What is money for?
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Is it a helpful
resource to use for good?
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Or is the love of it
the root of all evil?
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Actually, it's both.
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But God may have a
different definition of success.
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Real success
doesn't come overnight.
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It takes hard work
and faithful planning.
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To use your dollars well,
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it takes more
than a little sense.
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Hello, and welcome
to Dollars and Sense.
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My name is Yvonne Lewis.
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I'm your co-host
for this program.
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And our primary
host is Ryan Mack,
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financial literacy expert.
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Hey, Ryan. How is it going?
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It's going great. Praise God.
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We've been doing
all these programs.
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I'm learning so much.
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Our viewers, I know
are learning so much.
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And today, we have a
really special topic.
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Very special topic,
it's all about budgeting.
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Okay.
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Budgeting, make sure
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it's the driver
of a financial plan.
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I mean, outside of
crisis which you base
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your financial strategy
on because without a budget,
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you don't know how
much you can put to tithe,
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you don't know what you
can put into your new business
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or your home, you don't know
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how much you can put into
your college savings plan,
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how much you can put
into the stocks or bonds
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or real estate, all of that.
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You don't know
anything unless you know
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exactly what you're earning
and how much you're spending.
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So all of these things
are tied together with budget.
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We'll have a very
thorough discussion today
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about budgeting.
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Oh, that's great.
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I need to know about
it because, you know,
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a lot of times you think,
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"Oh, man, I need
to make out a budget."
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And when you do, you just
see where your money is going.
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You actually take
control of your money
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instead of your
money controlling you.
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And nowadays,
budgeting is even easier
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because of all the technology.
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They have phone applications,
they have different software
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you can use on your computers.
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So all of these
things, it's easier now.
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And you can...
there's banking online.
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So essentially now
you're knowing exactly
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what moneys are coming in
and out by looking online.
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So it's just an easier way
to budget so we can fulfill
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what God
actually wants us to do.
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That's great.
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And we can go back to the
Word to get the principles.
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Exactly.
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You have
principles for budgeting
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in the Word, don't we?
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Absolutely. Let's hear it.
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And I have some here,
I have some principles.
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The first verse I wanted
to check out is Proverbs 3:9.
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And that says, "Honor
the Lord with thy substance,
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and with the firstfruits
of all thine increase."
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That to me
relates to tithing, right.
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You have to give
God your firstfruits.
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And you don't know
what your firstfruits are
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unless you know
what you're making.
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You can't tithe unless
you know what you're earning.
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This comes from budgeting.
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And you know, a
lot of individuals say,
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"Ryan should you
tithe if you're not making
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that much money?"
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I said, "Well, you know
what, the less money you make
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the more you need to budget.
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And if you're actually
tithing you can actually...
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It helps you to
allocate and figure out exactly
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how much money
you have coming in."
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This is the way we honor God.
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This is the way we praise Him
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and sow seeds
into our ministries
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that's doing so much for us
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for all the things
that He's done for us.
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And a budget helps us do that.
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So the second verse I have
is 1 Corinthians 4:2, right?
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And that says, "Moreover,
it is required of stewards
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that they be found trustworthy."
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So again, these
are not our resources.
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Every dollar you have
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and everything we
own belongs to God.
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And God is just allowing
us to just hold on to them
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and be a steward over them.
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So a budget is
just one more thing
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that we can do to make sure
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that we're showing God
that we are trustworthy.
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We can be trustworthy of
exactly what He's given us.
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You know, that's a
really good point, Ryan,
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because being a
steward is being a manager.
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Yes. And if God...
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If we're going to...
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If we want God to
give us big things,
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how can God trust
us with the big things
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if He can't trust
us with little things?
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So we need to have a
budget so we can see...
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See, I'm feeling convicted now.
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I'm going to go
home and make a budget.
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And in one
website, we can do it.
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I'll get into it
later, its' mint.com
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as I always advocate that site.
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You can go to
the site, it's free.
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And it helps you just to really
put a lot of your expenses down
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on a technology.
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So it's just a
great tool to use.
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Yeah, that's good.
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So another scripture I
have is 2 Corinthians 9:6.
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It says, "The point is
this, whoever sows sparingly
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will also reaps sparingly,
and who ever sows bountifully
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will also reap bountifully."
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So I mean, you
reap what you sow.
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Okay.
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But again, in
order for us to give,
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in order for us to make
sure that we are giving,
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we have to know
exactly how much we're making.
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We have to know much
can we afford to sow, right?
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What is 10%?
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How much can we give and
gift to our favorite ministry.
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You know, when they
donated to Dare to Dream.
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You know, they have
to go in their budget.
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You should have
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a philanthropic
part of your budget.
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So when they
donate to Dare to Dream
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and other good
ministries doing good work,
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they know exactly
how much is coming out.
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And maybe you don't
automatically withdraw,
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they should be able
to budget those things.
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Right.
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And then finally one more
which is my favorite verse
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on how budgeting
really comes together
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is Proverbs 6:6
through 8 that says,
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"Go to the ant, thou
sluggard, consider her ways,
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and be wise.
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Without having any
chief officer or ruler,
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she prepares her
bread in the summer
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and gathers her
food in harvest."
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So the ant is budgeting, right?
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The ant is budgeting
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and the ant knows how to budget.
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They go and they rob your picnic
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and all that stuff that
they bring in from the picnic,
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they budget and they
prepare for the harvest, right?
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I mean, so if the ant
can do it, we can do it too.
