It’s Hard to Improve What You Don’t Measure (Episode 4)

Posted by under Personal Finance, Podcast . Published: January 30, 2020

Listen to Episode 4:

Summary of Episode 4:

Talked about the stock market and why people invest in companies. (1:45)

How people choose which companies to invest in. A big part of it are the numbers in the financial reports. (2:50)

If you want to be an entrepreneur, then you should take care of your personal finance, because it’s hard to manage your own business if you don’t know how to manage your own finances. (4:15)

We try to save as much as we can, but it’s hard to minimize our spending if in the first place, we don’t know where exactly our money goes. (5:40)

Advertisement


It’s hard to improve what you don’t measure. If you want to minimize your spending, then it’s important to take a step back and simply track your expenses first. (6:30)

One common mistake that people do is they track all their expenses all at once. From experience, this tends to be overwhelming. (6:50)

To make tracking your expenses a habit, then you should start small. Just focus on one expense item, such as utility bills, or your food expenses, or transportation expenses. Do experiments to find out how you can optimize your spending in that area. (7:20)

Track your expenses and know how much you are spending. Focus on just one area and find ways to optimize that expense item before moving to the next one. (15:21)

Question of the Week:
What’s your biggest expense and how are you planning to improve it?

Episode 4 Hashtags: #The80Percent #MeasureToImprove

Subscribe to The 80 Percent Podcast




SELECT AN ARTICLE TO READ NEXT BELOW:

Tags: , , , , ,

Leave a Comment and Join the Discussion