Today, McKay discusses how to change your money mindset. He opens up the podcast by discussing the tragic day when Sergeant Jay Rosenberry saw his children and friend flailing in a riptide. While he successfully saved his children, his friend Mark didn’t make it. McKay likens this tragic unpreparedness for the riptide to the lack of understanding we have about our money habits, and he goes on to discuss how we can better improve our financial decisions.
First, McKay discusses the importance of developing small habits - by spending small amounts in the right places, one saves money to invest in the future. Like McKay says, it’s all about the value of the opportunity cost. His next tip pertains to procrastination - the longer a person waits to become financially literate, the more money they lose. He relates this message to the current inflation in the U.S. and urges the audience to get out of debt now. Afterall, now is the perfect time to start changing our money mindsets. McKay brings this episode to an end by talking about the value of learning from past mistakes.
The Finer Details of this Episode:
- Sergeant Jay’s horrific moment saving his family from a riptide
- The importance of smaller habits
- The value of opportunity cost
- Why there’s a cost to waiting
- Getting out of debt
- Learning from your past mistakes
Quotes:
“Mark J said, ‘My instinct was to go after the eight-year-old now that he was alone, because I knew he couldn't swim. As he stumbled back toward the ocean, he heard Christie's shrieking voice pleading, ‘Please save my boy’.”
“This is very much like other things in life, we often get ourselves into trouble because we don't understand the circumstances around us.”
“Small habits lead to big results.”
“Investing money is often filled with mistakes. And sometimes we have to be hit upside the head, so to speak, to get the point.”
“There's no value in looking back. Accepting responsibility for our decisions means learning from it, setting it aside, and moving on.”
“So many people have tried to invest and learn lessons the hard way. I've spent money poorly and made bad choices–we all have. The question is, will we learn from our mistakes?”
Links:
Open Your Eyes with McKay Christensen