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And so overall,
I think it's just
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there's a simple
process I really just wanted
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to get into to talk about
budgeting in this three steps
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of how to go
about budgeting, right?
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Okay, good.
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The first step to
budget is to put together
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an estimated budget.
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You know, many
individuals, they will start out
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and they figure out, okay,
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how much do you
think you're spending.
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And some people
just really don't know.
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You might have an indication
by looking at your pay slip
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of what your revenue coming in,
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but do you have any other
revenue sources coming in?
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Sometimes business owners have
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multiple revenue
streams coming in.
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Sometimes
individuals who are freelancers
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have multiple
sources of revenue coming in.
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So they don't know exactly
how much money coming in.
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Or if you're
retired, you have pensions
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and social
security and all that stuff.
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Exactly.
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And expenses, we
really have a hard time
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trying to figure out
what expenses are coming in.
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Some expenses are fixed,
some expenses are variable.
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I mean, we might know
what is your phone bill
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every single month,
do we have an indication,
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do we have any overcharges,
do we have any expenses from,
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you know, cable
bills, and light bills,
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and electric
bills, and gas bills,
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all these things
vary from time to time.
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How much money
are you paying back
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on your student
loans or anything.
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All those things, we
have to put down on paper
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to figure out exactly what is,
but we have to estimate those.
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So when you're budgeting,
you then will put down
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the approximate amount as
opposed to an exact figure
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because it might vary?
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Well, the first part is
the estimated budget, so.
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Right.
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You know, usually, let's
just say it's on a Monday
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and you're putting
together your budget.
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You don't know, you
know, you might have forgotten,
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you don't necessarily
know but this is a process.
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So you estimate,
it's a guesstimate.
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This is how much I'm
thinking I'm spending,
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but then you get it
exact by doing that 30-day
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spending diary
over the next 30 days.
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So over the next 30 days,
you really just go through...
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If you throw a penny in
a well, you write that down
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and you put it
down in your budget.
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And you really just get exactly
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how much came
out of your pocket.
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Now if it's Christmas
time, a birthday season,
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you might not want to do
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your 30-day spending diary then
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because that probably
doesn't indicate a good amount
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of how much you'll be
spending on a regular basis.
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You know, so maybe you
might want to do it 30 days
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but then make for the next month
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to start that 30
days but regardless
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when you dealt that 30 days,
then you do it actual budget.
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How much did you
spend on your gas bill,
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your electric bill, your
heat, all those types of things.
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You write that down in a budget
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and then you try to stick to it.
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I mean again, using
mint.com or different websites,
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they have different software.
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Free software you
can use over the internet
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that you can just
insert all your expenditures
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and your revenue
on a regular basis
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and then you try to
follow those things.
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Okay.
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So now once we've done that,
I want to start to talk about
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some ways that we can,
that we might bust our budget,
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okay, because it's a
lot of things out there
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that bust our budget
and makes us spend money
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in irresponsible way.
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So these are budget busters?
Budget buster, yes. Okay.
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And we'll talk about
some sales strategies first.
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So now, you ever saw the chaos
that exists on Black Friday?
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Oh, yeah.
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When every Black
Friday, people are, you know,
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literally people have
died on Black Friday sales.
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Well, this is a sale strategy.
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And the sales
individuals, the retailers,
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they want this
type of excitement.
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They want individuals
waiting out at three, four,
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five in the morning
waiting on that next sale.
00:09:12.95\00:09:15.32
And the bottom
line is that, you know,
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most Black Friday sales
have occurred at least once
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during the duration of the year.
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But this is on Black Friday.
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So it has to be different
than the other days of the year.
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So those prices have
happened at other times.
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Yes.
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But they pump up Black Friday.
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This is the day
because you'll never see
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another sale for
the rest of your life.
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And this is the last day
you're going to see this sale.
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So they'll have
these sales on Black Friday
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to get that excitement.
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And that
excitement brings attention.
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And the goal of any
marketer is to get attention.
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So we have to start looking
into the psychology of how
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they're getting
into our pockets, right?
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So the Black Friday sale
is just one of those things
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when you see
different shoe lines,
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individuals waiting in
lines for various shoes.
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That's a sales strategy.
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And what they'll do
is they'll actually,
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when people wait in line
for, let's say Nike shoes,
00:10:05.57\00:10:08.37
they'll wait in
line and when they get...
00:10:08.40\00:10:10.97
They might release them on,
I think on a Monday or Tuesday
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or whatever popular
day of the week it is that
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they normally
release the new shoes,
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when they have this long line,
00:10:18.41\00:10:20.12
they purposely
don't open the door.
00:10:20.18\00:10:22.12
When they get
there, they'll decrease
00:10:22.15\00:10:23.85
the amount of
supply in actual shoes.
00:10:23.89\00:10:27.56
You will think...
00:10:27.62\00:10:29.09
Logic would say,
well, not marketing logic
00:10:29.12\00:10:31.33
or revenue logic, but you
say they should have more shoes
00:10:31.36\00:10:34.56
because they should
have more available.
00:10:34.56\00:10:36.16
No, they want to make sure
that there is a huge demand
00:10:36.20\00:10:40.90
for what they are offering.
00:10:40.94\00:10:42.60
So when you get to
the front of the line,
00:10:42.64\00:10:44.37
and you have a size 10.
