The Jesse Mecham Show

Latest Episodes:

A Business Podcast? Nov 25, 2019

Show notes

Jesse is thinking about launching a separate podcast to discuss small business, internet marketing, and how you can use YNAB to manage your business cash flow, and he wants to know what you think!

Would you be interested in a business-focused podcast? What kind of topics would you like to hear about?

Email Jesse at podcast@youneedabudget.com and share your thoughts!

Why? Nov 18, 2019

Show notes

Jesse asks the most important question about your reasons for getting out of debt, saving money, and achieving your financial goals. Why?

Why do you do it? What's the reason behind the goals? If you could write a mission statement for your life, what would it say? Answering the simple question "Why?" might be the most important thing you do after you complete the blocking and tackling of paying off debt and building an emergency fund.

Sowing the Seeds of FI Nov 11, 2019

Show notes

"FI" is an acronym that has steadily grown in popularity over the last decade, though the concept is much older than that. It stands for financial independence -- some people call it early retirement (the longer acronym FIRE stands for financial independence, retire early) -- but the idea is simple. Live below your means, drastically increase your savings rate and accumulate enough wealth to "retire" or perhaps better said, until you can do what you want to do.

Time and savings rate are the key components of financial independence. What if you could save half of everything you make? What if you started doing that from the beginning? Jesse shares some lessons he's trying to instill in his kids as they take their first steps toward financial independence.

Arbitrary Milestones Nov 04, 2019

Show notes

It's common to set milestones for paying down debt. They're usually big, round numbers like $500, $1k, $5k, $10k. At the end of the day though, the goals are arbitrary. It's just a number, a stepping stone, toward the greater goal.

So if the day to day grind of fiscal responsibility is getting to you, change your milestones! Maybe it's $749, or $362.54. It's all arbitrary, right? Have fun with the game, and make it work for you. Set a new milestone -- whatever you like -- and celebrate when you reach that new number.

Categories Below the Line Oct 28, 2019

Show notes

How do you order your categories? What's on top? What's on bottom? And how did you decide that?

Categories are easy to order once you understand your priorities. Rent, utilities, food -- these are non-negotiable. You can and should, however, drill down into the details of each category and ask yourself whether you could live without some of the expenses in that category. You need utilities to live, clearly, but if pushed, what would you keep and what would you cut? Could you live without internet if you had to?

Once you understand which categories sit above the line (necessities) and which sit below the line, then you can total up how much you spend on "below the line" items. Then ask yourself: do you want any of this money to go to above the line items?

Try this exercise to clarify your budget and see whether your budget is in line with your priorities.