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[The following is a partial transcript of this episode of The Scott Alan Turner Show. Listen to the full episode to hear this story, listener questions, money hacks, and inspiring stories of people that are changing their financial lives. Subscribe to the free podcast on iTunes or Google Play]
In This Episode
- What are tax-advantaged insurance contracts (Red alert warning)
- How much should you spend on pet food?
- Success story: We finally understand our investments (Brenda)
- How can new parents save money (Dan)
- How much company stock should I have in my 401(k) (Greg)
- How can I get out of a car lease (Ariana)
- Whose social security benefits should I use first (Mariza)
- How can I pay off my mortgage faster (Janella)
- Can I rollover an inherited IRA (Lisa)
You may be surprised how certain life events can mess with your mind. Kinda like Thanksgiving lunch messes with your energy.
- To debt, or not to debt. What are your thoughts on debt?
- To change jobs, or not to change jobs. Are you in a dream job or dreaming about the dream job?
- To start a family, add to the family, or adopt your 14th rescue dog or cat. One or more of those might sound like crazy talk to you.
What has the biggest impact on a person’s overall life. Their quality of life, fulfillment, happiness. Link in the show notes to this study.
Number One on the list was paying off debt, or taking on debt. Paying off debt had the biggest positive impact. Taking on debt or being in crushing debt, is as you would expect, the biggest negative impact.
There are many benefits to paying off debt. As one of the awesome listeners of The Scott Alan Turner show, you already know about the financial benefits.
What was interesting in this study, was the biggest non-financial thing that made people feel better. Coming in at #2 right behind paying off debt – exercise.
I would have guessed eating a package of Oreos. But that seems to be a temporary fix.
“Overall, events beyond your control can hit the hardest—things like losing a parent, or caring for a sick or elderly family member. But one powerful way to combat the emotional, physical, and financial stress is to start (or continue) a regular exercise routine.”
I stress to people, not in an adding stress to your life way. I stress living your best life. Heavy on the money side yes. But if all people wanted was more money, just go to Vegas and bet on black. There’s also health, relationships, spirituality, and cookies.
Studies show exercise lowers stress, you’ll sleep better, and have increased happiness. Participants were obviously not doing burpees or sit ups.
I remember my dad had terrible arthritis in his neck. I was really little but I remember going to the therapy doctor with him. He would be sitting under this machine that would work on his neck. The therapist would work on his neck. Stretching, kneading, pressing. I was young. I had no clue what was going on.
My dad did not prioritize his health. He was a good dad. The health information wasn’t as readily available as it is today. Bad eating habits, a 6-pack of beer a day, smoking for 30+ years. The quality of his life in later years wasn’t good. Years after quadruple bypass he couldn’t walk more than 100 yards before having to sit down.
Healthy eating and some regular exercise goes a long way toward improving your overall life, no matter your financial situation.
What’s interesting is half of the people in the study said they were happier after paying off debt. I suppose the other half decided to go shopping for new clothes and charge it to a credit card.
Think about this – if you’re debt free, fully funded 6–12-month emergency fund.
- How would that impact your job?
- How would that impact your relationships?
- How would that impact your hope for the future?
I believe in the case of the job, knowing you can walk in any day and say take this job and shove it, is a pretty powerful feeling.
I believe with relationships, the money fights decrease dramatically. Katie and my biggest fights are now about moving the kitchen soap. I like it on the counter. She wants it in the sink. This is financial freedom my friends! This is what you’ve got to look forward too. Fighting about dish soap.
I believe with thinking about the future, a nice emergency fund is a nice pillow to sleep on.
If it’s a more challenging season of life – new parents, caring for elders or a special needs child, sucky boss. Then it’s even more important to take care of your health. Wealth can wait sometimes. Sanity is important too.
You see, I want to make sure you’re going to be around a long time. I haven’t got to meet you in person yet. We haven’t done the world tour yet, so please bear with me.
To improve your overall life, make health and wealth should be a priority. You’ll feel better. If wealth is a struggle right now, make health a priority. You’ll feel better. If health is a struggle right now, make wealth a priority. You’ll feel better. And if both are a struggle, the good news it’s probably just a season of life. Make getting through the season a priority. You’ll feel better.
And when all else fails grab a package of Oreos rock star!
Did you hear about the person spending $300 a month on dog food? People should feed their pets what they want – if they can afford it! But the jury is out on refrigerated filet of beef delivered to your door for Fido. And wild caught blue crab from the deadliest catch for Fluffy.
Our dog growing up – ate dog food. And he lived until he was 20 or so I think. Lived outside. In a dog house. In the winter. Had some hay for a bed.
In Denver I saw a health food store for dogs. And yes, I buy decent food for our pets. But a. I can. b. my wife cares. c. It’s a small business, and I support them. We’re not dropping $300 a month on chicken la fleur with fois gras. Is that the duck foam stuff? No clue.
The argument ‘how can a can of food that has a yearlong shelf life be good for you’. I grew up on Swanson’s frozen dinners. Beefaroni. Tuna fish – from a can. White bread. Twinkies. Cinnamon Toast Crunch. 17 years of that stuff. Pinch pinch. Yep, still alive over here.
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