00:10:44.41\00:10:45.74
And you say, you know,
00:10:45.77\00:10:47.11
let me have a
size 10 or 11 shoe,
00:10:47.14\00:10:49.14
and they're sold out, a minute,
00:10:49.18\00:10:51.25
that psychology
says that I'm going to be
00:10:51.28\00:10:53.38
the first person
in line to come back.
00:10:53.45\00:10:55.98
People actually get
mad that they can't spend
00:10:56.02\00:10:58.95
$150, $200 for a pair of shoes.
00:10:58.99\00:11:01.06
They get upset.
00:11:01.09\00:11:02.42
And think about the
psychology and it's actually
00:11:02.46\00:11:05.26
a brilliant psychology to get
into the minds of individuals.
00:11:05.29\00:11:08.16
People are mad
that they can't give you
00:11:08.20\00:11:10.33
$200 of their money.
00:11:10.37\00:11:12.03
I mean, think about that.
00:11:12.07\00:11:13.50
That is just amazing to me. Yes.
00:11:13.54\00:11:16.20
The psychology says the
next time they have a sale,
00:11:16.24\00:11:20.18
I'm going to be the
first person in line.
00:11:20.24\00:11:22.08
You're going to take my money
00:11:22.11\00:11:23.45
whether you like
it or not, right?
00:11:23.51\00:11:25.78
And it's just crazy. Yeah.
00:11:25.81\00:11:27.48
It's about the
value that the psychology
00:11:27.52\00:11:30.69
behind putting a
certain value on that shoe.
00:11:30.75\00:11:34.82
Exactly. And
that's a sales strategy.
00:11:34.86\00:11:36.46
So then you see the
lines get longer and longer
00:11:36.49\00:11:39.63
and longer and longer.
00:11:39.66\00:11:41.20
And so the
impulse sale strategies,
00:11:41.23\00:11:43.30
it's very easy.
00:11:43.33\00:11:45.17
The sales strategy,
individuals will go out
00:11:45.20\00:11:48.10
and they will mark up a
sweater or what have you,
00:11:48.14\00:11:52.17
maybe you know, they
might be selling $400
00:11:52.21\00:11:54.44
but it's marked up from
10 with which they bought it.
00:11:54.48\00:11:57.58
But there's mark way up
to $100 but then they'll say,
00:11:57.61\00:12:00.62
they'll mark it down to $50
and have a 50% of blowout sale.
00:12:00.65\00:12:04.65
Oh my goodness, it's
50% off, I have to go.
00:12:04.69\00:12:07.66
But they're still
making 500% profit.
00:12:07.69\00:12:10.26
And this is a
simple basic strategy.
00:12:10.33\00:12:12.53
So that's what I call
the bogus sales strategy.
00:12:12.56\00:12:15.70
Then they'll have the
guilt sales strategy, right?
00:12:15.73\00:12:18.20
The guilt sale strategy
is very good where you walk
00:12:18.23\00:12:21.00
into a store and they might,
you know, you try on some shoes
00:12:21.04\00:12:25.77
and all of a sudden, you
want to try on some more shoes.
00:12:25.81\00:12:28.98
Well, then the person has
to go in the back and get you.
00:12:29.01\00:12:31.75
And they come out
and they're acting busy,
00:12:31.78\00:12:33.98
and all this stuff.
00:12:34.02\00:12:36.45
And they come out,
here's the other shoe.
00:12:36.48\00:12:38.45
Oh, I'm sorry.
I'll be right there.
00:12:38.49\00:12:39.82
I'll be right there.
Here's your other shoe.
00:12:39.85\00:12:41.69
And all men, heaven
forbid that you have to go back
00:12:41.72\00:12:44.49
and have them go back
in the back room once more
00:12:44.53\00:12:48.16
because that's
just, oh my goodness,
00:12:48.20\00:12:49.63
that's just too much to bear.
00:12:49.66\00:12:51.57
So they go back,
and they come out,
00:12:51.60\00:12:53.17
and they're working
hard, they're all sweaty.
00:12:53.20\00:12:54.80
And it's, oh my goodness,
I had to go way in the back
00:12:54.84\00:12:56.67
and get these shoes.
00:12:56.74\00:12:58.11
And they want you.
00:12:58.14\00:12:59.47
They have salesmen
is about have them trial
00:12:59.51\00:13:01.08
as many shoes as
possible because they understand
00:13:01.11\00:13:03.68
the more shoes
that individuals try on,
00:13:03.75\00:13:05.75
the more they feel guilty
00:13:05.78\00:13:07.12
that they haven't
actually bought a pair of shoes.
00:13:07.15\00:13:09.45
So it increases your
feeling of obligation.
00:13:09.48\00:13:11.69
Exactly.
00:13:11.72\00:13:13.05
Like I need to buy these shoes
00:13:13.09\00:13:14.42
because I worked the
salesperson to death.
00:13:14.46\00:13:16.76
Exactly. And
that's actual strategy.
00:13:16.83\00:13:19.63
They actually talk
about yes, we want you,
00:13:19.66\00:13:22.56
we want you to act
busy, and come out,
00:13:22.60\00:13:24.57
and roll your sleeves
up, and all these things.
00:13:24.60\00:13:27.10
I mean, when individuals
have chips and things to offer,
00:13:27.14\00:13:31.17
and they have water
00:13:31.21\00:13:32.54
and they want you
to feel comfortable.
00:13:32.57\00:13:33.94
Well, you had all my free water,
00:13:33.98\00:13:35.48
why don't you buy some blouse?
