Change Your Relationship with Money with Steven Bartlett
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What personal financial experience did Steven Bartlett share?
I've never actually said this before, but when I got my student loan, I took half of it and I bet it on a football game.
You know, one of the things... What game? What game? Honestly, it wasn't even a good game.
It wasn't a good game. But it was just, it was Stokes. I didn't even like the team.
This episode of IMO is brought to you by Progressive Insurance. Progressive Insurance. Hello. Hey there. How you doing? I'm great. We got a good one today. Oh, I cannot wait. I cannot wait. I'm very excited to talk to our guest. But to kick it off, we're going to be talking about finance. Finances. We're going to be talking about how do you manage money. these economic times are really a little scary out there. And I know a lot of people have questions, but we were talking before the show, just trying to think of how did we think about money when we were growing up? And we talked a little bit about this in some of our other podcasts, but we've said that we grew up pretty, I would say we grew up poor.
Right. But the poor, but not knowing we were poor, that was a, that was a real testament to our parents because we didn't have disposable income and they were managing paycheck by paycheck, but we didn't know that. And, and, When Stephen gets out here, we should talk about how dad taught us the value of money, you know, because that was a real great lesson.
But our father worked as a, he was a city worker for the city of Chicago, worked in the water filtration plant, blue collar worker. He was the sole breadwinner because he and mom made a decision for her to stay home.
Right.
So that- you know, she'd be able to be an involved and engaged parent in our school, which she was. She was very active in the PTA. So we sort of had that typical, we came home for lunch every day. So him being the sole breadwinner afforded her the luxury of being more engaged in our upbringing. But it meant that we were, you know,
We had to sacrifice.
We had to sacrifice a lot. And it just, sacrifice just became a habit. You know, little things like, you know, Christmas was, you got three gifts.
You could ask for three things.
You could ask for three things. And another thing Dad focused on was never stretching or using credits.
Yeah, right. He paid his bills at the end of the month. He never carried balances on his credit cards. He never bought things on time. I mean, he never used the system that way.
When you say bought things on time, what do you mean by that?
So back in the day, you could buy things on layaway, similar to what you can do now, but it was called layaway. So you'd put $20 down on a $100 couch and then you'd pay $5 a month and eventually you'd own that. He thought that was like quicksand. That was financial quicksand to him. And so he never did that. He never carried a balance on his credit cards. And I think the only time he actually went into debt was when it was time for us to go to college, when it was time for me to go to college, because there was no way we were going to afford that. So you had to take out a loan that he couldn't pay back at the end of the month. But
So we got in the habit of not really asking for things because we didn't want to put our parents in a bad situation. But that meant that, for example, you almost didn't go to Princeton.
I almost chose not to go because it wasn't a full scholarship to pay for everything.
You had gotten a full scholarship to another school.
To other schools. And Princeton was, you know, you had to pay what you could afford. And they told me,
Wouldn't it have been nice if we had gone to school when there was blind admissions, financial admissions? I mean, you imagine our parents being working class people and a school that rich requiring them to have a financial contribution to the point that they went into debt when a school like Princeton had such a huge endowment. It's amazing. Yeah. But I don't want to digress. I know.
Let's not digress. But, you know, this would be a good time to bring Stephen Bartlett out so that we can continue this conversation with him because his background was very much like ours. So Stephen Bartlett is... an entrepreneur, and one of the most influential voices in modern business and media. He's the host and creator behind the widely popular podcast, The Diary of a CEO.
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Chapters
3 chaptersSpeakers
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