In this episode of Mindful Money, we’re discussing the critical step of adopting a savings habit. Spending less than you earn, establishing healthy financial habits early, and taking advantage of compounding interest are crucial. Create a vision for your ideal life and align your financial priorities with that vision. These steps, along with automating your savings and making mindful spending choices, will help you build financial security, eventually leading to a comfortable retirement.

In this episode:
(00:00) - Intro
(01:51) - The savings habit
(02:22) - Spend less than you earn
(03:38) - Two financial statements every business needs
(05:14) - Empathizing with your future self
(06:06) - Take advantage of compounding
(07:48) - Ranking your priorities
(09:44) - Automate your savings
(10:59) - Re-Investing your savings
(11:17) - Next steps

Get full show notes and links at https://mindful.money.

ABOUT MINDFUL MONEY:
Do you struggle with money? You’re not alone.

Money is a means, not an end. It’s a necessity of life for sure, but more money does not always guarantee a “good life”. Money enables many aspects of modern life, but as a dominant consideration, it becomes destructive.

The paradox is that more time and energy spent on personal finance does NOT create better outcomes. Unlike many other parts of life, we can’t create better outcomes by being smarter, spending more time, or putting in more effort.

Join Mindful Money author and experienced 40-year investor Jonathan DeYoe as he shares stories from artists, authors, entrepreneurs, and other advisors about how they mindfully minimize their need to think about money and get more out of life.

If you aren’t happy with your finances, feel like money takes more time than it should, or want to place your financial decisions into the broader context of your life, this show is for you.

Each episode will draw the line between the “enough” activities that the academics tell us are additive to family outcomes, and those “little bit more” efforts that take time and sap energy but do NOT improve outcomes.

MINDFUL MONEY RESOURCES:
Website: https://mindful.money
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🎙️Podcast Production by Turncast: https://turncast.com.