00:13:35.51\00:13:37.31
Or you had all my
free potato chips,
00:13:37.35\00:13:38.88
why don't you buy a shirt?
00:13:38.91\00:13:40.28
You know, so it's
like these are the things
00:13:40.32\00:13:42.02
that they want to feel guilty.
00:13:42.05\00:13:43.65
It's just that little bit
to just feel just guilty enough
00:13:43.69\00:13:47.52
to buy that stuff, right?
00:13:47.56\00:13:49.22
That's
interesting. So now they have...
00:13:49.26\00:13:51.13
Here's the
impulse sales strategy.
00:13:51.16\00:13:53.46
The impulse sales strategy,
this is actually a sneaky one
00:13:53.50\00:13:56.36
where what they'll do is
if there's two, like to say.
00:13:56.40\00:13:59.57
Let's say Macys, right?
00:13:59.60\00:14:01.07
When I was in New York,
00:14:01.10\00:14:02.44
there was many
Macy's around New York.
00:14:02.47\00:14:03.81
Right.
00:14:03.84\00:14:05.17
There's a Macy's in Brooklyn,
there's a Macy's in the Bronx.
00:14:05.21\00:14:07.38
They've done their research,
they know that the people
00:14:07.41\00:14:09.61
in the Bronx Macy's don't go
to shop at the one in Brooklyn
00:14:09.64\00:14:12.91
and vice versa.
00:14:12.95\00:14:14.32
So normally you
go to the same Macy's
00:14:14.35\00:14:15.68
in the same neighborhood.
00:14:15.72\00:14:17.05
Right.
00:14:17.09\00:14:18.42
So what they'll do is
they'll switch, you know,
00:14:18.45\00:14:20.59
they'll have a sale at Brooklyn,
00:14:20.66\00:14:23.12
in the Brooklyn
Macy's about this sweater,
00:14:23.16\00:14:26.19
and then they'll take
that particular sweater
00:14:26.23\00:14:28.66
and they'll ship
it up to the Bronx.
00:14:28.70\00:14:30.93
So they'll be a
decrease supply in the place
00:14:30.97\00:14:33.40
they'll have the sale.
00:14:33.44\00:14:34.94
So when you go to
the Brooklyn Macy's,
00:14:34.97\00:14:37.37
you look around and
there's no sweater left.
00:14:37.41\00:14:39.31
"Oh, wait, where's the sweater?
00:14:39.34\00:14:40.68
It was in sale and I have..."
00:14:40.74\00:14:42.08
"Oh, sold out, sorry.
It's already sold out."
00:14:42.11\00:14:44.68
So now you're in the
store and so the goal is just
00:14:44.71\00:14:48.12
to get you there, the only
goal is to get you in the store.
00:14:48.15\00:14:51.02
In the other store across down,
00:14:51.05\00:14:52.82
so the Brooklyn one
and the Bronx one...
00:14:52.85\00:14:54.89
Yeah, so the Brooklyn...
00:14:54.92\00:14:56.46
Brooklyn customer
goes to the Bronx store.
00:14:56.49\00:14:58.99
No, the Brooklyn customer
goes to the Brooklyn store,
00:14:59.03\00:15:02.43
they don't have
any sweaters left.
00:15:02.46\00:15:03.97
Got you.
00:15:04.00\00:15:05.33
So now they're upset
saying, "Where's the sweater?"
00:15:05.37\00:15:07.64
And the similar way as
the Nike, you get there,
00:15:07.67\00:15:10.54
there's no sweater,
you're upset now saying,
00:15:10.61\00:15:12.97
"Doggone it, I should have been
the first one when I saw that
00:15:13.01\00:15:16.44
so I should have acted sooner,"
00:15:16.48\00:15:17.88
because you're
thinking that they sold out.
00:15:17.91\00:15:19.78
But now the trick
is you're in the store
00:15:19.81\00:15:22.85
and that's all they need.
00:15:22.88\00:15:24.22
Once you're in the
store, they can sell you,
00:15:24.29\00:15:25.79
they can do all this and that.
00:15:25.82\00:15:27.26
But all the sweaters
that you wanted to buy,
00:15:27.29\00:15:29.06
they're up in the Bronx.
00:15:29.09\00:15:30.43
You're not going
to go up in the Bronx
00:15:30.46\00:15:31.96
but you're gonna pay
full price on other things
00:15:31.99\00:15:34.00
make sure they get
more of your money.
00:15:34.00\00:15:36.46
And they do that all
day long to make sure
00:15:36.50\00:15:38.87
they can get people
into the store, right?
00:15:38.90\00:15:42.37
So...
00:15:42.40\00:15:43.77
All these little tricks.
These little tricks, right?
00:15:43.81\00:15:45.64
Of course, they have
00:15:45.67\00:15:47.04
the credit card
discount strategy
00:15:47.08\00:15:48.41
where individuals go
in, they get to the front
00:15:48.44\00:15:51.25
and they say, "Did you
find everything you need today?"
00:15:51.28\00:15:54.22
Oh, yeah. "Oh, yeah.
00:15:54.28\00:15:55.95
I found everything very nice."
00:15:55.98\00:15:57.89
"Okay, well, do you
want to credit card?"
00:15:57.92\00:15:59.95
"Oh, no, no, I don't..."
00:16:00.09\00:16:01.69
"Well, you get a
10% off." "Oh, really?"
00:16:01.72\00:16:06.16
"How much did you spend?"
"Well, I only spent $50."
