The Military Money Manual Podcast End Military Money Stress - 3 Tasks to Improve Your Money Relationship #197
Spencer Reese and Jamie deliver a no-nonsense, tough-love episode for military families struggling with paycheck-to-paycheck living. This episode cuts through excuses and provides three immediate, actionable steps to regain control of your finances and stop the financial bleeding. If you're stressed about money, fighting with your spouse about finances, or feeling overwhelmed and behind—this episode is your emergency action procedure.
Topics CoveredThree Immediate Actions:
- Delete Social Media Apps - Remove the influence of billions of advertising dollars designed to manipulate your spending decisions
- Create Intentional Inconvenience - Delete delivery apps (DoorDash, Uber Eats), switch to debit cards or cash, freeze credit cards, eliminate "buy now, pay later" options
- Cancel All Subscriptions - Cut Netflix, Disney+, Amazon Prime, Spotify, and every other recurring charge until you're financially stable
Key Financial Concepts:
- Emergency action procedures for financial crises
- The power of adding friction to spending habits - will power vs. won't power
- Why making life temporarily uncomfortable leads to long-term wealth
- Technology spending (why kids don't need $1,600 iPhones)
- The importance of game selection in personal finance
- Emergency funds turning emergencies into inconveniences
- Net worth tracking as a behavioral tool
The Wealth Ladder Framework (Nick Maggiulli):
- Level 1: Less than $10,000 net worth - Focus on avoiding financial traps
- Level 2: $10,000-$100,000 - Avoid buying houses you can't afford, keep working hard, invest in TSP and Roth IRA
- Level 3: $100,000-$1 million - Where compound growth accelerates
- Level 4: $1 million-$10 million - Achievable for military families over a career
- Levels 5-6: $10 million+ - Beyond most military aspirations
Common Military Family Mistakes:
- Spending more on housing than BAH covers
- Buying houses with 0% down and getting stuck
- Purchasing vehicles beyond their means
- Lifestyle inflation and comparison spending
- Technology overspending on devices and subscriptions
Long-term vs Short-term Strategy:
- Short-term (Emergency Mode): Cut expenses, save the difference, get out of debt
- Long-term (Wealth Building): Increase income, spend on what matters, maintain healthy savings rate
Books:
- The Comfort Crisis by Michael Easter - On the benefits of doing hard things
- The Opt-Out Family - On intentional family living
- Taking Your Family Back - Family relationship guidance
- The Anxious Generation - On technology's impact on children
- Dave Ramsey's principles (referenced)
Tools & Resources:
- Libby app - Free audiobooks and ebooks
- MWR library system - Free military library access
- Net worth tracking tools
- Cash envelope system for budgeting
- Military OneSource - Free financial counseling
- Base financial counseling services
Concepts Referenced:
- Nick Maggiulli Wealth Ladder framework
- Dave Ramsey's "pay yourself first" principle
- Emergency fund philosophy
- The 12-step program approach to financial recovery
"Life begins just outside your comfort zone."
"You have to be careful about game selection because you can win at the wrong game."
"If you're the problem, you're also the solution."
"As you build wealth, you stop having emergencies."
"Your overspending isn't hurting me. It's not hurting Jamie. It's only hurting you and your loved ones."
"You don't need to wait for financial independence to start living like you're financially independent."
Practical Examples Shared- Spencer's story: Freezing credit card in ice as a young lieutenant
- Jamie's debit card sleeve with debt payoff reminders
- The $1,000 emergency oil pan repair that didn't derail finances
- Military families spending $3,000 on housing with $2,000 BAH
- Hawaii homeowner unable to sell due to rising HOA fees
- 2022 home purchase with 0% down, now unable to sell
- Peloton subscription cancellation saving $132 over 3 months
- First graders with iPhones creating peer pressure
This episode is specifically for:
- Military families living paycheck to paycheck
- Service members stressed about money
- Couples fighting about finances
- Anyone in credit card debt or feeling financially overwhelmed
- Military spouses managing finances during deployments
- Young service members (E1-E5, O1-O3) establishing financial foundations
- Anyone ready to make radical changes to their financial situation
Spencer and Jamie offer one-on-one Military Money Mentor sessions. Get your personal military money and personal finance questions answered in a confidential coaching call. militarymoneymanual.com/mentor
Over 20,000 military servicemembers and military spouses have graduated from the 100% free course available at militarymoneymanual.com/umc3
In the Ultimate Military Credit Cards Course, you can learn how to apply for the most premium credit cards and get special military protections, including waived annual fees, on elite cards like the American Express Platinum Card® and the Chase Sapphire Reserve® Card.
Learn how active duty military, military spouses, and Guard and Reserves on 30+ day active orders can get your annual fees waived on premium credit cards in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3
If you want to maximize your military paycheck, check out Spencer's 5 star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
Want to be confident with your TSP investing? Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
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