Mastering Your Money Mindset: Insights With Linda Grizely (Episode 10)

Frank Hereda (00:01.55) All right, we're live. Linda, welcome to Focused Free Fit. How are you today? Linda Grizely (00:08.18) I'm doing great. Thanks for having me on your show, Frank. Frank Hereda (00:11.086) Absolutely. So, really excited about today because I'm passionate about this topic and I want to help as many people as possible. And I think that together today, having our conversation, it's going to help many people. When I have a conversation with anybody though, I like to get an idea of where your interest or why you're into what you're into. So I always ask everybody how they grew up a little bit about their past and just kind of. Tell me about you and where you grew up, what kind of family life and how was it. And then I wanna get into maybe how you got into the field that you're in. Linda Grizely (00:50.068) Sure, of course. So I grew up mainly in Colorado, the front range of Colorado. My earliest memories have beautiful sunsets and, you know, walking through fields and mountain adventures. And that's kind of where I grew up. But I lived in a middle -class family and we didn't talk about money very much. And that's part of my story. So I can get into that more. And now I live in Illinois and I have, I'm a financial planner, but I help people separately from that business. I help people with their money mindsets. Frank Hereda (01:30.51) Gotcha. So I think you said something really interesting there, that your family didn't talk about money. And I find there's a lot of people who grew up in that atmosphere. I was one of them, really. We didn't really talk about money, not for any reason other than it just wasn't talked about. It was maybe between my mom and my dad, and that was it. And you know, so I'm curious, do you find that that's very common? You're in the space, do you find that that's common? And how does that affect? your money mindset, whether your family does or doesn't talk about money. Do you find there's a similarity, which one's better? And just talk about that a little bit. Linda Grizely (02:07.988) Yeah, it does make a difference whether your family talked about money or not because it has to do with like your comfort level about money. And you know, our biggest fears in life are the unknown, right? That's why death is such a scary thing to talk about is because it's unknown. You know what's gonna happen to you and to everyone that you love, but you don't know when and you don't know how and it's just really scary. And you don't wanna imagine what would happen when that happens. when a person's gone. And it's kind of the same thing with money. Is it so scary to think about like how you're gonna get money, how you're gonna live through money and talking about it can cause so much stress. It's a big stressor in people's lives. And you know, everybody wants to stay away from stressful things. So they naturally go towards not talking about it because it can be stressful. And the people that... that grow up in houses where money is talked about, it can actually be negative in some ways too, depending on how it was discussed and how it was talked about. If you grew up in a house where people were arguing about money all the time, then your money story and the beliefs that you have about money are gonna be negative. So that might actually create a worse mindset for you when it comes to money, if you had that negativity. But growing up in a household where we didn't talk about it, I didn't really understand. much about money. I mean, there were money lessons. It's not like I didn't have money lessons that my parents taught me. It's just that, you know, my, my, my idea of what was going on with money in my house was kind of like, I thought, you know, we were living paycheck to paycheck. And I knew that, that, you know, there was money coming in and money going out. And I knew that if I wanted to do something, there was some thought that went into it. It was not just like, Hey, I want to go. take this class and then they were like, just go do whatever you want, you know, writing checks here and there. It was like, no, can we afford to do this or whatever? And there was like some thought in there, even though it wasn't actually talked about out loud. You know what I'm saying? Frank Hereda (04:17.454) Yeah, no, it makes sense. So... Where do you start? I mean, so let's say that you wanted to, let's say we took our, my life, your life, right? And we had this middle -class upbringing. What should it look like? What should it have been? What, what, what is the best way to start having that money conversation? Let's say with children, right? I have a young child, he's seven, he's going to be eight. So what, what does it make sense to talk about? And how do you have that conversation so that it is the right type of conversation? Linda Grizely (04:56.308) So I think that there's not really an exact answer to that, but I think that a big piece of it is our feelings about money. Because if you think about, if you're talking to a child and you're teaching them, you get money, you have a piggy bank, maybe one piggy bank is for spending and one piggy bank is for saving, or even one piggy bank might be for charity, right? So you can be like, these three buckets that we're putting money into. And then talk about... Frank Hereda (05:00.014) Yeah. Linda Grizely (05:24.628) you know, the feelings that they're having while they're saving that, not just the monetary thing, right? Because then you can understand like how the child's feeling or somebody's feeling when they're putting money away for saving. Like, are they, because if you don't have that