WEBVTT 00:00:08.359 --> 00:00:11.140 What's going on, Pursuers? Welcome to The Pursuit 00:00:11.140 --> 00:00:14.339 of Calling, the podcast that provides you with 00:00:14.339 --> 00:00:17.260 the strategies and tools needed to successfully 00:00:17.260 --> 00:00:20.820 discover and pursue your calling. Whether it's 00:00:20.820 --> 00:00:23.239 through inspiring stories, thought -provoking 00:00:23.239 --> 00:00:26.160 interviews, or quick, insightful episodes on 00:00:26.160 --> 00:00:28.559 personal growth and development, we've got you 00:00:28.559 --> 00:00:32.359 covered. I'm your host, Thomas Carney. Enjoy 00:00:32.359 --> 00:00:41.560 the episode. Morgan Housel, the author of The 00:00:41.560 --> 00:00:44.679 Psychology of Money, says, Money's greatest intrinsic 00:00:44.679 --> 00:00:49.640 value, and this can't be overstated, is its ability 00:00:49.640 --> 00:00:54.320 to give you control over your time. So today 00:00:54.320 --> 00:00:57.119 we're diving into what real financial freedom 00:00:57.119 --> 00:01:01.200 means, not just stacking cash, but using it to 00:01:01.200 --> 00:01:06.459 design a life that's truly yours. Recently, I 00:01:06.459 --> 00:01:10.069 started... leading a Financial Peace University 00:01:10.069 --> 00:01:14.349 course, or co -leading a course. Last week was 00:01:14.349 --> 00:01:17.409 my first time leading the class, and it was great. 00:01:17.469 --> 00:01:19.930 It was fantastic. There's still some things that 00:01:19.930 --> 00:01:22.290 I need to work on, some areas I can improve, 00:01:22.769 --> 00:01:25.750 especially when it comes to a group setting, 00:01:25.870 --> 00:01:28.170 because I think you guys know that I'm a one 00:01:28.170 --> 00:01:32.849 -on -one coach, and some of the skills are transferable, 00:01:32.930 --> 00:01:36.969 but not all of them. But it's just kind of a... 00:01:37.079 --> 00:01:39.140 a fun thing that I'm doing. I'm hoping to then 00:01:39.140 --> 00:01:42.019 be able to transfer these skills into future 00:01:42.019 --> 00:01:44.180 masterminds that I have, like I've mentioned 00:01:44.180 --> 00:01:46.739 before, on the 15 valuable laws of growth, like 00:01:46.739 --> 00:01:49.640 atomic habits, and be able to do that in the 00:01:49.640 --> 00:01:52.599 future. So stay tuned for that kind of stuff. 00:01:54.140 --> 00:01:56.519 The second session talks a lot about paying off 00:01:56.519 --> 00:01:59.700 your debt and cutting up your credit cards. It's 00:01:59.700 --> 00:02:02.459 probably one of the most, if not the most, controversial 00:02:02.459 --> 00:02:07.219 topic of all of... Financial Peace University. 00:02:08.240 --> 00:02:12.319 And not that I'm going to be telling you today 00:02:12.319 --> 00:02:14.539 to cut up your credit cards, even though personally 00:02:14.539 --> 00:02:18.419 I believe that you should. But I do want to go 00:02:18.419 --> 00:02:20.800 over a few main points with you about how to 00:02:20.800 --> 00:02:24.300 be truly financially free and how this fits into 00:02:24.300 --> 00:02:29.240 pursuing your calling well. You know, back whenever 00:02:29.240 --> 00:02:34.599 I wasn't really taking my life seriously, That 00:02:34.599 --> 00:02:38.500 flowed into how I managed my finances. In other 00:02:38.500 --> 00:02:42.740 words, I didn't. I think it helped a little bit 00:02:42.740 --> 00:02:45.360 that I didn't necessarily like spending money. 