00:16:06.19\00:16:09.93
"Well, if you spent
$100, you get 10% off."
00:16:09.96\00:16:12.37
And it's a strategy that
00:16:12.40\00:16:13.74
if you spend X
amount of dollars,
00:16:13.77\00:16:15.10
you get a discount.
00:16:15.14\00:16:16.47
So you've actually
you spent 50 originally
00:16:16.50\00:16:18.54
or you planned on it
00:16:18.57\00:16:19.91
but now you have to
spend 100 to get 10% off.
00:16:19.94\00:16:23.14
Now you're spending 90
00:16:23.18\00:16:24.68
but you think
you got a discount.
00:16:24.71\00:16:26.48
So these are the
little tricks of strategies
00:16:26.51\00:16:28.92
that people use
and I'll get on...
00:16:28.95\00:16:31.02
And then the lower strategy
is always, it's easy one,
00:16:31.05\00:16:33.19
you walking pass the
store, they've done research on
00:16:33.22\00:16:35.99
aromas and smells and scents.
00:16:36.02\00:16:38.83
So as you walk by...
00:16:38.86\00:16:40.93
Remember those
cartoons? Yeah, yeah.
00:16:40.96\00:16:42.53
You see the wafting aroma.
00:16:42.56\00:16:45.07
And then they start doing
this like the old Popeye cartoon
00:16:45.10\00:16:47.50
so they start doing that.
00:16:47.54\00:16:48.87
So they start going down
and it's like, "Wow," you know,
00:16:48.90\00:16:51.84
and the music, they
research the type of music
00:16:51.87\00:16:54.78
and which areas to
play the type of music.
00:16:54.81\00:16:56.75
So all these things together
00:16:56.81\00:16:58.15
just make people
get in to the store.
00:16:58.18\00:17:01.82
And that's just the bottom line.
00:17:01.85\00:17:03.18
So again, but and then
also another budget buster
00:17:03.22\00:17:06.89
is what we do for ourselves
with our emotions, right?
00:17:06.92\00:17:09.86
Never shop if you're too happy.
00:17:09.89\00:17:12.53
You just won the basketball game
00:17:12.56\00:17:13.93
so now you want to go shopping
and celebrate with the fellows,
00:17:13.96\00:17:16.16
usually go out to eat
or something like that.
00:17:16.20\00:17:18.43
Never shop if you're sad.
00:17:18.47\00:17:20.14
You know, good things to
do if you're sad essentially
00:17:20.17\00:17:22.67
just make sure you can exercise,
00:17:22.70\00:17:25.27
you know, prayer, work,
get to work, community service,
00:17:25.31\00:17:30.48
I mean, I know of individuals
who have been sad or down
00:17:30.55\00:17:33.62
to get involved and
actually give in to something...
00:17:33.65\00:17:35.75
Absolutely. Is a
great way to do it.
00:17:35.78\00:17:37.79
And you're actually giving back,
00:17:37.82\00:17:39.25
you're not spending any money,
you're spending your time.
00:17:39.29\00:17:41.76
So there's a great
way to go about doing it.
00:17:41.79\00:17:44.23
Absolutely.
00:17:44.26\00:17:45.59
Never shop if you're bored
00:17:45.63\00:17:47.30
and never shop if
you're too anxious, okay?
00:17:47.30\00:17:49.56
So they say, again, obviously
if you're hungry never shop
00:17:49.60\00:17:52.47
and go to the store.
00:17:52.50\00:17:53.84
Right.
00:17:53.90\00:17:55.24
So always write a list
before you go to the store.
00:17:55.27\00:17:56.77
The person who writes a
list, you stick to the list,
00:17:56.81\00:17:59.04
you'll spend less money.
00:17:59.07\00:18:00.51
So that's always been proven.
00:18:00.54\00:18:01.88
So these are
just emotional busters
00:18:01.91\00:18:04.11
that make us
spend more money, so.
00:18:04.18\00:18:07.25
That's some good stuff,
because, you know, you don't,
00:18:07.28\00:18:09.62
when you go to the store,
00:18:09.65\00:18:11.39
for me when I go to
the store I'm thinking,
00:18:11.42\00:18:13.15
"Okay, I have to
get this, this, this."
00:18:13.19\00:18:15.22
I don't want to
stay in there forever.
00:18:15.26\00:18:17.49
But they do have all
of those little things,
00:18:17.56\00:18:20.46
you smell the
fragrances, you know,
00:18:20.53\00:18:23.47
all of the
little subliminal ways
00:18:23.50\00:18:26.23
of getting your attention.
00:18:26.27\00:18:28.17
So I have a way that
you can use your budget
00:18:28.20\00:18:30.61
to calculate your finish line.
00:18:30.64\00:18:32.34
Okay.
00:18:32.37\00:18:33.71
The finish line or what
lot of finance folks call,
00:18:33.78\00:18:36.85
the magic number.
00:18:36.88\00:18:38.45
This is what
you're striving to get to,
00:18:38.48\00:18:40.98
this is the ultimate number
of what you're trying to get to.
00:18:41.02\00:18:44.39
And essentially this
is five easy steps, okay,
00:18:44.42\00:18:48.96
that you can just...
00:18:48.99\00:18:50.33
And I urge you all
to write these down
00:18:50.36\00:18:52.26
and use this
opportunity to just go
00:18:52.29\00:18:55.93
and calculate
your own finish line
00:18:55.96\00:18:57.67
because I want
people to walk away
00:18:57.70\00:18:59.03
with something here, right?