conversation and you're saying like this money you're saving and the child is feeling inside, like I'm putting this money in here, that's mine, but I'm not, I can't ever use it. Then maybe they're thinking of saving in a negative way. And maybe that will carry on with them for the future. And then when they're older and they have more control, they're like, I'm not going to save because, because I have negative feelings on that. Because to me, that was a negative thing. But yeah, right. So if you don't have the conversations about how it's making them feel, then, then, then you can be teaching them something that you weren't intending to teach. And then when you're, when you're talking about like, okay, this is the money that you can spend. And you're saying that, you know, here's money that you can spend and then they save it up and then they just go and spend it. Frank Hereda (05:58.958) Yeah, right? Because it's gone. They're not allowed. It's like a punishment. Linda Grizely (06:22.036) you know, have conversations like, did you just spend it all on candy and now like it's you ate your candy and it's gone and you have nothing to show for that money? Or did you save it up to buy, you know, a new bicycle or like something that is tangible where you like, you're proud and you can show people like, this is what I saved up my money for. And how does that make you feel? Because then I think you can start to build like good habits in the sense that you're spending money on things that mean something rather than things that are just giving you immediate satisfaction or gratification and not being something that is gonna serve you longer than that moment. Frank Hereda (07:00.59) And so let's talk about habits. You mentioned habits. So what are some good habits? I mean, we all know the stories of how most people in America don't have enough money for savings. They don't have, you know, a thousand dollars in their account. What are some good general principles about money that people need to adopt as soon as possible? Linda Grizely (07:26.068) I would say the number one thing is having an emergency fund. So if you think of it as you have a savings account, but there's a purpose for it. It's not just savings. So it's an emergency fund and it's there so that if anything unexpected comes up, you have money available to you. And the guideline is generally three to six months of your expenses. So if you, you know, if you have like rent or a mortgage, you have utility bills, All those things that you have to pay to continue to survive if you didn't have income coming in for three to six months is what you would want to have in your emergency fund. To the idea that if you were injured or hurt and you weren't working, then what would happen? And the three to six month rule is a general rule and it's three months if you have, if you're a couple and you have a spouse that's still working and it would only be you that wasn't working. And it's six months if you're single or if your spouse doesn't have an income or a reliable income, let's say they're like commission only or something and it's just abbegging flowing you that then you would want to have six months. But that's just the general rule. Some people are comfortable with more than, aren't comfortable till they have more than that. And that's fine. And then some people, yeah, it's based on their like, yeah, risk tolerance, so to speak, but that's the general rule. Frank Hereda (08:44.174) Based on risk, risk tolerance. Linda Grizely (08:51.412) And that's really the place to start. And I think that even just having that idea that you're understanding that your savings has a purpose helps because if people are just like, well, I know I'm supposed to save, but they don't know why they're supposed to save. What am I saving for? Then if you understand that that's your emergency fund, then it gives you that purpose. Frank Hereda (09:11.342) I've always felt that obviously the conversation at home is important about money, but I also think that in many ways our school system is broken. And it's because we don't teach the right things. So I'm curious to know your thoughts around how big of a deal you think that people are going to school, they're coming out, they still have no idea how to balance a checkbook, which you know, anymore is almost non -existent itself, but just understanding money, interest, credit cards, debt. Not understanding the, the emergency fund savings, if you will. How much does that play a role? Do you believe? And well, let's just stick with that one. How much, how big of a role do you think that that does that play? Because if it's not the school, it's the parents, but neither one are taking responsibility. Where do we go from here? Sorry about the balloons. Linda Grizely (09:58.836) Right. I agree with that. I do agree with that. So my memories from learning about money in school, I remember learning how to write a check. And I think that's about all I remember of what I actually learned in school. Now, my children, I remember them who are all in their 20s now, or the youngest ones are in their 20s. But the one I remember them learning how to count money. which is good, like, you know, having change and counting change. And I don't really remember much more than that about what they were learning in school. So there is a big gap there. And I feel like money is such an important thing in our lives. It's, it's an every single day you are thinking about money, right? There's always something that you're doing. You're buying something, you're saving something, you're getting paid, you're going to work, whatever it is, it all revolves around money. And how are we not putting a