00:02:46.280 --> 00:02:51.199 But whenever I did spend money that I wasn't 00:02:51.199 --> 00:02:53.659 planning to spend, I didn't have anything to 00:02:53.659 --> 00:02:56.680 go back on. I didn't have anything to refer to 00:02:56.680 --> 00:03:00.159 that would cause me to think about the money 00:03:00.159 --> 00:03:03.860 that I was spending. Whenever those random impulse 00:03:03.860 --> 00:03:06.759 buys popped into my head at the store, I had 00:03:06.759 --> 00:03:09.580 nothing to check them off. Nothing to check them. 00:03:09.659 --> 00:03:13.900 No budget, no plan. One really funny example 00:03:13.900 --> 00:03:17.039 that I, well, not funny, but a good example that 00:03:17.039 --> 00:03:19.219 I like to share with people a lot of the time 00:03:19.219 --> 00:03:24.620 is, I don't know now, like four years ago, I 00:03:24.620 --> 00:03:27.539 decided that I really wanted a new flat screen 00:03:27.539 --> 00:03:37.780 TV. I bought a LG 55 -inch OLED TV. And for those 00:03:37.780 --> 00:03:40.819 of you who don't know what OLED means, that's 00:03:40.819 --> 00:03:42.379 okay. You don't need to know that. That's not 00:03:42.379 --> 00:03:46.719 important. But it's such a nice TV. I still have 00:03:46.719 --> 00:03:53.400 it. However, this TV costs $1 ,500. I put it 00:03:53.400 --> 00:03:55.300 on a credit card because I didn't actually want 00:03:55.300 --> 00:03:58.479 to spend the money. I put it on a credit card 00:03:58.479 --> 00:04:02.599 to make that transaction. Not hurt as much. But 00:04:02.599 --> 00:04:06.780 then spent the next three months making $500 00:04:06.780 --> 00:04:11.800 payments, which did hurt a lot. Hurt a little 00:04:11.800 --> 00:04:15.939 bit over a longer period of time. I guess that's 00:04:15.939 --> 00:04:22.319 what you would say. So that's kind of funny, 00:04:22.459 --> 00:04:24.540 but also what I like to share whenever I talk 00:04:24.540 --> 00:04:29.350 about why I am... I said earlier, like, cut up 00:04:29.350 --> 00:04:33.769 your credit cards because they turn into use 00:04:33.769 --> 00:04:39.629 cases like that. Anyway, financial freedom isn't 00:04:39.629 --> 00:04:43.850 just about having money. It's about knowing why 00:04:43.850 --> 00:04:47.750 you have it, how to use it, and when to use it. 00:04:48.569 --> 00:04:51.430 Money is a tool, and just like any tool, you 00:04:51.430 --> 00:04:53.550 can use it well or you can use it incorrectly. 00:04:54.410 --> 00:04:57.009 And depending on who you ask, what incorrect 00:04:57.009 --> 00:05:00.529 actually means can differ a lot. But today, I 00:05:00.529 --> 00:05:04.250 want to be super, super practical. Because here's 00:05:04.250 --> 00:05:07.149 the deal. Like we talked about earlier, financial 00:05:07.149 --> 00:05:10.170 freedom isn't just about stacking cash. It's 00:05:10.170 --> 00:05:14.209 about building a life that's truly yours. And 00:05:14.209 --> 00:05:17.269 if that's the goal, why wouldn't you want to 00:05:17.269 --> 00:05:20.230 manage your money well? I think this is something 00:05:20.230 --> 00:05:23.029 Dave Ramsey talks about. about really well, honestly. 00:05:23.209 --> 00:05:26.769 He starts with a simple but powerful step, saving 00:05:26.769 --> 00:05:31.230 a $1 ,000 starter emergency fund. Then right 00:05:31.230 --> 00:05:35.250 after you say do that, you start paying off your 00:05:35.250 --> 00:05:37.670 debt. You go after your debt with everything 00:05:37.670 --> 00:05:41.449 you've got. That step right there, that's huge. 00:05:41.689 --> 00:05:44.610 Because let's be honest, debt holds a lot of 00:05:44.610 --> 00:05:47.170 people back from living the life they wish they 00:05:47.170 --> 00:05:50.290 could. It weighs you down and it limits your 00:05:50.290 --> 00:05:52.800 options. But if you're spending your money today 00:05:52.800 --> 00:05:55.259 in a way that gives you more freedom tomorrow, 00:05:55.519 --> 00:06:00.279 in my book, that's wise. That's wisdom. Now, 00:06:00.279 --> 00:06:03.019 look, I'm not saying you shouldn't have any fun 00:06:03.019 --> 00:06:05.759 money. You should. You should enjoy life. But 00:06:05.759 --> 00:06:12.180 if you're so deep in the hole that you don't 00:06:12.180 --> 00:06:14.240 know how you're going to get out, aka you have 00:06:14.240 --> 00:06:17.740 a lot of debt, you might have to sacrifice some 00:06:17.740 --> 00:06:21.449 of that fun money for a season. And yeah, that's 00:06:21.449 --> 00:06:24.230 the hard truth, but it's a worthwhile one to 00:06:24.230 --> 00:06:28.269 say. Being wise is harder than being foolish. 