Marcus kicks off the show recapping a recent trip he took to NYC, for a Yahoo Finance interview. On his way to the hotel, he get’s convinced to hop in a sketchy Uber-like service and is hit with a huge bill at the end of his ride. If you have a similar tale of Uber in the City, share your funniest / craziest ride-share experience (Uber, Lyft, Taxi, etc.) on social media with #RideScare for a chance to receive a shout-out on the show!
Back on the personal finance tip, the guys then delve into a conversation about moving and finding the right apartment with the right amenities, for the right price. This leads into a bigger conversation about “Needs vs. Wants”. In this episode, you’ll hear their personal strategies for finding an apartment that fits your budget and lifestyle, while compromising on some things you think you need.
- Renting an apartment with more space means you need to purchase more furniture to fill it.
- Ask your property management company about potential offerings/deals, when faced with a lease renewal.
- Stop betting against future earnings versus your current reality. Don’t bank on money that you’re expecting in the future, it may not come to fruition.
- A good way to practice financial responsibility when getting a raise or a bonus is to practice the 80/20 rule. Save 80% and enjoy the other 20%.
- The three biggest expenses are housing, transportation and food, in that order.
- If you’re planning on moving, determine the cost of your time, during your new commute.
- When determining your needs vs. wants, figure out your housing amenities and the things in your lifestyle that are non-negotiable.
- Write down your needs and wants then walk away. After a few weeks re-visit the list and determine what you REALLY need.
- Don’t get caught up in the way you peers live. Make financial decisions for you and/or your spouse that are going to help you create your best life.
- When in a tough position, gauge how long you can go sacrificing needs.
Write down your needs and wants then walk away. After a few weeks re-visit the list and determine what you REALLY need. You’d be surprised at what you can shift to the“want” column.
- Forbes ft MG – How To Kick Debt To The Curb: Advice From The Experts
- YahooFinance (video) ft. MG of Paychecks and Balances: 4 tips to increase your salary 400%
- YahooFinance (video) ft. MG of Paychecks and Balances: Managing Your Credit Card Debt
References Mentioned in this Show
- Five Expenses That Will Consume 50 Percent Of Your Lifetime Earnings
- ICYMI – I Got My Expenses Down to 50% of My Income
Your Clicks Help Support Paychecks & Balances
- Exclusively for our email subscribers, we created a free guide: The 15 Minute Paychecks & Balances Money Plan: Your Guide to Financial Freedom. This tool includes “15-minute” plans for creating a budget, starting your debt freedom plan, and finding your FIRE number. Sign-up to get your guide today and see why just 15-minutes can change the next 15 years of your life. You’ll also get show updates, digital giveaways, and much more. We don’t spam. We just keeps it real. Yes, keeps.
- Visit PaychecksAndBalances.com/GBR to follow Marcus GoBankingRates “Smart Money Squad” pieces.
- Check out the Debt Free Or Die Trying series to learn how Marcus paid off $30,000 in debt by age 30, and how to create a debt free plan you’ll actually follow.
- Visit our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.
- LIKE us on Facebook.com/PaychecksandBalances or follow us on Twitter @PayBalances @IamRichJones @THEMarcusGarret and Instagram
Get Our Newsletter!
Join our free email community to get our newsletter with actionable tips and interesting reads to help you navigate your finances and career.