The Intrinsic Value Podcast - The Investor’s Podcast Network

MI Rewind: To Be A Successful Investor, You Need A Budget w/ Jesse Mecham

Jan 5, 2024

Jesse Mecham, Founder of You Need A Budget, discusses the Four-Rule Method of budgeting and its importance in personal finance. He also talks about the flexibility of budgeting, the correlation between budgeting and successful investing, and the concept of aging your money.

42:12

Episode guests

Jesse Mecham

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Following the four rule method of budgeting helps individuals break free from living paycheck to paycheck and gain control over their finances.

Starting a business with a minimum viable product and testing market fit before investing heavily can lead to success.

Effective communication, compromise, and finding common ground are crucial in aligning financial goals with a spouse or partner.

Deep dives

Setting Budgeting Rules for Success

Jesse Mecom, founder of Unita Budget (YNAB), discusses a unique budgeting strategy to achieve financial control. He emphasizes the importance of budgeting as an essential component of good personal finance habits. By following four rules in budgeting, which include giving every dollar a job, embracing true expenses, rolling with the punches, and aging your money, individuals can break free from living paycheck to paycheck and gain more control over their finances. Jesse shares insights about creating a spending plan, adapting to changing circumstances, and finding intentionality in managing money.

Introduction

4min

Testing Market Fit and Building an Audience

4min

Giving Every Dollar a Job

9min

The Importance of Flexibility in Budgeting

7min

Making Good Decisions in Personal Finance

9min

Different Approaches to Budgeting and Finding Common Ground

12min

In this MI Rewind Episode, Robert Leonard chats with Jesse Mecham to talk about how abiding by simple budgeting can set you up for success in the future. Jesse founded You Need A Budget (YNAB) in 2004 while he was still in college. YNAB has grown into a leading software and proven method that helps its users get out of debt and have more control over their money.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:43 - How the idea of You Need A Budget came to be.

02:50 - If you need to raise capital to start a business.

04:31 - What is the Four-Rule Method of budgeting, and why it works?

17:30 - How can you roll with the punches when it comes to budgeting?

20:04 - Why budgeting is crucial to being a successful investor.

22:11 - What does it mean to age your money?

And much, much more!

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Check out You Need A Budget.
JL Collin’s book The Simple Path to Wealth.
Thomas Stanley and William Danko’s book The Millionaire Next Door.
Ramit Sethi’s book I Will Teach You To Be Rich.
Erin Lowry’s book Broke Millennial.
Check out the books mentioned in the podcast here.

NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.
Check out our Millennial Investing Starter Packs.
Browse through all our episodes (complete with transcripts) here.
Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with the best business podcasts.