priority on this in our schools or in our families? And I think it goes back to that, like it's such a stressful conversation, right? It's just stressful because people are always worried about... what that looks like, or it's a, I feel like it's a privacy issue where they don't want people to know how much money they have or they don't have. There's just such a taboo around the topic to begin with. And I do think that, you know, as far as like reconciling a checkbook or balancing a checkbook, that's important, but now everything's so electronic, like it kind of, it kind of happens that way. But, and, and like, when you talk about, Frank Hereda (11:40.174) Yeah. Linda Grizely (11:46.644) Budgeting I don't like to use the word budget I like to use the word cash flow Right because budget has a negative comes kind of connotation in itself right where you think that all budgeting I'm gonna have to cut back. I'm gonna have limits I'm gonna have barriers, but when you talk about cash flow, you're like I got stuff coming in I got stuff going out. It's sound it's much more positive sounding So I'd like to talk about cash flow and have people understand like that a negative cash flow is bad and a positive cash flow is good Frank Hereda (12:05.422) Yeah. Linda Grizely (12:14.772) And I think just understanding that concept. And then I know you mentioned credit cards too. With credit cards, the biggest thing with them is people understanding that they can have a really good purpose in building your credit and giving you a tool to use in your finances. But where people get stuck is if they carry a balance and if they are carrying a balance and then they're only paying a minimum payment. Their minimum payments probably not even going to cover what their interest is. So they're actually just going to keep growing their debt and they're going to end up in a really tricky place. So using credit cards responsibly would be something that could be taught and really make a difference too. Frank Hereda (12:57.454) I agree with everything you said. So how do we go? Where do people go? I mean, I just feel like I'm agreeing with you. I talked to my clients when I coach them about cash flowing their life, right? So how quickly can you get from where you are to cash flowing your life to where you don't have to do anything tomorrow, right? So how do you create that life for yourself? And there's a lot of different ways to go about it. without getting into specifics, where do people go to help themselves learn about something like this? Because it's not in school, they weren't taught by their family, and now they have credit cards, debt, and they're just making their paycheck, right? They might have a couple hundred dollars a month to have extra. And so where are the principals? I know you talked about reserves, which I agree, having three to six months, right? Where do they go then from there and? Is it a Dave Ramsey? Is it something simpler? What kind of core principles can they, or where can they go to be like, okay, I need to get serious about this. Where do I go? Linda Grizely (14:04.244) right? So there's a few different ways that they can go about it. There are financial coaches who do coaching and help with budgeting and can help people through the specific day to day management of their money. And then there's financial planners and financial advisors. Financial planners do like usually comprehensive planning looking at all aspects of a person's finances, which does not include just their accounts. It can include investments, it can include insurance, it can include all of those things that go in like your cash flows and everything. Financial advisors, and there's all different types, right? So financial advisors sometimes will just focus on investments only. It kind of depends, but the main thing you want to look for is you want to look for somebody who's working for you and in your interest, not trying to sell you a product or sell you something. So you wanna look for somebody who's working for you. You will probably have to pay for that service. They're not going to give it to you for free. If they're giving you something for free, like a free plan, free financial planning, they're probably selling you something on the backend. So you wanna look for somebody who's working for you. And I know that the whole idea of like spending money to make sense of your money sometimes is really hard to get over. It's kinda like the person that says, you know, I wanna lose weight before I join a gym because I'm embarrassed to go to the gym. It's like, but that's how that's how it happens. Like you get in a program, you know, healthy eating, healthy activity, whatever it is, but you have to like get in the space to get there. So, the idea of like paying a coach or paying a financial advisor, they're like, well, I don't have any, I don't have the money or I don't have the, the whatever. That's something that helps you get there. So getting over that mindset. and then. talking about money mindset, right? So there's also money mindset. I happen to have a course myself on money mindset, just talking about what's happening in your head about money that isn't even specific to your actual money. It's just talking about the things that are holding you back or triggers that you might have, you know, overcoming, limiting beliefs about money or understanding why you have to do with money, things like that. Frank Hereda (16:27.47) Talk to me a little bit about limiting beliefs around money. I feel like a lot of people either they believe being wealthy is not for me, I can't be wealthy. I know we talked about it stemming from an earlier point in their life, but how do