00:18:59.07\00:19:00.47
The first step is
you have to have a budget
00:19:00.50\00:19:02.54
and use the budget to calculate
your monthly expenses, okay.
00:19:02.57\00:19:06.24
When I say, "Where
you trying to get to,"
00:19:06.27\00:19:07.61
I mean, when you're retired
how much should you have saved
00:19:07.64\00:19:12.75
to make sure that
you can sustain yourself
00:19:12.78\00:19:15.88
for the rest of your life.
00:19:15.92\00:19:17.25
Right. That's the magic number.
00:19:17.32\00:19:18.82
The goal of, it's all
about financial independence.
00:19:18.85\00:19:23.46
Making sure that we can live,
even if we didn't have to work,
00:19:23.49\00:19:26.19
we should always be
working at something.
00:19:26.23\00:19:27.86
I'm a firm believer that
we should never really retire.
00:19:27.93\00:19:31.60
But, you know, I think
00:19:31.63\00:19:32.97
retirement is
more of a worldly term
00:19:33.00\00:19:35.90
because if you're really
passionate about something,
00:19:35.94\00:19:38.21
it doesn't go because
00:19:38.24\00:19:39.57
you're not making
any income from it.
00:19:39.61\00:19:40.98
So we should all be
working on something
00:19:41.01\00:19:42.34
even if we're volunteering.
00:19:42.38\00:19:43.71
But if you didn't
have to work, right,
00:19:43.75\00:19:46.55
then you should be
able to budget in such a way
00:19:46.58\00:19:49.02
that you saved X
amount of dollars
00:19:49.05\00:19:51.52
and you can
live off your savings
00:19:51.55\00:19:53.22
for the rest of your life.
00:19:53.25\00:19:55.02
That's a magic number
that we should all be trying
00:19:55.06\00:19:57.26
to work towards, okay?
00:19:57.33\00:19:58.66
So the first step is
to essentially calculate
00:19:58.69\00:20:01.43
your budget to
discern your monthly expenses.
00:20:01.46\00:20:04.13
How much your
expenses are there?
00:20:04.17\00:20:05.50
Three thousand dollars a month,
00:20:05.53\00:20:06.90
is it fifteen
hundred dollars a month?
00:20:06.94\00:20:08.27
Whatever your expenses are
00:20:08.30\00:20:09.64
but unless you have a
budget, you don't know.
00:20:09.67\00:20:11.51
Right.
00:20:11.54\00:20:12.87
The second step is to
take your monthly expenses,
00:20:12.91\00:20:15.88
times about 12, that
makes your yearly expenses.
00:20:15.91\00:20:19.85
So now, you know, now obviously
if you are 30, 40 years old,
00:20:19.88\00:20:24.99
your expenses are
gonna go down slightly.
00:20:25.02\00:20:27.52
So you want to
figure out exactly
00:20:27.56\00:20:29.09
what would your
monthly expenses be
00:20:29.12\00:20:30.96
during retirement.
00:20:30.99\00:20:32.33
The more you have
your monthly expenses,
00:20:32.36\00:20:33.70
obviously the more
you're going to have to save.
00:20:33.76\00:20:35.70
So that's more of a, I
guess, more of a liberal way
00:20:35.73\00:20:37.73
to calculating your retirement
to say, "Hey, I want to retire.
00:20:37.77\00:20:40.47
I want to, probably
want to do it up," you know.
00:20:40.50\00:20:42.74
So a lot of times
when I was putting together
00:20:42.77\00:20:44.24
financial plans, I would reduce
00:20:44.27\00:20:46.47
their current
expenses by maybe 20%.
00:20:46.51\00:20:50.11
But some individuals
say, "No, I want 100%
00:20:50.18\00:20:52.18
because I really want
to have a full retirement
00:20:52.21\00:20:54.25
or you know what, do it by 30%
00:20:54.28\00:20:56.55
because I'm going to
live a whole lot meager
00:20:56.62\00:20:58.55
and I want to save more."
00:20:58.59\00:20:59.92
So it really all depends
on your lifestyle if you,
00:21:00.06\00:21:02.16
as we talked
about in the other show,
00:21:02.19\00:21:03.53
have written down your goals
and what you really want to do.
00:21:03.56\00:21:06.26
So, again, step
two, multiply that by 12.
00:21:06.29\00:21:08.86
Now, step three,
divide that yearly total
00:21:08.90\00:21:13.23
by a conservative
rate of return, okay?
00:21:13.30\00:21:16.50
This conservative
rate of return usually,
00:21:16.54\00:21:19.14
now if someone says 8%
00:21:19.17\00:21:21.04
is a
conservative rate of return,
00:21:21.08\00:21:22.41
that's not conservative, okay.
00:21:22.44\00:21:24.45
You might, 5%, that's a
rate of return that you may
00:21:24.48\00:21:29.22
or may not get every
year more than likely
00:21:29.25\00:21:31.29
between 2 to 3% is a very
conservative rate of return.
00:21:31.32\00:21:34.79
But if you divide
your yearly expenses
00:21:34.82\00:21:37.09
by the
conservative rate of return,
00:21:37.13\00:21:38.69
essentially
what you're gonna get
00:21:38.73\00:21:40.26
is exactly the total
amount of money that you have,
00:21:40.30\00:21:43.90
if you times that
total amount of money
00:21:43.93\00:21:46.07
by that rate of return,
that's gonna give you a salary
00:21:46.10\00:21:48.84
that you can live on
from your expenditures.
