Cody & Justin catch up on life events, sharing about house flips, travel adventures, and interesting finance articles. Topics include a California law mandating personal finance education, the $1 Per Use Rule, and the importance of financial literacy in high schools. They also discuss real estate flips, profit expectations, summer travel plans, and the power of compound interest for financial growth.
The $1 rule promotes thoughtful spending by evaluating purchases based on practical use, emphasizing value over cost.
California's financial literacy law for high schoolers aims to equip students with essential money management skills for navigating high living costs.
Deep dives
A Flexible Approach to Saving Money
Instead of rigid budget restrictions, the $1 rule offers a flexible way to manage finances. The rule involves purchasing items as long as the cost can be justified by the number of times it will be used. This approach prevents impulsive spending while allowing for investments in high-use items, like kitchen appliances or clothing.
Financial Literacy in California Schools
California introduces a law mandating financial literacy courses in high school education by 2030. This move aims to equip students with essential money management skills to navigate the state's high living costs. By incorporating financial education early on, students can develop a better understanding of personal finance and make informed financial decisions.
Striving for Sustainable Financial Habits
The $1 rule encourages sustainable spending habits by focusing on the practical use of purchased items. Rather than depriving oneself of purchases, this rule evaluates the value of an item based on its utility. By considering the long-term usage and benefits, individuals can make more conscious and meaningful spending decisions.
Balancing Frugality and Enjoyment
Balancing financial responsibility and personal enjoyment, the $1 rule helps individuals make mindful purchases. This approach emphasizes value over cost, ensuring that items are worth their price based on frequency of use. By adopting a guideline that prioritizes utility, individuals can maintain financial discipline without sacrificing enjoyment.
It's been a while since Cody & Justin were able to catch up on life's events, so you'll hear all about it on today's episode.
You'll hear about Cody's latest house flip and Justin's Alaska/Portland/Washington/Puerto Rico/Africa adventures
They'll also take you through some interesting finance articles they read recently including:
A California law that will require high schoolers to learn personal finance before graduation
A new spending rule that helps give your discretionary spending category some direction
Cody and Justin are constantly getting into something new so we hope you enjoy this opportunity to get all caught up with them
Thank you all for listening and may this episode help you on your path to a financially independent future.
Links from the Show
California Financial Literacy Requirement for High School Graduation
The $1 Per Use Rule
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