00:06:28.470 --> 00:06:31.949 There are a lot more people doing foolish things 00:06:31.949 --> 00:06:36.649 with their money than wise ones. So how can you 00:06:36.649 --> 00:06:42.209 be wise? First, I'd say by setting up a budget. 00:06:42.269 --> 00:06:44.490 Figure out where your money is going instead 00:06:44.490 --> 00:06:46.829 of wondering where it went after every single 00:06:46.829 --> 00:06:50.019 payday. Every dollar, which is by Ramsey Solutions, 00:06:50.480 --> 00:06:53.899 is a great option and it's free. I've used the 00:06:53.899 --> 00:06:57.399 paid version for years now and I love it. I promise 00:06:57.399 --> 00:07:00.339 you this is not a plug. I just really like the 00:07:00.339 --> 00:07:03.899 software. And as a software developer, I think 00:07:03.899 --> 00:07:07.060 that means a lot because I've used a lot of crappy 00:07:07.060 --> 00:07:09.660 software out there. And I know there's a lot 00:07:09.660 --> 00:07:11.300 of crappy software out there that a lot of people 00:07:11.300 --> 00:07:15.390 use. And every dollar is not one of them. It's 00:07:15.390 --> 00:07:18.870 intuitive. They're always updating it. And I 00:07:18.870 --> 00:07:20.670 don't think I'm ever going to stop using it, 00:07:20.689 --> 00:07:23.050 at least not as of right now. Maybe if there's 00:07:23.050 --> 00:07:25.170 ever something new that comes out, maybe I will 00:07:25.170 --> 00:07:29.050 then. But you can get that link in the show notes. 00:07:29.149 --> 00:07:31.610 Again, not a plug. I don't get a kickback. That's 00:07:31.610 --> 00:07:33.389 just me trying to provide you with a tool that 00:07:33.389 --> 00:07:38.149 will help you with your finances. So we've talked 00:07:38.149 --> 00:07:41.600 about why you have your money. To create a life 00:07:41.600 --> 00:07:43.959 that reflects your values and your calling to 00:07:43.959 --> 00:07:48.720 design that life that is truly yours. And it 00:07:48.720 --> 00:07:50.779 starts with clearing out your debt because you 00:07:50.779 --> 00:07:54.000 can't build something strong on shaky ground. 00:07:55.079 --> 00:07:59.000 We've also talked about the how. Creating a budget 00:07:59.000 --> 00:08:01.920 that helps you tell your money where to go instead 00:08:01.920 --> 00:08:05.720 of wondering where it went. But what about, now 00:08:05.720 --> 00:08:08.800 what about when? When do you know it's the right 00:08:08.800 --> 00:08:12.459 time to spend? When do you actually use your 00:08:12.459 --> 00:08:15.620 money? That one's a little bit more nuanced. 00:08:16.180 --> 00:08:18.560 But honestly, your budget, if you have that set 00:08:18.560 --> 00:08:22.500 up, then you already have your answer. If it's 00:08:22.500 --> 00:08:24.980 in the budget, you've already made the decision. 00:08:25.500 --> 00:08:28.779 If it's not, then maybe it's a no for now. That's 00:08:28.779 --> 00:08:31.920 the beauty of a plan. It takes the emotion out 00:08:31.920 --> 00:08:34.720 of the moment. It takes the emotion out of that 00:08:34.720 --> 00:08:37.740 transaction, and you're not relying on impulse. 