control of their finances with joy. Like when I read Rich Dad Poor Dad. I know how amazing compound interest is, I know how amazing leverage is, but so many people just don’t. Therefore they don’t know why they should be delaying gratification. So they simply choose to spend.
In a time that is crazy busy for you guys building a business and living your own family lives, well done on giving so much back to society. You will never know how great an impact you have had on generations to come.
- From Greg:
I just watched the first video you’ve done with realestate.com.au. Congratulations on the partnership and great work as usual.
Just one comment on the first video. The savings/investment glass got filled with what was left over. This goes against many of the gurus (The Richest Man in Babylon, Robert Kiyosaki etc) who all say “pay yourself first”. So, in the video, the savings/investment glass should have its share first (whatever amount the person has decided) and then the other glasses divide up what’s left over.
Keep up the great work.
If you like this episode (The Power of Compounding), don’t forget to rate us on our iTunes channel (The Property Couch Podcast) and our Facebook page. Any questions or ideas? Feel free to drop us your thoughts here: http://tpcaustralia.wpengine.com/topics/