00:21:48.87\00:21:51.67
So that's going to be
able to cover all your expenses
00:21:51.71\00:21:54.68
and so, and
that's the magic number.
00:21:54.71\00:21:56.98
So once you've done
that, divided it by...
00:21:57.01\00:21:59.15
now you subtract.
00:21:59.18\00:22:00.95
Step four is subtract
your current level of savings
00:22:00.98\00:22:04.19
from that large number.
00:22:04.22\00:22:05.72
Let's just say,
you've calculated, you know,
00:22:05.75\00:22:09.02
"Okay, Ryan,
$500,000 is my magic number
00:22:09.06\00:22:14.00
and I have to get to
$500,000 and, you know,
00:22:14.10\00:22:17.80
but I've already saved, 50."
00:22:17.83\00:22:20.10
So now that number
is $450,000, right?
00:22:20.14\00:22:24.84
So now you take that,
that's now $450,000 away,
00:22:24.87\00:22:28.38
you have to go step five.
00:22:28.41\00:22:29.81
You go to a
website like, FINCALC,
00:22:29.84\00:22:32.55
fincalc.com and say how
long is it going to take
00:22:32.58\00:22:36.28
based on my current
budget to get to that $450,000?
00:22:36.32\00:22:42.26
And that's the plan that
you work on for the rest,
00:22:42.29\00:22:45.86
every single day you need
to write that number down,
00:22:45.89\00:22:49.20
you need to put
it on a vision board
00:22:49.23\00:22:50.97
and you need to say,
00:22:51.00\00:22:52.33
"This is a number
that when I retire,
00:22:52.37\00:22:54.77
I'm gonna have to have
00:22:54.80\00:22:56.14
at least this amount
of money in my account.
00:22:56.17\00:22:57.54
So I have to start working
to that right now, today."
00:22:57.57\00:23:00.08
And everything else, you start
planning all around that, okay?
00:23:00.11\00:23:03.65
And that's your magic number.
00:23:03.68\00:23:05.31
So now as we do that there
are gonna be things, again,
00:23:05.35\00:23:08.22
that consumption
is 70% of our GDP,
00:23:08.25\00:23:12.89
gross domestic product.
00:23:12.92\00:23:15.09
So as we have to
start understanding
00:23:15.12\00:23:17.16
exactly how we're
spending our money
00:23:17.23\00:23:19.89
and what we're
spending our money on.
00:23:19.93\00:23:22.76
So I've just got a
few, I know you read,
00:23:22.80\00:23:25.23
Millionaire Next Door,
I think it's a great book.
00:23:25.27\00:23:28.44
And I wanted to give a
couple of examples of what,
00:23:28.47\00:23:32.91
how much money we
could actually save
00:23:32.94\00:23:35.44
by spending money on
things that we could actually,
00:23:35.48\00:23:37.91
that were actually
less expensive, right?
00:23:37.95\00:23:40.28
So now, let's talk
about a suit, right.
00:23:40.32\00:23:43.79
Someone might
say a designer suit,
00:23:43.85\00:23:46.12
some people might spend
as much as $2,500 on a suit.
00:23:46.15\00:23:50.09
Now, do you remember how
much Millionaire Next Door said,
00:23:50.13\00:23:53.70
average millionaire
spent their entire life,
00:23:53.76\00:23:56.30
the most they've
ever spent on a suit,
00:23:56.33\00:23:59.23
you remember how much it was?
00:23:59.27\00:24:00.84
It was only $399 and that's
the most they've ever spent.
00:24:00.87\00:24:04.74
They've polled a
lot of millionaires,
00:24:04.77\00:24:07.18
and they polled all
these millionaires have said,
00:24:07.21\00:24:08.61
"How much have you
ever spent on a suit?"
00:24:08.64\00:24:10.98
The most that they
were able to say was $399,
00:24:11.01\00:24:14.12
that's the most.
00:24:14.15\00:24:15.48
So most of the time,
they say, an 100, $200,
00:24:15.52\00:24:17.42
they buy them off the rack,
they don't get them tailored
00:24:17.49\00:24:20.46
and all, fit it
all that fancy matches,
00:24:20.49\00:24:22.66
but they just $399.
00:24:22.69\00:24:24.39
So now 2,500 for the
fancy smashy designer suit
00:24:24.43\00:24:30.93
versus $399, that's
a $2,101 difference.
00:24:30.97\00:24:35.37
Wow.
00:24:35.40\00:24:36.77
That saved for 30 years, if
you're saving money on suits
00:24:36.81\00:24:40.24
in savings at an 8% return.
00:24:40.28\00:24:45.28
That's a lot of money just
by making sure you don't buy
00:24:45.31\00:24:47.82
suits or buy suits that are,
00:24:47.85\00:24:50.15
that the world
says we should buy
00:24:50.19\00:24:51.75
the fancy smashy suits.
00:24:51.79\00:24:53.12
Right, right. So shoes.
00:24:53.15\00:24:56.29
Good pair designer
shoes might cost $575.
00:24:56.32\00:25:01.16
Well, if you buy the most
that an average millionaire
00:25:01.20\00:25:05.17
has ever spent on shoes is $140.
00:25:05.20\00:25:08.40
So...
00:25:08.44\00:25:09.77
Are these men or women, or both?
00:25:09.80\00:25:11.14
These are men shoes here. Okay.
