Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
But, you know, but once you've got that, I would say then it's just about automating your life and saying, okay, well, I want to save $2,000 a month.
I think one of my, I call it the bucket strategy in your mind.
Mental accounting, it's like a behavioral bias.
So let's say your income is $5,000 for a month.
If you think you're earning $5,000 a month, you'll spend like you're earning $5,000 a month, right?
Because you'll attach that $100 dinner to $5,000.
but you're not really earning $5,000 a month of your 5,000, you know, 1500 is going on rent.
So now your income is only three and a half.
Then you've got $1,500 of fixed expenses like food and travel and et cetera.
So maybe your income's two grand a month, really.
That's what you, after you take off your fixed costs,
So when you spend your $100 on dinner, it's $100 of 2,000 or it's $100 of 1,000.
You're gonna have a choice of whether that money's valuable.
If you've only got 1,000, you're spending 100, or that's 10% of your monthly budget that you can spend on that dinner.
And I think that's where people, they don't feel as rich, right?
Because, and then what you would do is the $5,000 you get per month,
you actually section $4,000 of that off in that scenario and you would just pay $1,000 to, I don't know, like a bank account that you do your day-to-day spending from.
So when that $1,000 runs out, it runs out, you don't tax that other $4,000 and included in that $4,000 was the saving component, right?
Maybe it's to save $1,000.
Mm-hmm.
Showing 221–240 of 1,659 · page 12 of 83
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