they get past those? How do they work on themselves to get past that so that they can start making progress? I deal with this when I'm coaching people. whether it's they don't believe they can buy investment property for themselves, that life's not for them, having success is not for them. It's kind of all commingled, right? So how do you help them with these limiting beliefs? Linda Grizely (17:08.5) Right. So it's about how to change your mindset around money, right? And so letting go of those negative beliefs is the first part of that. And in order to do that, you have to recognize what they are. So you have to think back and do like internal work on, you know, what you inherited from your family, as far as beliefs about money, what your societal influences were. So that's like who you, who you, were around and what their money stories were. So all of your past experiences come into play in figuring out what your money story is and what your beliefs are. But they can also come like from friends, neighbors, teachers, coaches, anyone who's touched your life has given you a story. And sometimes your money story isn't even about, isn't even like related to money. It's just someone who made you feel like you weren't worthy. in whatever way and that has transferred over into money, like you feel like you're not worthy. So figuring out what those beliefs are and how they were a part of your life and how they're manifesting themselves now. So you might say things like, I'm terrible with money or money is difficult or I'll never be rich, right? And just notice if you have to recognize that when you say things like that, you might just be having a casual conversation with somebody and be like, I'm terrible with money and be like, Why am I saying that challenge that like, why am I saying I'm terrible with money? Well, when I was younger, you know, I bounced a bunch of checks and I had like credit card debt and I did all these things that were bad about money. okay, fine. You had a really bad experience with money in the past, but that doesn't mean you're terrible with money. It just means that you have some learning to do about money and how can you make that better? Right. So it's, and then reframing your perspective to say, You know, I might not have been good with money in the past. I didn't make good decisions, but I need to make better decisions in the future. And saying it that way and having a more positive mindset around it is actually is going to take you far. Right. And then you start taking action towards that and you give yourself goals, little goals along the way to a bigger goal so that you have little successes along the way. Forgive yourself for whatever that was that you did before. Linda Grizely (19:28.756) and just move forward, right? It's all about like recognizing what was there and then figuring out how to make that change. Frank Hereda (19:37.614) Like it. Okay. So it's just not being so hard on yourself and also being aware of your self -talk. So if you're saying things about yourself, why are you saying that? It's what I hear you saying. And then break it down and try and figure out why am I saying this and how do I change this? Linda Grizely (19:48.628) Yeah. Linda Grizely (19:53.556) Yeah. And it can be, and it can be recognizing behaviors too. Like if there's a lot of people that spend like shop when they've had, when they're in a bad place, they've had a bad day, like, I'm going to go get a little endorphin rush. I'm going to hop on Amazon and buy us some stuff. Right. So recognize it. Be like, do I really need this or am I like self soothing myself by buying something? And is this a, you know, a, something I really need. So, What are the things, what are the practices that I have some of my clients do when they recognize that they do this is I say, add stuff to your cart, but wait 48 hours before you buy it. And then ask yourself, or add it to a wish list on Amazon rather than directly to your cart. Just add it to your list because you can get an endorphin rush from adding stuff to your list. And then maybe you look at it later like, hmm, what do I need? Do I really need that? Yeah, I'd like to have that someday, but maybe I'll start a saving and be like, okay, when I get to this goal, then I'll buy myself that, right? And it's a reward, not a self -soothing activity then. Frank Hereda (20:52.91) Yep. Frank Hereda (21:06.062) like that, putting it in your cart because you do get that rush then and then it's not, you're not actually going through with it with the act. Interesting. What would you say are the top three, top one to three reasons people suffer with money issues? If you had to, you know, coming across all the people you've worked with, what are the top one to three you think? Is it, is it limiting beliefs or what are the top one to three that you see that are preventing people from moving forward in their, in their life financially? Linda Grizely (21:36.852) not understanding how it works, right? How money works. Having a limiting belief or feeling stuck, just feeling stuck like they can never get out of it and needing something to help get them through that feeling of being stuck. And then just their story on what they've been brought up around and what their beliefs are. and the idea that they need to have a bigger mindset around it and think bigger and, you know, open up their mind to different ideas. Frank Hereda (22:14.606) Okay, interesting. Tell me a little more about the quiz that people take when they come to you and you have them take this quiz that helps give you an idea of their money mindset. Tell me about that process of the quiz and how it works. Linda Grizely (22:27.552) Yeah, so