Wealth and Wisdom Wednesdays

And we're live Cadre. Welcome back to Wealth Wisdom Wednesdays. And today is about the psychology behind saving. I've only got just under 10 minutes because I got the salmon cooking tonight for dinner. My wife's out right now and I want to get this live in because I missed last week's Wealth Wisdom Wednesday or the the Sunday Spark session. But anyway, I've been preloading content for y' all for my meditation challenge that I've been doing. So anyone that wants to try meditation, I'm literally doing daily videos that I'm uploading.

Anmar, thanks so much for joining to the live. So we're going to be talking about the psychology of saving today in under 10 minutes. So really, really simple. The toughest part of learning how to save, learning how to invest is getting over the psych. Psych. The mental or brain hurdle where we Good evening. Good evening. Where we get caught. A lot of human beings get caught up on feeling like, like yeah, we don't, we don't. We can't get over the immediate gratification. We're immediately Speak Wonder.

Welcome to the Live. Immediate gratification is a tough thing to get over. So the only way around it, which I've taught my clients this as well. Hello and good evening. Speak Wonder is automation, delegation, automating, savings automating from Erie, Pennsylvania. Right on. Awesome. How's the weather there? It's beauty here in Camp river, bc, Canada. Yeah, it's a lot of rain, but pretty, pretty sunny outside right now, so it's pretty awesome. The more that we can automate the way that we get around our personal psychology around saving and being oh, I don't have time for that.

I'd rather spend my money on going to the movies or in video games or on whatever else. Right. Let's say raining here. Yeah, let's say. Right. You want to just get anything else. You want to spend that money that you do have that is allocated that you could put towards saving or investing, but instead you want to spend it on immediately immediate gratification. Right. Like I said, movies, video games, stuff that you don't necessarily need, they're wants but you don't need them. Right. And they don't help your future self.

Saving or investing over here, not so attractive. Not immediately gratifying. It's delayed gratification versus immediate gratification. So when we couple our need for immediate gratification not couple, but the way getting around the median gratification is learning how to automate things so we don't have to think about them. Because the biggest thing with getting around it is if there's any barriers to getting a savings plan set up, eliminate those barriers. For me, how I started saving, I eliminated the barrier, got eliminated by starting and utilizing automation, right?

You develop a saving system by as little as let's say 20 to 25 dollars a month, for example, that's what I started with. And investing in a mutual fund portfolio right through the bank. That's how I started. So basically all you're doing is you're picking a time every month or every two weeks or bimonthly or every quarter, whatever works for you. You gotta start somewhere. And let's say it's $20 a month for simple math, right? You're taking $20 a month and you're setting that up. It's called a. In Canada we call it a pre authorized debit or a pre authorized investment plan, right?

Or yeah, pre authorized, call it a PAC or investment plan. And all it is is you're automating your savings so you don't have to think about it. So it automatically gets deducted from your account every single month, over and over again, every single month. And when you do that, it eliminates the barrier to immediate gratification. So that $20 that you were going to spend on something else that's not serving you for your future self is now helping you for your future self, for the potential future you, by setting aside that money.

So when we do that, we have that savings plan in place, we, we don't have to think about things as much. We don't have to obsess about things. We don't have to reach a point where we're like, oh man, like I really wish I would have started earlier. Doesn't matter. You can start at any age investing. The only difference is like I've talked about in previous videos, time horizon, objective and risk may change. The first variable to get changed here, if we're starting saving late is time, right? Let's say you're no longer 30 years old or 20 years old.

Yeah, someone that's 20 or 30 years old is a way longer time horizon. But someone that's 40, 50, 60, 70. Yeah, that's true. That time horizon shrinking. And yes, your time horizon isn't the same as someone that Is in their 20s. So yes, someone that's in their 20s can invest a lot less money up front monthly for the next 20 to 30 years and then in their later years as their income grows, then you can increase it by 10%, 20% per month example. Right. So the psychology behind getting behind saving is simply that you have to automate your and develop a system for yourself to be able to save automatically.

When we save automatically, we think less about it and we don't question it. And that's why subscription plans, memberships are such an effective business plan and a way to make revenue for any corporation or business. Because as long as it's just, you know, just enough people are not going to question it, they're not going to think about it. So take that same marketing or human psychology, take that same mentality. What's your thought about starting your business having fear of rejection or scarcity?

The reason I asked is currently looking for a job to start saving too. But I think and see way to the future. Yeah, yeah, good question, Anwar. I would have to say starting a business and fear of rejection honestly, if you've never started a business before. I haven't even started business before. I've been doing both at the same time. I've been doing full time job and building a side hustle. Right. And I'm retraining, become a personal trainer. So with that I have my security, right. And my, and I'm still building my nest egg for me, my family and my wife and our future offspring.

We're investing money every month, both of us, through our jobs. Right. And I still like novelty. Right. Insurance isn't always glamorous, right. I'm in insurance, that's my day job. But my night job is studying to become a personal trainer which requires more further education. Right. And also the doing, doing Cadre. I do content creation because my dream is to become a full time content creator. So with that you don't make money right away. You still need a safety net. You still need especially if you're, you're married, you're in a relationship, right.

If you're single, absolutely. If you want to start a business, do it now. But I would get some advice first. I would talk to people depending on the type of business that you're looking to get into, talk to people that are in that path, in that industry that you're looking to start a business in. And I think it would be really helpful to ask them because they, they're already in your shoes of the shoes that you want to be in eventually. So you either start at a job in an industry that you eventually want to build a business in.

That's, that's the best way to do it to start. Right. Be an E. Right. You're employed. Yeah. Can I have been Looking for a person. Absolutely. Absolutely. Yeah. Would love to help you out once I get my credential. Absolutely. I would love to help you out for sure. 100%. And I do have a YouTube channel as well at mind M I N D CEP on YouTube. I'm on YouTube. Tick tock Instagram. Started on Snapchat. I'm just repurposing all my content as much as possible so. But you got to start somewhere and, and that's why my, my background in finance has helped me because I've the hardest part of starting any business is, is cash.

You need cash flow. And banking taught me how all that works of developing an investment plan, accounting, marketing, the banks teach you all that stuff and they're such great skills and the number one skill that banking and financial service industry taught me is sales and, and developing relationships with people, making connections and it takes time but you'll absolutely get there. If you're, if you're passionate, you want to, you, you're really passionate about an industry or, or you want to start a job that you're really passionate about, people will see that, people will see that you're passionate.

They'll see that you're hustling, they'll see that you want it and eventually you get there. So. But I got to leave it there again. The way of getting around the psychology behind saving is automate it. Make it easy if it's easy, if it's convenient. We're in this culture, in the, in society where things need, you know, things are like rapid fire, they're fast. Make it easier on yourself and set us and pretend like that money, it doesn't exist. It's 20 to $25 and just set it aside off your paycheck.

Right? Easiest to start with a job, the money right X amount of money is coming in and then you just take it off your check automatically through the bank. So give it a go. If you guys don't have your own savings plan set up or investment plan, whether that's mutual funds, stocks, talk to your financial advisor again. I'm a former financial advisor from a bank, currently an insurance broker for insurance company and then I do content creation by night. So thank you all for tuning in to this live and anmar yet tune into the next live.

I'll be doing Sunday spark session and I got my YouTube channel as well for daily mind, body and soul optimizing content. So thanks for tuning in everyone and stay tuned for this Sunday for Sunday spark sessions and my daily meditation reels for this meditation challenge. Take care.