Updated: December 11, 2021
Listen to Episode 52:
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Episode 52 Chapters:
- 01:14: The Two Pains in Life
- 03:07: Budgeting is Hard
- 04:32: The Real Challenge When Budgeting
- 05:57: Doing Despite Disliking
- 07:00: Tip 1: Positive Consequences
- 08:01: Tip 2: Negative Consequences
- 08:59: Episode Break
- 10:59: Tip 3: That Moment When You’re Done
- 12:12: Tip 4: Regulate Emotions
- 15:39: Tip 5: Avoid Distractions
- 16:57: It Takes Time
Excerpts and Highlights:
“There are two pains in life. The pain of discipline and the pain of disappointment. If you can handle the pain of discipline, you’ll never have to deal with the pain of disappointment.” –Nick Saban
There a lot of different budgeting strategies, and I’m sure they are all effective, but if and only if you have the financial discipline to follow them.
When you’re facing or about to face a challenge, thinking of that moment when you’re done helps your mind appreciate more the benefits of being able to push through the difficult or daunting task.
Links and Resources:
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Thank you for a fruitful discussion on financial literacy. Fruitful because you continue to remind me of how to continue my journey towards financial independence
Excellent podcast with advise that should be put into practice by all who are budget conscious or working to succeed at difficult tasks. In the military, there is only ONE way to accomplish something, the military way! Any derivation from from the procedures will generally place a young soldier in uncomfortable circumstances. Why? The military has procedures in place that work well for most situations and most troops most of the time. Recognition is given to a soldier who observes that something is failing but takes the inactive to correct a problem. The rest of the time, if you have “the better idea” you fill out paperwork and send it up the line. If your suggestion is adopted as superior, again, you will be recognized for that. NEVER do you go our to try new ideas on your own. I test new trade ideas on paper first before I go out rule breaking.
I believe that this kind of discipline is one reason that so many of my friends who trade for a living or supplemental retirement income succeed. A large percentage were or are engineers and or former military with a highly disciplined mindset.