Are You Missing Out On Found Money? MILLENNIALS

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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]

Without even knowing it, people are throwing away tens, sometimes hundreds of thousands of dollars in found money for their future because of one thing.

I was 21 when I got suckered into an MLM that recruited people to sell phone service. For $495 I was supposed to get people to sign up, build my downline, get people to get cheaper phone service – because who doesn’t want to save money, right? – and in no time I’d be driving a Bentley and own one of those Mediterranean style houses with the red clay tiles on the roof. At least that’s what I was sold on at the seminar.

Of all the people in the world who would help someone out, who do you think a person’s biggest supporter would be, other than a spouse if someone is married?

You know of course, that person is someone’s mom.

Except for mine. She wouldn’t help me.

Me: But mom, don’t you want to save money on your phone service?

Mom: No, I don’t want to change.

How weird is that?

Was she a little stuck in her ways?

Some people miss out on lots of money because they

  • automate so much
  • they go on autopilot
  • they are unwilling to change

Imagine someone has a financial advisor and they have been in charge of that person’s investments for a while. And the advisor is really nice, sends them a Christmas card, calls them once a year. But that advisor is charging

  • big commissions
  • high fees
  • expensive trades for the next hot stock tip

And by switching to a lower cost alternative that person could save just $300 a year.

A 40-year-old is going to be investing until age 80 most likely. That $300 a year adds up to about $87,299 if it were invested making 8%.

Would you like to have an extra $87,299 for your retirement or to give away or leave to your family?

The easy way can be the costly way.

It’s kinda like only shopping at Whole Foods for all the groceries when there is a Walmart across the street. It’s easier to go to one store, but people are going to pay $25 for a roll of toilet paper when they could have spent 2 more minutes to go next door and get an $8 roll.

That’s the cost of convenience, which is the cost of the easy way.

There are lots of ways people can ignore their money, they ignore those dollars and quarters and those big wins too.

  • The $2,300 a year the average family throws away in food
  • Earning 1–2% less in interest on savings accounts by using a big bank vs. a credit union or online bank
  • Not shopping insurance around every year
  • Getting a tax refund and giving the government an interest free loan on the money

Just like you, your money should be earning you the most income it can. Ultimately we want our money to make us more money than we do at our jobs, so we can have the best and most secure future.

There is a great line in the movie Jerry McGuire, you’ve seen the memes before – Show Me The Money. Well I want you to think about this – “Find Me The Money”.

  • Think about that for yourself
  • Think about the for your parents or elders
  • Think about that for your family

Where is there some money to find.

  • Automate, but also review
  • Autopilot, but check the instrument panel
  • Change, when it’s change for the better

People get stuck in a rut, but this is one of those ruts that costs a lot to stay in.

Are you willing to be open minded? Because if you don’t take care of your money, who will, right?

This is all about taking care of your money and then your money will take care of you.

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Are You Missing Out On Found Money? MILLENNIALS Are You Missing Out On Found Money? MILLENNIALS

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