What If Being Good At Money Is Just Skill Acquisition?
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Nov 25, 2024
Discover the idea that being good with money isn't an innate talent but a skill that can be learned through practice. The discussion emphasizes mastering financial management by building sustainable habits and learning from mistakes. Fun insights about the 2025 YNAB FanFest tour offer a glimpse into exciting community events and keynotes. The focus is on embracing the journey of financial skill acquisition, where every correct decision counts towards a brighter financial future.
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String Together Good Days
String together more good money-management days than bad.
Appreciate that managing money ebbs and flows; consistency is key.
insights INSIGHT
Error Correction is Key
Mistakes help you learn and improve your financial intelligence.
Correcting errors, not just making them, is crucial for growth.
volunteer_activism ADVICE
Skill Acquisition
Approach money management as skill acquisition, not brute force.
Give yourself grace, learn from mistakes, and respect the process.
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It's common parlance to say someone is "good with money," but it's often said in a way that suggests some people are innately gifted with money management skills. Jesse punches back at this supposition. He argues that becoming good with money is a skill, and skills are acquired through habit -- stringing together a lot of days with good money decisions until the good decisions become second nature.
You don't have to be perfect either! Jesse cites his favorite definition of intelligence, which is error correction, i.e. someone who makes an error, realizes the error, and then fixes it, demonstrates intelligence. It turns out, error correction is built into YNAB's four habits: rolling with the punches is the process of reacting to new circumstances by reallocating money as needed. Then, in the future you can plan for those new circumstances by embracing them as part of your true expenses (habit #2).
Next time you catch yourself thinking "I'm not good with money," focus on making one good decision, then another the next day, then correcting your errors... until it becomes another skill you have acquired!
Get your tickets to YNAB Fan Fest 2025! Coming to San Diego, Minneapolis, and NYC. Tickets are ON SALE NOW:
The Jesse Mecham Show