In Part 2 (Part 1: Recovering from a Series of Unfortunate Financial Events – PB116) of our Financial Ls sagas, Rich shares the trials and tribulation learned from losing his wallet and all the unattended consequences that resulted.
Rich was recently on vacation in an unnamed city almost as mysterious as Fyre Island. In any case, a fun-filled bike ride, Rich realized he lost his wallet. After hours of searching, he took a couple of Lyft rides around town to try and find a Western Union where he was set to receive a money gram of cash that a friend generously offered to send. After unsuccessfully hitting up several convenience and liquor stores in sketchy neighborhoods that were filled with even more questionably sketchy characters, Rich couldn’t find a functioning Western Union in the entire city. In this episode, you’ll get the lessons Rich learned and why sometimes you have to take the short-term L in order to get the long-term win.
- The epic search for the missing wallet
- National banks aren’t in every major US city
- Trying to use Money Grams and get cash when the Western Union and other options are lacking
- The ‘red flag’ landmarks of a neighborhood you might only want to hang out in if you have a friend that can show you around after hours
- Familiar hoods vs. new hoods
- Always think about your exit strategy
- How to access money from your ATM without your debit card
- The benefits of the Tile App
- Why reoccurring subscriptions can still find a way to bill you even if you lose or cancel your credit card
- Learning more about yourself and your business from consultant work
Key Takeaway: Take the L, learn from it, and apply those lessons to your future self.
Mentioned on This Episode: Escape from Fyre Festival Island ft. Kelly Hultgren – PB115
This Week’s Sponsors
- One Plus One – From Wondery Media, the company behind the hit podcast “Business Wars,” comes ONE PLUS ONE, an ongoing series about what happens when two geniuses come together to do something they could never accomplish on their own. In each six-episode series, hosts Rico Gagliano (Safe for Work) and Faith Salie (CBS’ This Morning) will bring you the ups and downs of the world’s greatest and most dramatic collaborations. Listen in here!
- The UCI Division of Continuing Education courses
aretaught by expert instructors with industry experience with offerings of over 60 convenient certificates and specialized studies programs on campus and online designed for the working professional who seeks career advancement and personal enrichment. Spring quarter is coming up and registration is open! To learn more, visit ce.uci.edu.
Our Favorite Tools
Available exclusively to our email subscribers, see why 15-minutes can change the next 15 years with our free 15 Minute Paychecks & Balances Money Plan: Your Guide to Financial Freedom.
- Digit – Struggling to save money? Sign-up for Digit at paybal.co/digit to automate your way to saving hundreds or more! Digit analyzes your spending and automatically saves the perfect amount every day, so you don’t have to think about it. Read why Rich loves Digit and how much it’s already saved him.
- Tiller – The only spreadsheet templates powered by an automatic feed of your finances directly into Google Sheets and Excel. Easily budget, track expenses. Get started here!
Credit Card & Debt Management
- Debitize – a personal finance application that helps consumers use credit cards responsibly. Sign-up today, or listen to our interview with the CEO: PB79: Debitize – Credit Card Perks without Credit Card Debt ft Liran Amrany for more info. You can also read how Debitize helped Paychecks & Balances get into the 800 FICO Credit Score Club.
- SoFi– offers a full range of financial services, from personal loans to refinancing to investing. There’s something to help everyone get their money right. I’ve used SoFi twice and have nothing but good things to say about their easy to use and helpful services. Use our referral link (or don’t, because we would still recommend them) for a $100 credit towards your next loan.
Learn and Grow Your Net Worth
Personal Capital – is an online financial advisor and personal wealth management company that helps you track and grow your net worth.
Entrepreneurs and Small Business Owners
- We’ve tried a lot of email subscriber services. ConvertKit is, by far, the easiest and best platform.
- Need to collect money or invoice clients? We use Square.
- NerdWallet: 12 African-American Financial Gurus to Follow in 2019
- Marcus joins the illustrious Average Joe Money (again) of the notorious Stacking Benjamins Podcast for a fun and entertaining panel discussion on the 5 Reasons People Never Have Enough Money.
- We created a PATREON premium content page! Patreon is an extension of the weekly podcast, including conversations we have amongst ourselves or with guests after we finish the main recording. On The After Show, we get into real convos with guest after the broadcast stops to hear how they really feel about the topics we covered to share with an exclusive audience of listeners: Join #TeamPremium today!N
Support Paychecks & Balances
- Want personal finance or career presentations tailored for your next seminar or conference? Contact us here!
- Visit PaychecksAndBalances.com/GBR to read Marcus “Smart Money Squad” articles at GoBankingRates.com.
- Our Debt Free page has continuously updated tools and resources and
Marcus’ Debt Free or Die Trying series is available on Amazon.com.
- LIKE us on Facebook.com/PaychecksandBalances or FOLLOW us on Twitter @PayBalances and Instagram!
Get Our Money Plan
Get our FREE 15-Minute Money Plan today! You'll also receive actionable work and money tips and interesting reads that'll keep you professionally and financially woke.