there's a freebie quiz that's a really super short quiz that I may have given you the link to. If not, I can give it to you after and you can post it. But it's a super short quiz and it's an example of some of the assessments that I have in my course, my Money Mindset Mastery course. And the assessments that I do are based off of psychological research. They're not my assessments. I pay for them from somebody else. But they are... for based on 40 years of, of psychological research in people. And they, the quizzes are once just like a financial health score. And it tells you, you know, where you stand as far as like financial health, which is, all about your mindset and your beliefs around your money. And then we also do ones that have to do with building wealth, with investing, with your money stories, all of those. So there's like eight different ones that we do through the course. And it gives feedback, right? In written form from the psychologist that built the tests will give you written feedback on them. And then, and then I talk about them as we go through the group, the group mentorship session, we talk about what those mean, what your scores were, how it meant to you. And then we work on like getting through those internal beliefs that are stopping you from moving forward and helping you understand how, how money works. Frank Hereda (23:52.174) Gotcha. Okay. you know, it's interesting because I find that a lot of people, especially with these quizzes. So does the quiz tell, tell you, Hey, here's where you're stuck and here's why, or does it give like results and say, here's what's holding you up or no, just gives you an idea before you work with them. Linda Grizely (24:13.908) It gives me an idea before I work with them and it gives them an idea on where they stand. So usually when I ask, like when they do the initial financial health score, I asked them like what they thought. And most people say it's right where I thought it was, or it's actually better than they thought it was. And, but most people are not on the high level. And the idea is, is that when we take that financial health score in the beginning, hopefully by the end of eight weeks, when you take that financial health score at the end, it's going to be higher. And I don't expect like a complete transformation in an eight week course, but the idea is just to open up your mind to all of these different things that are out there that might be holding you back. And the feedback that it gives are more like different things that you could be working on and just a high level. And then we together work on what that really means in a more specific level. Frank Hereda (25:15.854) Gotcha. Talk to me about money scripts. Linda Grizely (25:24.148) Sure, so Money Scripts, I think that term was actually belongs to Brad Klontz, who is a psychologist who wrote some books. And Money Scripts is actually, he's actually one of the ones, and Money Scripts is one of the assessments that we do. He's one of the psychologists that has contributed to this program that I use. And they are like, they're kind of like your stories about money, but they're more around like the general idea of what they might be. So there's, four main ones. And they are like money avoidance. So money avoidance is like, people that might believe like that, you know, all money is bad, or people that have money do bad things. Money is the root of all evil, right? Rich people are greedy. So money avoidance kind of has that money mindset. And it's typically people that are raised in lower incomes or economically disadvantaged areas because this gives them by saying these negative things about money, it gives them pride in living with less money. And it kind of gives them an excuse for their situation and helps them feel better. Right? So, but that mindset, the money avoidance mindset, it leads to like poor financial behaviors and just perpetuates that cycle of poverty within the family. Right? So that's one of them. Another one is money worship where like money is the best thing ever. And like, money is going to solve all of my problems. It's going to give me happiness and fulfillment. And then like this leads to overspending and thinking that having material things makes us feel better. So money can solve some problems, obviously it can, but it doesn't create fulfillment and happiness in life. So a lot of people that are money worshipers, just Frank Hereda (27:07.246) Sure. Linda Grizely (27:15.508) you know, never actually ever become happy because they just keep thinking that they need more money and they're not realizing that they need to do internal work to figure out what it is that's really not making them happy. The other two are money status and money vigilance and money status is like people think that net worth is the measure of their self -worth where it's like keeping up with the Joneses, like where you have to have like the best car or, you know, a nice house or like, you know, fancy clothes. And these people, look might look like they're rich on the outside, look wealthy, but they could really have like a ton of credit card debt and really bad financial habits on the other side because they just have that appearance of being of being wealthy. And then like money vigilance is a cautious or prudent approach. That's like more being more attentive to your finances and planning or oriented and they budget their frugal. And actually those people are more likely to have higher net worth and higher incomes. And they're like the millionaire next door. And the book, Millionaire Next Door, by the way, Stanley Fallah is the author of that. And he's actually one of the ones that has put information into