00:25:11.17\00:25:12.87
So I should have
looked up at women shoes...
00:25:12.91\00:25:15.44
Because, you
know, I'm thinking...
00:25:15.48\00:25:16.85
I know, I was thinking,
I don't know about you.
00:25:16.88\00:25:18.28
I don't know how the
women millionaires think.
00:25:18.31\00:25:22.92
But I would imagine from
what I've seen, people tend to,
00:25:22.95\00:25:28.26
when they have a lot of
money they tend to spend less.
00:25:28.29\00:25:30.33
Right. Yeah, they do, they do.
00:25:30.36\00:25:32.26
And, you know,
00:25:32.29\00:25:33.63
the first
millionaire I ever met,
00:25:33.70\00:25:35.40
he was worth
about a half a billion.
00:25:35.43\00:25:38.17
And he was dressed like he
just rolled out of the bed.
00:25:38.20\00:25:41.34
And I met him, he had island.
00:25:41.37\00:25:44.91
My father's friend said,
00:25:44.94\00:25:46.27
"Ryan, do you know who that is?"
00:25:46.31\00:25:47.64
He said, "Do you see
all these 50 foot yachts,"
00:25:47.68\00:25:49.01
he said, "He owns all this.
00:25:49.04\00:25:50.41
You see, he owned the
dock, he owns all the property
00:25:50.45\00:25:52.98
with the dock, he
owns all the stores,
00:25:53.01\00:25:55.22
the fancy stores
and all that land,
00:25:55.25\00:25:57.05
all that real
estate, he owned all of it."
00:25:57.09\00:25:59.02
And I was only 12 and I said,
00:25:59.05\00:26:00.69
"Well, he's not
dressed that nice,
00:26:00.72\00:26:02.42
he can't be worth that much."
00:26:02.46\00:26:03.99
And I didn't know. Right.
00:26:04.06\00:26:05.56
I didn't know
and, I mean let it.
00:26:05.59\00:26:08.73
The individual who's rich
but acts like they're poor
00:26:08.76\00:26:13.34
will forever be rich but
the individual who is poor
00:26:13.37\00:26:16.14
but tries to act
like they're rich
00:26:16.17\00:26:17.51
will forever be poor.
00:26:17.54\00:26:18.87
That's right.
00:26:18.91\00:26:20.28
And so that was the first time
I ever got that life lesson.
00:26:20.31\00:26:22.64
And so shoes
$575 versus the most
00:26:22.68\00:26:26.45
that a millionaire
would pay on shoes is $140.
00:26:26.48\00:26:29.68
That's a $435
savings, that over 30 years
00:26:29.72\00:26:32.62
and 8% is $50,000 or $49,000.
00:26:32.65\00:26:35.19
So that's just basic
savings that we can have
00:26:35.22\00:26:38.86
by just making sure
that we're spending money,
00:26:38.89\00:26:41.23
our money in the right place
00:26:41.26\00:26:42.60
at the right
time using the budget.
00:26:42.63\00:26:44.83
And so, I mean, I
just can't say enough
00:26:44.87\00:26:48.57
that we have to make
sure that we're spending money
00:26:48.60\00:26:50.57
according to what
God's plan is for us
00:26:50.61\00:26:52.84
but not what the
world's plan wants us to do
00:26:52.87\00:26:55.61
which squanders us
and makes us broke.
00:26:55.64\00:26:57.31
Right, right.
00:26:57.35\00:26:59.08
On that note, I mean, that...
00:26:59.11\00:27:00.78
What better note is there
00:27:00.85\00:27:02.18
to close on
except your takeaway.
00:27:02.22\00:27:04.12
Absolutely.
00:27:04.15\00:27:05.59
Let's check it out. All right.
00:27:05.62\00:27:07.09
Sounds good.
00:27:07.12\00:27:08.46
In Luke 14:28, Jesus
says, "For which of you,
00:27:14.00\00:27:17.80
desiring to build a
tower, does not first sit down
00:27:17.83\00:27:20.27
and count the cost,
00:27:20.34\00:27:21.67
whether he has
enough to complete it?"
00:27:21.70\00:27:23.04
We as Christians should
all be using Christ resources
00:27:23.07\00:27:26.27
to build towers
of righteousness,
00:27:26.31\00:27:28.01
retirement, a new
home, a new business,
00:27:28.04\00:27:30.85
college savings
for our children,
00:27:30.88\00:27:32.65
tithing to your church,
giving to feed the homeless
00:27:32.68\00:27:35.28
and donate to your
favorite ministry like this one,
00:27:35.32\00:27:37.79
Dare to Dream on
all righteous towers.
00:27:37.82\00:27:40.39
But all need to be
calculated with your budget.
00:27:40.46\00:27:42.49
No matter your
income, start building today
00:27:42.52\00:27:44.79
to build your tower tomorrow.
00:27:44.83\00:27:46.23
As always, if we at
Dollars and Sense can help you,
00:27:46.26\00:27:48.46
please email me at
dollarsandsense@3abn.org
00:27:48.50\00:27:52.10
or chat with us
00:27:52.13\00:27:53.50
on the Dare to Dream
network Facebook page.
00:27:53.54\00:27:55.14
Until next time be the
change you want to see,
00:27:55.17\00:27:57.74
and remember the purpose
of life is a life of purpose.
00:27:57.77\00:28:00.74
Be blessed.
00:28:00.81\00:28:02.14