00:08:37.980 --> 00:08:42.679 Instead, you're following your values. And I 00:08:42.679 --> 00:08:44.639 think in my notes, I said, but I just said that 00:08:44.639 --> 00:08:47.399 your beauty, that the beauty of the plan is that 00:08:47.399 --> 00:08:50.840 it takes emotion out of the process. But the 00:08:50.840 --> 00:08:55.740 funny thing is, is a lot of the times like emotion 00:08:55.740 --> 00:08:59.259 can make us spend, but can also cause us to save 00:08:59.259 --> 00:09:04.159 and hold on to what we have. And the budget, 00:09:04.179 --> 00:09:08.919 again, helps you dictate, dictate where that 00:09:08.919 --> 00:09:14.299 money can go. If you want to be more frugal, 00:09:14.360 --> 00:09:16.840 then great. If you want to be able to give more, 00:09:17.019 --> 00:09:21.740 if you want to be able to give, great. But you're 00:09:21.740 --> 00:09:24.460 also in debt. You can give. If you're a Christian, 00:09:24.580 --> 00:09:26.919 you want to tithe to your local church that 10 00:09:26.919 --> 00:09:30.200 % of your income. You budget for that. You give 00:09:30.200 --> 00:09:32.220 of your first fruits. You give that first 10 00:09:32.220 --> 00:09:35.059 % off the top of your income, and you budget 00:09:35.059 --> 00:09:38.100 the rest. But you can also budget for other giving 00:09:38.100 --> 00:09:40.740 opportunities if that's what you want to do. 00:09:41.779 --> 00:09:44.179 That's the beauty of having a budget and a plan. 00:09:45.039 --> 00:09:49.139 So how does this tie back to your calling? Because 00:09:49.139 --> 00:09:51.019 I haven't really mentioned calling a whole bunch 00:09:51.019 --> 00:09:55.240 yet. And it's been nine minutes, almost a whole 00:09:55.240 --> 00:10:00.759 length of a usual episode that I do. And I haven't 00:10:00.759 --> 00:10:04.789 really talked about calling all that much. You 00:10:04.789 --> 00:10:07.950 know, God doesn't call us to chaos. He calls 00:10:07.950 --> 00:10:12.309 us to stewardship. I know, I'm getting to why 00:10:12.309 --> 00:10:13.730 this has to do with our calling in a second. 00:10:13.850 --> 00:10:16.830 And stewardship isn't just about tithing or giving. 00:10:16.950 --> 00:10:19.509 It's about managing everything he's entrusted 00:10:19.509 --> 00:10:23.009 to us. Our time, our gifts, our relationships, 00:10:23.149 --> 00:10:30.570 and yes, our money. Financial freedom is a fruit 00:10:30.570 --> 00:10:35.259 of faithful stewardship. If you're not a Christian, 00:10:35.440 --> 00:10:39.179 I just said a lot of Christian -y things. But 00:10:39.179 --> 00:10:41.899 I think I said it before. If you want to live 00:10:41.899 --> 00:10:46.019 a life that is truly yours, why wouldn't you 00:10:46.019 --> 00:10:49.980 want to manage your money well? And also, if 00:10:49.980 --> 00:10:52.019 you want to live a life of generosity, if you 00:10:52.019 --> 00:10:56.059 want to live a life of being able to, like Dave 00:10:56.059 --> 00:10:58.820 Ramsey says, live like no one else, so you can 00:10:58.820 --> 00:11:01.799 live now, so you can live and give like no one 00:11:01.799 --> 00:11:07.600 else later. Why wouldn't you want to manage your 00:11:07.600 --> 00:11:14.360 money well? And the other thing is, when we manage 00:11:14.360 --> 00:11:17.440 what we have well, it opens doors. We don't even 00:11:17.440 --> 00:11:23.940 know that it existed before. For me, when I steward 00:11:23.940 --> 00:11:26.299 my resources, when I steward my time well, when 00:11:26.299 --> 00:11:28.820 I steward my money well, I get to lead a Financial 00:11:28.820 --> 00:11:31.809 Peace University course, and I love it. Maybe 00:11:31.809 --> 00:11:33.389 you get to lead a small group. Maybe you get 00:11:33.389 --> 00:11:37.169 to launch that dream business. And then you get 00:11:37.169 --> 00:11:41.190 to start giving radically. Or simply being fully 00:11:41.190 --> 00:11:43.190 present with your family instead of stressed 00:11:43.190 --> 00:11:50.409 about bills. In Luke 16, verse 10 in the Bible, 00:11:50.590 --> 00:11:53.789 Jesus said, whoever can be trusted with very 00:11:53.789 --> 00:11:56.750 little can be trusted with much. Think about 00:11:56.750 --> 00:11:59.809 that. If you can't steward what you already have, 00:12:00.460 --> 00:12:03.240 How will God trust you with more? Now, I'm not 00:12:03.240 --> 00:12:06.759 specifically talking about money here, but about 00:12:06.759 --> 00:12:11.360 all that God has already given you. All that 00:12:11.360 --> 00:12:15.340 you have already been given. And again, if you're 00:12:15.340 --> 00:12:17.460 not a Christian, and you're listening to it, 00:12:17.500 --> 00:12:19.600 and you've made it 12 minutes into this episode, 00:12:19.879 --> 00:12:24.259 let me talk to you now. Now, yes, you hear my 00:12:24.259 --> 00:12:27.889 heartbeat behind, I believe, every... A penny 00:12:27.889 --> 00:12:32.929 that I have is a gift from God. However, if you 00:12:32.929 --> 00:12:37.289 even take it in a secular mindset and you say, 00:12:37.350 --> 00:12:42.929 every penny that I have, if I don't steward it 00:12:42.929 --> 00:12:45.549 well now, even if I don't have a lot of money, 00:12:45.690 --> 00:12:49.490 if I don't steward it well now, how do you think 00:12:49.490 --> 00:12:54.220 you'll act? If you were to get more money or 00:12:54.220 --> 00:12:57.220 were to get even other different responsibilities, 00:12:57.360 --> 00:13:00.240 if you can't steward what you have well, you're 00:13:00.240 --> 00:13:04.220 going to do the same thing with more. If you're 00:13:04.220 --> 00:13:07.379 already stewarding, if you're already utilizing 00:13:07.379 --> 00:13:11.299 the money that you have poorly, then you're going 00:13:11.299 --> 00:13:17.620 to do the same thing with more. So you have a 00:13:17.620 --> 00:13:20.340 responsibility to yourself and other people in 00:13:20.340 --> 00:13:22.860 your lives to steward the resources that you 00:13:22.860 --> 00:13:29.460 have well and with excellence. I believe everyone's 00:13:29.460 --> 00:13:32.620 calling is meant to help others. Your calling 00:13:32.620 --> 00:13:35.080 isn't for you. However, if you don't steward, 00:13:35.159 --> 00:13:38.340 again, what God has given you well, the calling 00:13:38.340 --> 00:13:40.519 that is on your life, then how is he going to 00:13:40.519 --> 00:13:42.480 trust you to steward other responsibilities? 00:13:43.680 --> 00:13:45.700 I'd be asking that question. I feel like I have 00:13:45.700 --> 00:13:51.700 to rephrase it. Just like how you should manage 00:13:51.700 --> 00:13:55.759 your money well, and how you should manage your 00:13:55.759 --> 00:13:58.899 calling well, if you don't manage your money 00:13:58.899 --> 00:14:03.419 well, then, well, you're probably not going to 00:14:03.419 --> 00:14:08.100 have it for very long. Or your life is never 00:14:08.100 --> 00:14:12.120 going to be the life that your life will never 00:14:12.120 --> 00:14:17.519 get close to the vision that you have for yourself. 00:14:18.759 --> 00:14:21.720 And the same thing is true about your calling. 00:14:23.960 --> 00:14:26.659 You can steward your resources, including your 00:14:26.659 --> 00:14:29.299 money, in a way that feed into the calling that 00:14:29.299 --> 00:14:35.990 is on your life. Maybe that's giving to certain 00:14:35.990 --> 00:14:38.690 nonprofits and budgeting for that so you can 00:14:38.690 --> 00:14:43.370 make sure that you're stewarding your resources 00:14:43.370 --> 00:14:45.750 in a way that feed into that calling that is 00:14:45.750 --> 00:14:48.710 on your life, into the purpose that is on your 00:14:48.710 --> 00:14:53.389 life. Think about that. If you're stewarding 00:14:53.389 --> 00:14:58.929 your money well now, keeping your calling, your 00:14:58.929 --> 00:15:05.440 purpose in mind, Then maybe later when you have 00:15:05.440 --> 00:15:11.299 more money, you'll be able to do even more than 00:15:11.299 --> 00:15:15.279 you ever thought you could. You'll be able to 00:15:15.279 --> 00:15:22.340 give more. You'll be able to do more, maybe travel 00:15:22.340 --> 00:15:29.159 more, go on missions trips, or I don't know, 00:15:29.159 --> 00:15:30.759 just be radically generous with the money that 00:15:30.759 --> 00:15:35.240 you've been given. In a way, that aligns with 00:15:35.240 --> 00:15:41.480 your calling. That make sense? Well, I have a 00:15:41.480 --> 00:15:44.139 couple of challenges for you guys. Some things 00:15:44.139 --> 00:15:46.200 I want you to do based off today's conversation. 00:15:47.320 --> 00:15:49.659 One, I want you to make a budget. We talked about 00:15:49.659 --> 00:15:52.460 it a lot. I don't know about this episode, but 00:15:52.460 --> 00:15:54.139 I don't want you to make a perfect one. It's 00:15:54.139 --> 00:15:56.259 going to be realistic. And you can use every 00:15:56.259 --> 00:15:58.700 dollar or whatever tool you'll want to use. Whatever 00:15:58.700 --> 00:16:02.460 tool you actually stick with. That could be a 00:16:02.460 --> 00:16:05.580 spreadsheet even. If you love spreadsheets, use 00:16:05.580 --> 00:16:07.220 a spreadsheet. If you want to use every dollar, 00:16:07.299 --> 00:16:10.740 use every dollar. And then next, you set up your 00:16:10.740 --> 00:16:12.940 budget, you save your $1 ,000, and then you start 00:16:12.940 --> 00:16:16.879 paying off your debt, smallest to largest. That's 00:16:16.879 --> 00:16:21.399 called a debt snowball. And that's something 00:16:21.399 --> 00:16:24.940 that Dave Ramsey talks about a lot in Baby Step 00:16:24.940 --> 00:16:27.940 2. And says, starting with the smallest debt 00:16:27.940 --> 00:16:30.000 that you have and working your way up as you 00:16:30.000 --> 00:16:32.100 pay them off is the best way to pay off debt. 00:16:32.899 --> 00:16:34.860 And I'm going to link an article in the show 00:16:34.860 --> 00:16:37.019 notes where you can learn more about what the 00:16:37.019 --> 00:16:43.279 debt snowball is and how it works. So, guys, 00:16:43.480 --> 00:16:45.120 if you enjoyed this episode and maybe you're 00:16:45.120 --> 00:16:47.240 thinking now that you actually would like some 00:16:47.240 --> 00:16:50.600 more help with understanding how you should personally 00:16:50.600 --> 00:16:55.779 be managing your finances. So in that area of 00:16:55.779 --> 00:16:59.600 your life, you're living and stewarding your 00:16:59.600 --> 00:17:02.840 calling well, you can sign up for a free calling 00:17:02.840 --> 00:17:05.420 coaching session, a free introductory session, 00:17:05.700 --> 00:17:08.299 again, in the show notes, another link in the 00:17:08.299 --> 00:17:12.920 show notes. And we'll be able to have a conversation 00:17:12.920 --> 00:17:15.059 about your calling, the vision you have for your 00:17:15.059 --> 00:17:18.579 life, what your goals are, and maybe even start 00:17:18.579 --> 00:17:24.500 creating a plan for you to Live out that life 00:17:24.500 --> 00:17:28.660 that you feel called to live. All right, guys. 00:17:28.740 --> 00:17:31.000 If you like this episode, go ahead and share 00:17:31.000 --> 00:17:34.420 it out on Instagram, Facebook, wherever you use 00:17:34.420 --> 00:17:36.759 social media. And don't forget to give this episode 00:17:36.759 --> 00:17:40.099 and the podcast a five -star review. I appreciate 00:17:40.099 --> 00:17:44.240 you guys. You guys are amazing. And keep pursuing 00:17:44.240 --> 00:17:45.920 your calling well. I'll see you next time.