these assessments that I use in my program also. But that's the money scripts part of it. Frank Hereda (28:36.462) I can't remember. Correct me if I'm wrong. I probably am. It's been a while since I read The Millionaire Next Door. Man, that's been a long time. I forgot about that book. So I remember though, am I wrong in remembering that the book was mostly about, you know, your average everyday next door neighbor who doesn't look flashy, they could be The Millionaire Next Door, and they did it by saving their way to being a millionaire. Am I wrong in that or no? Like not getting Starbucks and having coffee at home. I feel like there was a lot of that in there. Am I right? Linda Grizely (29:04.5) You're absolutely no, you're right. That is exactly what it was. His that book was his study on the money vigilant. The way that Brad Klontz describes the money, the script of money vigilance, that book, the millionaire next door was specifically about studying that population. So it only speaks to how those people in that population got there or lived or whatever. That's what the whole book is all about. Yeah, that's who he was. Frank Hereda (29:21.902) I gotcha. Frank Hereda (29:28.206) Okay. Okay, it's not about like, this is the way to do it. It's about these, this subsector of people that build wealth. This is how they do it. That's what it was. Okay, gotcha. Linda Grizely (29:37.332) Yes. Yeah, it was a study on blue collar workers that were that had become millionaires and were the millionaire next door that you wouldn't know were wealthy. And a million dollars at that time was a lot more than a million dollars today, I might say. Yeah. Frank Hereda (29:45.518) Gotcha. Okay, gotcha. That's right. Okay. Right? I know. And that so actually, can we talk about that for a second? Is that okay if we talk about that? Or is that with your background? Are we are we can we talk about that for a second? Linda Grizely (29:59.604) Herp. Yeah. Let's talk about it a little bit. We'll see what I can say to what I can't say. Frank Hereda (30:07.534) Okay, yeah. So in today's world, what would be the, I mean, you know, now we have devaluation of the dollar, right, because of inflation and some other things that are taking place. There used to be an equivalent. There used to be a percentage that was used in the industry of, hey, you know, this is a percentage of your money that you're going to need or be able to live off of without running out of your money. I think it was 4%. Linda Grizely (30:17.3) Yeah. Frank Hereda (30:37.742) Is there a number that is used now that's more accurate? Is it three? I'm guessing it's gone down, but I don't know. Is there a number that's used as a rough estimate nowadays? And because of the devaluing of the dollar, how has that affected your industry and what you say to people? Linda Grizely (30:56.34) Yeah, so the general industry rule is still 4%. It has not changed. It's still considered to be the safe withdrawal rate, but it's super important that everybody work with their own specific finances and circumstance to decide if that is the proper route for them. But that is the industry standard still. But if you look at like, yeah, go ahead. Frank Hereda (31:14.606) Yeah. Frank Hereda (31:19.598) And can you explain what we're talking about? Because some people may not know what we're talking about, the 4%. Can you explain it just so they understand it? Or I can, but just I want to make sure they understand what we're talking about. Linda Grizely (31:32.372) Yeah, so I think I'm all right to say that. So for the listener, because I'm also a financial planner and I'm not speaking to that right now, there are certain things that I can't say, but I think this is a general rule that's public. So I don't, it's not specific to anybody's finances or anything. I think we're okay. So the 4 % rule is saying that like, if you save up money for retirement, you're building a mountain of wealth. So you're going up the mountain, you're building your wealth, you have this giant amount of money, hopefully, right? Frank Hereda (31:34.862) Okay. Yeah. Yeah. Yeah. Frank Hereda (31:45.198) Yeah. Linda Grizely (31:58.42) And then retirement comes and you have no income coming in anymore. So you're not going to be building any more money, but you need to get down the mountain safely. Like how am I going to spend the next 20 years, 30 years, however long my retirement is going to be? How am I going to spend that getting down my amount of money? Because you're going to be spending your money because the money that you saved is now your income for retirement. And the idea is, is that if you take 4 % of that amount of money every year, Frank Hereda (31:58.478) Yeah. Linda Grizely (32:26.068) that theoretically you would not run out of money as long as you kept it invested properly. And there's different ways to use the 4 % rule also, and this gets super complicated, but the idea is that that's the basic concept. You build the money, you take 4 % out every year, and then hopefully everything goes good and you don't ever run out of money before you're gone and your retirement is over. That's the idea. Frank Hereda (32:49.389) I've always used it as a, as a, as a reverse engineering play. So backing into, okay, if I need to live off of $200 ,000 a year, I need that every year. What number is 4 % of what, what number is 200 ,004 % of, and that kind of gives you a back end number for what you need to have when you retire roughly. I mean, that's probably not the best way to do it, but that's me seems to make the most sense. If you follow that 4 % rule. Linda Grizely (33:14.58) Yeah. works, you need to build in inflation in there too though. So, you know, everybody kind of use like two and a half percent as the general inflation rate. I think maybe three percent is more accurate right now. Obviously, we're experiencing inflation higher than that at the moment, but still as a general rule, if we look at history, two and a half to three percent would be the amount that you would want to inflate that by. Frank Hereda (33:21.23) Yes, yes. Frank Hereda (33:40.942) Gotcha, so you're saying use a higher. Linda Grizely (33:41.268) and then be moving inflating that come out that you would be bringing out, right? Frank Hereda (33:46.222) Gotcha. Cool. OK. Thanks for explaining that. So. Linda Grizely (33:47.092) Yeah. Frank Hereda (33:54.606) I, you know, I always say to my clients that where energy, when, where focus goes, energy flows. And you mentioned that, you know, some people, they focus on net worth. There was one of the money for money, whatever you just talked about, I forget, sorry for the lack of a better term, but I think there is some benefit. Obviously it's not the most important thing in life clearly, but how much attention should you spend on your net worth and tracking it? Linda Grizely (34:10.932) Yeah, money trips, yeah. Frank Hereda (34:24.654) to make sure that you're doing the right things with your money. Linda Grizely (34:31.028) I so I think that you should be my personal personal opinion is you should be looking you should be looking at your finances monthly and understand what your flow is monthly. And then also annually. If you if anybody works with a financial planner or financial advisor, they always have to do at a minimum an annual review, right? You want to look at everything at a minimum on an annual basis to say has anything in my life changed? Do I need to do anything differently? Frank Hereda (34:36.11) Yeah, yeah, yeah. Linda Grizely (35:00.82) But if you're not understanding monthly how things are coming and going per month, then it's going to be harder for you to understand what happens annually, right? So I do think it's important and people are going to pay attention to it differently. With all the software and electronic stuff we have now, it's a lot easier than it used to be. To have a handle on your money, there's all different kinds of apps that we use in managing money and in planning and... and coaching that are out there to help you keep an eye on that. Frank Hereda (35:35.374) I also think what you said earlier was spot on. I'm just going back to that. I say it all the time. If you're not happy before you get money and you say, well, when I get money, I'm going to be happy. You're just going to be not happy with money. You have to be happy first with life, with where you're at and what you're doing. And then when the money comes, you're still a happy person. But if you're miserable before you're going to be miserable after mean same thing with anything. So I agree with what you said there. As we wrap up, anything important that you think our listeners need to know or anything else that we didn't cover? obviously I want to, we'll finish with, you know, where they can find you and that kind of a thing, but is there anything important that we want to make sure that the people out there know or anything we didn't cover that's really important for them that might help them. Linda Grizely (36:25.684) I think the main thing is, is that if you're feeling stuck or you have stress over money, there's something out there that will help you. There's somebody and something, no matter how little you have, how far in debt you are, how much money you have, because even having money can be stressful. Inheriting money is super stressful. And understanding how that works if you haven't had money before. Everybody has a different money situation, but there is somebody out there who can help you. And, you know, be wary of stuff you read on the internet. Make sure that you find someone who's working for you and not for themselves. And I think that would be the one message I would like to get across. Frank Hereda (37:05.422) I like it. I can absolutely vouch for that. I have a team of people, and if you don't have a professional on your side to help you with your money, you need that because, you need to obviously be aware of yourself and do some self studying for sure, but you need people that can help you in that are professionals in those areas, attorneys, CPAs, financial planners, all the people that they can help you and understand where you need to be, what you need to be doing. So that's huge. I agree. Where can people find you? Where can they find you and where would you like them to go? Linda Grizely (37:37.62) They can go to my website at mindsetandmoney .com and there's a special on there if you do slash pod, there's a freebie download, the 14 habits of successful people and that super quick little money mindset quiz and then an offer for my course if you're interested in that. But that'd be the best way and from there you can connect with me on LinkedIn or find on my own social media. Frank Hereda (38:01.742) I love it. And we'll put the link to anything you have in the note, the show notes as well. So if anybody has any questions, the links will be in there. And obviously everybody knows they can, if they need to reach out to me, frankarita .com and they have all the, all the details of the YouTube channel. Linda, I appreciate it. Thank you so much. It's been a pleasure. And, you know, maybe we'll do another episode in the future. I appreciate it though. Linda Grizely (38:26.9) Sure. Sounds good, Frank. Thank you so much for having me on. Frank Hereda (38:29.55) All right, everybody, we'll see you on the next episode. Take care. Bye.